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3 Key Questions for Any Online Business Owner

Online Business Owner

Selling products online is no easy task. After spending months if not years developing your online storefront you’ll probably have high hopes of high traffic and revenues. If that’s not the case, you’ll want to ask yourself some key questions before moving forward. Here are four questions any online business owner should ask themselves if they want to drive more traffic to their store.

Do you offer competitive pricing?

A huge hurdle online business owner’s face is competition. In contrary to a brick-and-mortar shopping experience, competition is just a click away when shopping online. That being said, you need to distinguish yourself from the competition.

Before deciding on your price points, take a look at the marketplace. Identify certain price points offered by your competition and determine where you can compete. Determining how to price your products isn’t black and white. Utilize a pricing guide to help you decide how to price your products and when to make necessary changes. It’s your responsibility to stay competitive and always analyze the market.

Another great strategy is to offer specials. For example: offer free shipping on orders over a certain amount. This will incentivize your customers to spend more and save them money on shipping. Always reference your competition and find a way to one-up them whenever possible.

Can a customer trust your website?

Credit card and identify fraud is all too common these days. Online shoppers like to know that their information is safe and secure when making purchases. There are plenty of anti-fraud measures you can take to mitigate the risk of any breaches. A few include:

  • Use tools that detect malware: Take the time to understand how malware is used and how you can identify it. Cybercriminals are very good at finding new ways to access your data so make sure your malware software is up to date.
  • Identify and track devices used while on your website: Implement a system where you can flag any suspicious device or activity so you can stop the breach before it happens.
  • Stay updated on larger threats: Sometimes cybercriminals will attack an entire server, which will affect thousands of websites. Make sure you’re up to date on all current server-wide breaches.

Another great way to instill trust in your customers is to invest in a clean website design and UX. If your website functions and looks good, odds are your customers will be more comfortable shopping there.

Is it easy to make a purchase?

One of the most important elements of a flawless online shopping experience is the payment/checkout flow. If you haven’t done so already you should definitely look to optimize payments for your online store. If you have a slow and confusing checkout, odds are your customer’s will abandon their carts and shop elsewhere.

There are plenty of popular payment solutions and payment platforms that offer a wide variety of online payment features. With so many options to choose from it’s often difficult to determine who is the right provider. There are plenty of things to consider when choosing the right payments platform. First identify what will work best for your business and your finances, then consider how you can optimize the experience for your customers.

For example, customers hate being redirected to 3rd party sites during payment. If your payment provider requires any sort of redirection from your payment flow, you should definitely consider another option.

Go to your three favorite online stores and identify what you like and don’t like about their checkout experience. If possible, try to find the payments provider’s of your favorite stores. If you’re able to provide a safe and seamless checkout experience, your sales will skyrocket in no time.

Final Thoughts

The world of e-commerce is a tough one. If you aren’t asking yourself the right questions and taking action when necessary, you can soon fall out of the race. If you’re struggling to make it as an online business owner, ask yourself these 3 key questions and mobilize accordingly!

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Former CTO at Due
I’m Chalmers Brown and former CTO of Due. I’m a big fan of technology and building financial products that help people better their lives. I have a passion for financial products that help people. I build complex financial infrastructure protocols that help scale financial companies. They are secure and support millions of customers worldwide.

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