Creating your own online business has become much more economical and less of a hassle today than it was before. However, sustaining the profitability of your business has also become a real challenge these days. There are plenty of things you need to know well before you can start reaping all the benefits of having a successful business online. Below are some basic guidelines that you shouldn’t forgo.
1. Provide your customers with quality products and services.
One major factor of a successful online business is quality. According to a 2012 study in the U.S., 11 out of 15 customers have spent more money and do business with companies delivering good service than those who don’t. Whatever it is that you want to sell make sure to consider your customer’s experience. If they are not satisfied with the quality, then your business won’t last in this game of survival between you and your competitors.
So if you have all the intention of expanding your online business, always strive to provide high quality products and services. For any changes that you want to make in your product or services, make sure it will all lead to the improvement of its quality. This way, you can be assured of brand credibility.
2. Pay attention to your customers’ needs and queries.
You must determine your potential customers’ needs and questions first because they are the ones who will patronize your goods. People tend to buy things that are relevant and useful to them. See to it that your products and services are designed to cater to these needs. Keep in mind as well that there is no such thing as a trifle question. When your customer asks, treat it as an opportunity for you to win that customer. Be always ready to answer questions online. By doing so, you will gain loyal customers that will be with you and your business through thick and thin. A good example is one from Bob of Amazon who explained the details to make the customer understand how to distinguish whether you have a rental property as your home vacation. When determining if your vacation home is a rental property, Bob Kemble from Click and Mortar Accounting explains that personal use of the home should not exceed 10% of the days the home is rented out. Sometimes, customers may ask random questions out of the blue. And as a good online business owner, you must have the patience to cater to your diversified customers.
3. Protect your customers’ confidential information.
Storing confidential information of your customers and ensuring its safety is a must when you are engaging in e-commerce. Personal information like names and email ads must be protected against hackers and identity thieves. You must not fail in using proper encryption procedures to ensure the safety of your customers’ information. There have been cases where credit card information leakages lead to massive damage to the company. Some was even put out of business for good.
Juniper Research conducted a study in 2018 and said that cyber criminals are expected to steal around 34 billion unprotected and unsecured records by 2023. We must avoid this worst case scenario by ensuring that customer information is in safe hands whenever they conduct business with your company.
4. Don’t take the legalities for granted.
For you to have a long term and successful online business, you must comply with the rules implemented by various organizations in the state where your company is based. You must abide with the federal and in some cases, international laws. This may include Federal Communications Commission (FCC) rules and European Union’s (EU) General Data Protection Regulation (GDPR) guidelines with regards to your sponsored content.
You need to be aware of your finances and taxes as well. This will ensure that your business is not overlooking any important legal and financial requirements for your business.
Building a profitable online business and maintaining its success might be a tricky task. However, by following these simple guidelines, you can rest assured that your business is on the right track.