Seven Steps to Successfully Selling Online

E-commerce businesses contribute a sizeable portion of sales revenue in the United States. Creating an online store can drive sales or expand your audience beyond your brick-and-mortar store traffic. Since e-commerce is one of the most prominent and profitable sales opportunities, understanding how to sell online is vital for small businesses.

These seven steps are the tools you need to successfully start selling online.

1. Create a business plan for your online store.

   Companies write detailed business plans to secure investor funding, validate go-to-market strategies, forecast long-term costs and promote scalability. Each business plan is unique, but there are elements typically included when planning an e-commerce site.
   • Company description
   • Operational plan
   • Target markets and audiences
   • Products and services
   • Advertising and marketing strategy
   • Financial forecast
   • Executive summary



2. Choose an online sales platform that suits your needs.

   An online sales or e-commerce platform is a third-party software application or website where you can build and host your online store. These platforms enable you to feature product images and descriptions, but you can also manage inventory and accept payments.
   
   The most popular e-commerce platforms include Shopify, WooCommerce and Salesforce Commerce. Each offers unique ways to control the customer experience through visual elements, filters, tracking pages, themes and other features. Consider the following when selecting the option that works best for you.
   • Should you install a plugin or operate a separate website? You can either build a new website to host your online store or use a plugin to build e-commerce functionality into your existing site.
   
   
   • How much support do you need? Some e-commerce platforms offer free tech support, a critical service for small businesses with an online store.
   
   
   • Is there an easier way to set up shop? Websites like Etsy, Amazon and eBay are alternative e-commerce options to consider. Using these websites eliminates back-end site management requirements, but most charge a commission that would impact your revenue or pricing strategy. 



3. Integrate reliable payment options that match your customers' preferences.

   Accommodating your customers' payment preferences makes your online store a convenient place to shop, as well as increasing customer satisfaction and brand loyalty. More than 50% of consumers prefer debit cards when completing online purchases. Credit cards and online payment services are also common preferences.1
   
   Protecting data from cyberattacks is a baseline consumer expectation. In addition, businesses that process, share or store card data must comply with Payment Card Industry Security Standards Council (PCI SSC) requirements. The Payment Card Industry Data Security Standard (PCI DSS) includes 12 requirements relating to cybersecurity infrastructure, data protection, access control and governance.2
   
   Some online platforms offer payment gateways with convenient and secure receivables options. Application programming interfaces (APIs) that connect with the customer's financial institution verify their information and transfer funds for payment.



4. Establish a return policy and shipping rate structure.

   Customers appreciate reasonable return policies and reliable, affordable shipping. A firm return policy protects your business from fraud, yet ensures you are committed to a positive customer experience. Prompt deliveries instill trust.
   
   FedEx and UPS are among the most dependable carriers. You might decide to use multiple carriers. Consult with the carriers to set a shipping rate structure. A flat-rate structure charges customers the same price regardless of dimension, weight or the item’s price. With real-time or “live” shipping, the customer pays the same price you pay the carrier. If your budget permits, consider free shipping which 66% of customers look for when shopping online.3
   
   Clearly communicate your return and shipping policies on your site for transparency and to promote trust.



5. List your products and include compelling descriptions.

   Accurate product listings are essential to a successful online store. Precise, compelling product descriptions can increase conversions by up to 78%.4 Choose images carefully and write appealing descriptions. Include product dimensions, uses, special features and how to care for the item.
   
   The product description should exhibit an understanding of the target audience and their needs. You can personalize content more efficiently with AI-driven tools that help the writer understand and address the target audience. The AI tools can help develop useful talking points and refine the phrasing so that the discussion points, style and tone resonate with the reader.



6. Use multiple communication channels to promote your online store.

   Digital marketing campaigns that use multiple channels, such as pay-per-click ads, paid promotions, emails and social media, increase awareness of your business. Personalization is key to compelling content, as it demonstrates that you understand who customers and prospects are and what they are seeking.



7. Measure performance and adjust when needed.

   As you operate and promote your online store, you’ll accumulate data that can help evaluate performance. The e-commerce platform should feature analytics tools with which to view and interpret data about your business and customers.
   
   Of course, you’ll want to track transactions, revenue and profitability. Valuable customer insights might include top-selling items, purchase and browsing history including frequency, and order values. In addition, Google Analytics can provide information about your website's traffic and user interactions. For example:
   • Your site could rank highly for specific keywords or target new terms to increase traffic.
   
   
   • If your page receives traffic but has a high bounce rate, you might need to improve on-page elements like product images or descriptions. Evaluating add-to-cart rates and cart abandonment rates will also help you determine whether your products and descriptions are effective.
   
   
   • Analyzing ad and email click-through rates can help determine how well campaigns performed and where to make improvements.
   
   Review all the available data to assess which products, services and pages perform the best and why.

Discover tailored solutions for selling online.

Synovus is an SBA Preferred lending partner that understands our clients’ business needs. Our Synovus Commerce Suite is a solution that features shopping cart integration and inventory management, as well as secure online, mobile, contactless, recurring, and unattended payment functionality. For more details, call 1-888-SYNOVUS (1-888-796-6887) or stop by one of our local branches.