How to Sell Online

Posted by: Allan on December 17th, 2007
Category: General eBusiness, e-Commerce, e-Business Basics
Viewed: 1,333 times

Industry Canada measures Canada's progress in becoming a fully integrated digital economy and its impact on Canadian companies, individuals and governments. These statistics provide information at the household level as well as at the firm, industry and economy level and are gathered through the following surveys: 

  • Value of online sales (private and public) in 2006 = $49.9 billion 2005=$35.8)
  • Value of online sales (private only) in 2006 = $46.5 billion (2005 = $32.8)
    Value of business-to-consumer (B2C) sales in 2006 = $15.1 billion (2005=$9.4)
  • Value of business-to-business (B2B) sales in 2006 = $31.4 billion (2005=$23.4)
  • Percentage of firms (connected to the Internet) using high-speed Internet access in 2006 = 85% (2005=81%)
  • Percentage of firms (connected to the Internet) using low-speed Internet access in 2006 = 10.2% (2005=18.2%)

As an “etailer(online store business owner), what can you do to attract customers and buy your products over the internet? Here are some tips to succeed in selling online this holiday season.

1. Make Yourself Known

Before customers buy from your online store, they want to know: who you are; where you are; and how you can be contacted. If you cannot provide these answers quickly and easily, then they are less likely to purchase from your online store.

Create an About Us page that introduces your company and provide contact information preferably at the bottom of every page.

2. Provide Shipping Information

Nothing is more frustrating for customers than going through the checkout process and then finding out the shipping will be more than anticipated. More experienced customers will not even start the checkout process if you don’t provide shipping information at the start.

Provide your customers with shipping information, or estimates of, at the start of the transaction. A statement like: “The average shipping cost of this product being shipped from Miami to Vancouver is $12.00” will be enough information for most of your customers.

3. Mention Security and Protection Measures

In the new age of identity theft, your customers are more vigilant in guarding their personal information. If you don’t assure them that you have taken steps to protect their information, they will assume that you have not secured their personal information and will leave your store.

List the steps you take to protect them. Use easy to understand terms on the things you are doing to protect their personal information.

4. Offer Customer Support

Another reason for people to stop shopping online is the lack of support before and after the sale. Your customers will likely select an online store that provides ongoing support.

Display your contact information throughout the checkout process. If they contact you, respond quickly and efficiently. Do not ignore your customers. Show that you care and you want to provide the best online shopping experience for them before and after the sale.

Allan

Online Payment Solutions

Posted by: Allan on December 5th, 2007
Category: General eBusiness, e-Commerce, e-Business Basics
Viewed: 2,359 times

In order to conduct online transactions between you and your customer, you need an online payment system to facilitate your online transactions.

Common Uses of Online Payment Systems

  • Send money to friends and family
  • Pay for online purchases
  • Receive secure, instant payment for auctions
  • Send a payment request to a customer
  • Receive charity donations
  • Collect money for a group gift, an event or a dinner bill

PayPal and WorldPay are the market leaders in online payment systems. However, other options such as: Beanstream, Versapay, E-xact and Moneris are also available.

Advantages of using Online Payment Systems

  • Enables your business to accept payments and other transactions online.
  • Enables transactions in various currencies in all the major countries of the world
  • Online transactions take place in real time.
  • Some providers have simple, user-friendly interface

Disadvantages of using Online Payment Systems

  • Online transaction problems can become your problems even though it’s handled by your provider.
  • Expensive to customized an online payment system
  • High chargeback penalties especially if you are using their merchant account.
  • You may not own the rights for your online payment system. This can be an issue when selling your business

A few examples…

PayPal

PayPal is a well established (through eBay) provider of online payment solutions. With PayPal you can accept all major credit cards transactions. PayPal also allows you to setup debit payments and e-mail transfers.

WorldPay

An alternative for PayPal is WorldPay. It allows you to accept all major credit cards transactions. WorldPay also allows you to accept debit card transaction and local payment schemes. WorldPay might be a better option for you if you do most of your business in Europe.

Beanstream

Beanstream offers you a variety of payment processing and authentication services. Unlike PayPal and WorldPay which has limited customization capabilities, Beanstream can design and build customized payment solutions for your eBusiness.

Versapay

Located in Vancouver, British Columbia, Versapay offers online merchants a wide variety of advanced credit and debit card processing services. Like Beanstream, Versapay can design and build customized payment solutions for your eBusiness.

When starting a business PayPal and WorldPay may be the best options for you. However, when your eBusiness starts to pickup, you may want to consider other providers such as Beanstream and Versapay that can customized your online payment system.

Until next time (For a more detailed discussion of online payment options, please attend the eBC seminar on "online payment systems"; coming to 14 locations (via videoconferencing) throughout BC on March 4th 2008)

Allan