The new millennium hasn’t been kind to brick-and-mortar stores. Many household names, like Blockbuster and Toys 'R' Us, have all but disappeared, while online-based businesses, including Netflix and Amazon, have surged both in terms of popularity and profit. So, what’s a small business owner to do when even some well-established companies struggle to withstand the e-commerce challenges of the 21st century?
If your small business is yet to jump on the e-commerce train, you may find yourself having to either shape up or ship out. In this case, one of the first things you must do is make sure that your online payment processing is up to par. From there you can continue adapting — luckily there’s no shortage of trends for you to follow.
E-commerce is great, but have you heard of m-commerce? As the popularity of mobile technology continues to expand, so does its use for online shopping. M-commerce is not only growing 53 percent faster than desktop e-commerce, but it’s also expected to surpass $293 billion already this year.
To capitalize on this opportunity, you have to prepare your business to accept payments from mobile devices. At a minimum you need to ensure that your website is optimized for mobile experience, but it's even better to invest in a full-fledged mobile payment processing solution.
Coupons are a great way to promote new products or get rid of existing inventory, but we doubt your customers like to carry around large stacks of them (not to mention the environmental impact of printing all that paper).
This is where mobile technology comes in handy once again, thanks to its support for digital coupons. These coupons have immense popularity, with nearly 60 percent of consumers citing them as the most effective type of promotion for influencing a purchase decision.
When it comes to promoting your business and growing your sales volume, you shouldn’t resort to digital coupons alone. After all, we live in the age of social media filled with unique opportunities to interact both with individual buyers and your customer base as a whole.
Platforms like Facebook and Twitter throw tons of content at its users. To avoid getting lost in the noise, consider creating engaging forms of content, like videos. They’re affordable and, combined with social advertising, offer an effective way to engage with existing clients and generate new prospects.
Ready to make the most of e-commerce at your business? We’re here to help! Discover the latest and greatest online payment processing options from TransNational Payments.