Instabill has been in the credit card processing business for more than a decade and we have seen our fair share of successful and not-so-successful startups. The reason why nearly 90% of businesses fail is that the owner lacks experience and knowledge. However, we are here to support new e-commerce business ventures and do all we can to help them succeed. Below are six tips on how to avoid an online business failure.
Even if you are passionate about what you sell and helping your customers find answers to their problems, operating a business is not easy. Gathering funds for a new business may seem hopeless, but there are programs to help. Opening a merchant account when you have no credit card processing is tough, but it is not impossible. However, no matter how difficult things get, especially in the beginning, DO NOT GIVE UP.
You know that saying don’t judge a book by its cover? Well, that does not apply to online shopping. One of the reasons why businesses fail online is because they provide horrible product pictures and descriptions. Do some research and find out what qualifies as a great product image and description so you can keep up with your competition and convert visitors into customers.
Simplicity is best, especially when it comes to designing an e-commerce website. You want your customers just a few clicks away from completing their purchase, but you cannot achieve this goal unless you offer easy website navigation. Online shopping is all about speed and end results, so if your website is slow and difficult to find the checkout page, then you will undoubtedly lose customers and profit.
One of the main reasons why online businesses fail is because the owners do nothing to attract customers. In order to succeed, you need to market, advertise, and promote your goods or services. It can be as simple as setting up a Twitter and Facebook profile to buying ads on Google or banners on an industry-related blog. You can even create a blog website of your own to help promote your business.
An excellent way to avoid business failure is to provide first-class customer support. You may provide a common service or product, but you can take your business beyond the norm with the level of customer support you offer. Be authoritative, yet fair—happy, yet professional. Respond to complaints as well as praises in less than one business day and always make sure to thank your customers every chance you get.
One of the leading reasons an online business fails is from too many chargebacks. Too many chargebacks can result in a terminated merchant account, which then results in not being able to accept credit cards online. As an e-commerce business, you rely on online credit card processing to make money, so make sure you do all you can to keep your chargeback levels low. You can do this by disputing chargebacks or preventing them all together.
If you would like to read more business tips and advice from Instabill, check back at our blog frequently. You can also continue reading by visiting the articles below.