Setting up an online shop isn't hard. Even without prior experience, a bit of basic research is enough to start selling online. Staying competitive once you're in the market is a much bigger challenge. Strong competition isn't a bad thing — it pushes you out of your comfort zone to find better solutions and opportunities.
What matters most is the quality of the product or service you offer. Embrace the competition and turn it to your advantage! If you're not sure how, read on for five essential tips for running a successful online business.
It all starts with price
Pricing is one of the most important factors in keeping your online shop competitive. That doesn't mean setting the lowest price on the market. Customers chasing the lowest prices will buy from you, but they'll soon go looking for an even cheaper deal. Every online shop owner needs to build a loyal customer base — repeat customers.
Building a loyalty programme that offers real added value to regular customers is extremely useful for attracting customers. There are plenty of options, but we recommend starting with these three:
1. A bonus points system, where every purchase earns points that can later be used on future purchases.
2. Exclusive discounts for customers enrolled in the loyalty programme for a set period.
3. A discount code after purchase, usable on the next order.
ESTO Pay Later
Check out our ESTO "buy now, pay later" payment solution
How do customers get to checkout?
After adding an item to the basket, the next crucial step is picking a delivery method. Today's shoppers are demanding. If the only option is to drive to a store or a post office, the order risks getting abandoned. That doesn't mean traditional delivery methods should be dropped from your offering — they still matter, but they definitely shouldn't be the only options.
Alongside classic delivery methods, you need more modern alternatives suited to people with busy lives. It's essential to give customers choices and let them pick the delivery method that best fits their needs. That's what keeps the purchase process from breaking down over complicated delivery terms.
Keep it simple and logical — be honest!
Nothing drives customers away faster than dishonesty. When it comes to delivery, hours matter, let alone days. Your job is to make sure delivery information is available, clearly explained, and — of course — accurate.
If the delivery time doesn't suit a customer, they might come back to buy from your online shop later, when delivery speed matters less. But if you promise fast delivery and can't deliver on that promise, you've lost that customer for good.
A range of payment methods
Once they've made their choice, the customer pays for the item. This is your chance to make things as comfortable as possible for them. Just like with delivery options, you should offer every possible payment method so everyone can find one that suits them. Check out our article on "Payment methods tailored for online shops" too. The most popular payment methods are:
- credit or debit card;
- bank transfer;
- buy now, pay later solutions.
ESTO offers innovative "buy now, pay later" solutions. By integrating every ESTO payment method into your online shop's checkout, you can offer customers a wide choice: pay in three equal instalments, long-term hire purchase payments, or pay for the purchase within 30 days.
Quality customer support is essential
Limiting risk matters, but eliminating it entirely isn't possible. So you need to think through how you'll handle it when a customer runs into problems or has questions about using your online shop. More and more solutions are popping up to help customers make a choice and tailor their purchase, which makes good customer service fundamentally important. Friendly, accessible customer support — whether by email, phone, or live chat — drives a positive customer experience. Support doesn't even need to be available 24/7. What matters most is giving clear information on how to reach support when needed, and how fast a reply can be expected. Keep in mind that responsive, fast customer service helps improve the customer experience. Follow these 5 tips, and we hope your customer will be happy with your online shop and come back soon for another purchase.