Five Online Payment Myths

5 ONLINE BOSS START-UP MYTHS Starting your first web-based business is easy - FACT! MYTH ONE: STARTING AN ONLINE BUSINESS IS COSTLY FACT - Opening a physical shop can be bank-breaking. But with an online store, you can be ready to sell and make money without having to secure a hefty loan. AVERAGE COST OF STARTING : AVERAGE COST OF AN ONLINE START-UP A BRICKS-AND-MORTAR STORE £94,000 £325 £94,000 3. MYTH TWO: SETTING UP AN ONLINE STORE IS ONLY FOR THE TECHNICALLY ABLE FACT - Setting up an online shop is nothing to be wary of - with shop creation tools it's easier than ever before to get up and running. SMALL BUSINESSES : THE TOP 5 OPERATE A WEBSITE : ONLINE IN INDIVIDUAL RETAILERS EARN MORE THAN 4 ||] £18,000 PER YEAR PEOPLE OPERATE AS AN ONLINE BUSINESS AT HOME 11 IN 6 MYTH THREE: REACHING OUT TO CUSTOMERS IS HARD FACT - Opening up an online store gives you access to a much wider set of customers. Besides, thanks to the explosive growth of mobile devices, people can shop when and where they want. UK OF PEOPLE 1 IN 5 CONSUMERS 24% MOBILE USED A BUY MORE ONLINE THAN IN-STORE DEVICE FOR ONLINE CHRISTMAS SHOPPING IN 2012 BUY MYTH FOUR: IT'S DIFFICULT TO PROCESS PAYMENTS FACT - There are plenty of simple online payment processing tools out there to help you make your website transactional, safe and easy to use for customers. ONLY OF SMALL : 69% 30% BUSINESSES TAKE CARD OF CUSTOMERS PAYMENTS ONLINE EXPECT WEBSITES TO BE TRANSACTIONAL MYTH FIVE: MAKING A PROFIT WILL BE TOUGH FACT - The UK is in the middle of an e-retail revolution. Internet shopping is booming and businesses that decide to go online, can grow online. £87 billion UK CONSUMERS SHOP TO BE SPENT ONLINE IN 20 13 - UP FROM MORE ONLINE THAN ANYWHERE ELSE IN THE WORLD 14% 20 1 2 WHAT DO PEOPLE BUY ONLINE? Knowing your target audience and what kind of products appeal to them is also an important consideration. Here's what different age groups tend to purchase online. 70 16-24 45-54 25-34 55-64 60 35-44 65+ 50 40 30 20 10 Books, magazines and accommodation Clothes or Household Film or music Holiday sports goods goods newspapers Sources: Ofcom: http://media.ofcom.org.uk/2012/12/13/uk-a-nation-of-hi-tech-tv-lovers-3/ ONS: http://www.ons.gov.uk/ons/rel/rdit2/internet-access---households-and-individuals/2013/stb-ia-2013.html#tab-Internet-shopping http://www.ons.gov.uk/ons/dcp171778_323522.pdf Direct Line for Business: http://www.directlineforbusiness.co.uk/news/rise-of-the-home-webtailer http://global.rakuten.com/en/ /press.experian.com/United-Kingdom/Press-Release/uk-shoppers-abandon-over Rakuten: Exnerian -1bn-worth-of-online-transactions-due -to-inefficient-identity-measures.aspx Econsultancy: http://econsultancy.com/uk/reports/christmas-2012-online-shopping-survey-report NSBA: http://www.nsba.biz/wp-content/uploads/2013/09/Technology-Survey-2013.pdf Opinion Research: http://www.ors.org.uk Freelancer.co.uk: http://www.freelancer.co.uk Apenanteonue payment sense. % of age group