THE STARTUP ROADMAP GETTING YOUR BUSINESS ONLINE

THE STARTUP ROADMAP GETTING YOUR BUSINESS ONLINE So you want to start selling your products on the internet? You're not alone: 34% of small businesses' growth strategy in the next 12 months involves the internet and e-commerce'; in 2014, web-only merchants accounted for 193 of the top 500 retail businesses (and drew the most sales, at $125.47 billion).? By 2018, purchases of products and services online are expected to total $2.5 trillion globally. That's why smart businesses are increasingly turning to e-commerce as their primary means to connect with customers or to supplement their in-store sales. And 80% of website owners are their own webmasters“, choosing to set things up themselves. But before you debut your website, here's some advice on how to get up and running and to ensure that your customers – and their friends keep coming back. BUILDING YOUR SITE It all starts with your website. Here's where your e-commerce dream starts to take shape. Fortunately, you have choices to turn your vision into reality. All-in-one provider A la carte This can be a cost-effective solution for small-to This appeals to businesses – often larger and medium- sized businesses that want a simple, fast way fast-growing ones – that want more control and customization. They may have in-house expertise or to get started and don't have in-house expertise or the need for a heavily customized site. the budget to outsource. Major players in the "hosted" market include Major players include Magento and WooCommerce, Bigcommerce and Shopify. which runs on WordPress. +, +, Advantages C Support Disadvantages Advantages Disadvantages O Need for e Monthly or yearly fee C Control c Generally less customization e Feature heavy C Ease of use c Payments are usually built in technical support O Customization can be costly C Often include extensions /plugins for payments Cost Cost Varies depending on the level you choose. Scales up depending on your expertise, imagination, and pocketbook. <$400 <$11,000 for a starter website basic site for a smaller business >$1,000 >$30,000 for advanced features, such as gift cards, detailed business reports, and more customized site follow-up on abandoned shopping carts CREATING THE RIGHT DESIGN Successful e-commerce sites don't all look alike, but they share some of the same traits. Easy navigation 75% of 18- to 24-year-olds say Quick-loading pages 51% of online shoppers in the US list website slowness they will abandon a website within as the No. 1 reason they 2 minutes if they cannot find what would skip a purchase they need Mobile friendly Simple browsing 25% of shoppers abandon their 61% of customers abandon a shopping carts because the website was too complicated® mobile site if they don't find what they're looking for right away Secure checkout 69% of customers who are concerned about shopping online look for websites that display trust symbols -S- GETTING PAID To turn your customers' selections into money in your pocket, you'll need to take a few other steps before you go live with your site. For starters, consider the types of payment you want to accept. Credit cards Debit cards 48% 30%) Shoppers who say they Online shoppers who say prefer to use a credit card for they prefer a debit card when e-commercelo making purchases" Advantages • Popular Advantages • Reach consumers who don't • Easy for merchant and customer to use have credit cards • Convenience increases likelihood of an impulse buy Facilitates buying for overseas customers Disadvantages v Risk of fraud Disadvantages * Though generally cheaper to process v Processing fees for purchase transactions • Additional bookkeeping than credit cards, fees can still mount Digital payment service Advantages • Flexibility Disadvantages • May direct consumers off your Convenience site to complete transaction, which Reach can impact conversion Trust • Consumers may need to sign up for an Options like PayPal are popular account to use these services (if they don't alternatives to credit or debit cards. already have one) Setting up your online payments You'll need a few things before you can starting accepting cards on your site. As with building your website, you can get these either from a single provider or a la carte. ПООО Internet merchant account Payment gateway The vehicle that authorizes credit card At its most basic, an account with a bank payments and helps to protect sensitive financial information that allows your business to process credit card transactions online Third-party payment processor Payment processor The entity that facilitates a Platform that allows businesses to use the credit card transaction processor's merchant account to accept online payments instead of setting up their own account MAKING A LASTING IMPRESSION With much of the nuts and bolts of your website behind you, it's time to make sure people remember you and your company. Decide how much to spend on marketing - this will Develop a marketing plan. depend on how far along you are as a business. Usually projected 12 months out Review quarterly to determine if you $350 to $1,000 need to make changes Reasonable monthly spending for early stage startups with very limited resources2 7 to 8% 50% Small and medium businesses with 0-50 Generally how much small businesses employees that spent less than $300 per month with revenues less than $5 million on internet marketing, such as SEO, online should allocate3 directories, email marketing, and pay per click'a Pinpoint where to spend your marketing budget.5 · Brand development, including your website · Promotion, such as advertising, campaigns, events 64% --. of small and medium businesses keep their internet marketing in-houses PayPal SOURCES 1. "2014 Year- End Economic Report," National Small Business Administration 2. Web-only e-retailers outpace other Top 500 merchants for growth," Internet Retailer's 2015 Top 500 Guide, April 17, 2015. 3. "Retail Sales Worldwide Will Top $22 Trillion This Year," e/Marketer, Dec. 23, 2014 4. "Survey Shows Small Businesses Increasingly Adopting DIY Websites and Facebook for Marketing." Webs, May 14, 2014. 5. "55 Web Performance Stats Youll Want to Know," Radware, Jan. 20, 2014 6. Answer Dash Website Usability Survey, Nav. 7, 2014 7. "Mabile-friendly sites turn visitors into customers," Google Mobile Ads Blag, Sept. 25, 2012 8. "Why do online shappers leave without paying?" Statista, January/February 2012 9. "Nearly 2/3 American Shappers Dor't Trust Retailers With Their Payment & Personal Information," Bizrate Insights, Industry Trends, Feb. 3, 2015 10, 1. "2014 Consumer Payments Study," TSYS 12. "How much should your startup spend on marketing?" The Holistic Marketer, April 7, 2014 13, 14. "How to Set a Marketing Budget that Fits your Business Goals and Provides a High Return on Investment," Small Business Administration, updated Jan. 9, 2013 15, 16. "SMB Internet Marketing Survey 2014," BrightLacal in partnership with ChamberOfCommerce.com, Jan. 7, 2015 HE