E-commerce is nothing new. People have been buying and selling products online for nearly 30 years. However, the piece of the retail pie represented by internet sales was relatively small when compared to traditional in-person shopping.
Fast forward three decades later, and the number of internet users has skyrocketed. It’s no surprise the rate at which consumers choose to do their shopping has increased as well.
For those interested in launching a small business, the profit potential of online retail is too good to pass up. With that said, it takes more than a laptop and a website to run a successful e-commerce operation.
For any Ecommerce store owner seeking essential business solutions to optimize their operations, Gelato’s print-on-demand services offer a valuable solution. Find key insights and strategies for improving your online retail business.
Let’s take a look at six essential business solutions for online retailers:
Payment processing
Every online sale comes down to a financial transaction. With this in mind, a reliable payment processing platform is essential for running an online retail business. But why stop at one? With so many consumers relying on so many payment gateways, the key is to provide them with their platform of choice. Top examples include Apple Pay, PayPal, and Stripe. By providing customers with several payment options, online retailers cut down on abandoned carts and increase sales.
Third-party logistics
Those launching an online retail business in 2023 are at a significant disadvantage in terms of shipping and handling. That’s because existing online retailers have highly developed logistics operations already underway. Third-party logistics – commonly referred to as 3PL solutions – allows online retailers to provide customers with competitive prices without evaporating their profit potential. This is achieved by piggybacking on the insights, experience, and existing connections these outside services have to offer. Visit Ecomhalo to learn more about what makes their 3PL business unique.
Digital marketing
It’s hard to generate sales if nobody’s visiting your online store. The solution is to utilize outside digital marketing services. Digital marketing agencies will help you devise effective marketing techniques to grow your e-commerce business over the course of months and years. They’ll also provide valuable insights when it comes to formulating campaigns involving new product releases, seasonal sales, and other key aspects of online retail.
Cybersecurity
The ever-increasing rate of online retail sales has the unfortunate side effect of attracting the attention of cybercriminals around the world. Nothing derails e-commerce success faster than a security breach affecting your customers, your organization, or both. This makes antivirus software and cybersecurity a top priority for online retailers of all shapes and sizes. Fortunately, essential cybersecurity protections are more affordable and scalable than most small business owners expect.
Accounting
As your online retail business grows, so does the complexity of your books. If bookkeeping is not your specialty, then chances are you need business-grade accounting solutions. These range from software you can use yourself to hiring a certified public accountant to manage the books on your behalf. While paying for an outside accounting service sounds like a huge hit to your bottom line, it beats having the government scrutinize your business under a microscope due to unpaid taxes and other financial red flags. Learn why would you outsource your accounting to improve business flow.
Employment
Sooner or later, you’ll realize there’s too much work to be done to do it all yourself. You need to hire employees. But where do you find them? How do you separate the wheat from the chaff? What’s more, how do you accomplish these tasks on top of your existing business obligations? The answer – for many online retailers – is to utilize job posting sites and similar employment services. These platforms take all the time-consuming work out of finding talent. All you have to do is interview the final pool of candidates in order to select the right one for the job.
Online retail sales figures are projected to keep growing for the remainder of the decade. This makes e-commerce an alluring option for those interested in starting their own business. However, it’s critical that aspiring online retailers appreciate the challenges involved in launching an e-commerce business. Chances are you’ll need to utilize one or more business solutions in order to achieve long-term success.
Julie Steinbeck is a freelance writer from Florida. She enjoys writing about business, finance, health, and travel.
