Four Common Challenges And Solutions For Online Merchants

 

Top 5 Payment Processing Challenges for Small Businesses - Due

The “customer is always right” mantra may be as old as commerce itself, but the power wielded by customers has never been greater than it is today. Shoppers are no longer settling for the few options around them. Today, they can buy the products they want from retailers all over the world. 

If you are new in the e-commerce game, you are in for quite a challenge. Nevertheless, methods for wading through the murk exist, and you can use them to keep your shoppers coming back for more. 

Have a look at the top challenges facing online retailers today and how you can turn them into opportunities. 

  1. Multichannel shopping

In today’s digitized world, customers can reach out through numerous touchpoints. They can call, visit your website, reach out on social media, use a live chat, visit your store physically, and so on. As Ecomdash explicitly states, any business that is not developing an omnichannel retailing strategy will likely be left in the dust by its online savvy competitors. 

Delivering excellent service across numerous channels can be overwhelming, but some prioritizing will help. Start by finding out which channels are most important to your shoppers and work on them. Also, use shopper profiles to keep track of conversations from one channel to the next. That way, you can always respond contextually. 

  1. Competitor analysis

The internet has made it remarkably easy to start a business. So, regardless of the product you intend to sell, it is highly unlikely that you will be the only merchant on the market. In such a competitive environment, standing out is critical. Unsurprisingly, many retailers struggle to come up with a strategy that sets them apart. 

So, how can you do it? Conduct thorough competitor research and use your findings to develop a solid marketing plan that will differentiate your business from the rest.

  1.  Shopping cart abandonment

Abandoned shopping carts are a massive problem in e-commerce. However, online shopping platforms do not all suffer from this menace in the same degree. Retailers with a tedious, complicated or bug-filled checkout process typically experience more abandoned carts than those with a straightforward process.

To reduce shopping cart abandonment, ask your merchant account provider for help in redesigning your check-out steps. If you go through Worldpay reviews, for instance, you will learn that such a company can give you all you need to make the payment process on your platform as seamless as possible. 

  1. Customer loyalty

Creating and maintaining a devoted customer base, especially in the highly competitive e-commerce landscape, requires great effort. Unlike physical stores, online platforms do not offer customers the senses they would normally rely on to gauge a seller’s suitability when interacting face to face. 

To accomplish customer loyalty in online retail, you must provide uncompromised satisfaction throughout the shopping process. Increase trust by displaying your address, contacts, pictures of your staff and customer testimonials on your website. Live chat and a blog section are also effective ways to cultivate loyalty. 

You can do it!

Surviving and thriving in today’s online retail space requires outstanding effort, but it is not impossible. Plan adequately for the challenges above, and you will give your business the best possible chance to bloom.

Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.