by Irina Georgieva | Jan 2, 2025
Launching an e-commerce store is possibly one of the critical steps for entrepreneurs who want to scale their businesses. The pandemic has even accelerated this trend further. However, launching an e-commerce store is not something you should be in a rush to do. The online business world has its pitfalls, and if you overlook them, you might end up getting your business off to a bad start, and possible bankruptcy is not far-fetched. Therefore, there are things you must consider before launching your eCommerce business.
6 things to keep an eye on before launching your e-commerce website
In today’s article, we will give attention to 6 things to consider before launching an e-commerce website. So, let’s dive right in.
Research your niche
The first thing you need to do before launching your dream e-commerce store is to carry out market research on your niche and know the level of competition it holds. You don’t want to jump headfirst into battle with the big guns of your business niche. That can be very risky and is not advisable, especially if you are a newbie. Aiming straight for the top shots might kill the dream of your successful e-commerce store even before its first step. So advisably, take baby steps, find a niche with low competition, and begin gradually.
For example, if you want to run a jewelry store, don’t spend every dollar you’ve got to start selling everything from the biggest neck chains to the most expensive wristwatches. That is like gambling on the market – it may work out. But the problem is if it doesn’t, you might go bankrupt.
That’s not advisable. It’s much better to focus on specific demographics or needs, such as simple bracelets for 40+ me or necklaces for young women. That would be much easier to sell. The point is to research your niche. Then, you would promote and sell your products easier in a business niche with low competition.
Know your competition
Before having your e-commerce website up and running, you must analyze and know who the competition in your niche of business is and what they’re doing. So first, you need to look at your competitor’s website and see what products or services they offer and the best payment method they use. Then, if possible, know their marketing strategy and see how they convert potential leads to sales. You can use tools such as Ahrefs, SEMrush, and Adspy to research your competitors.
Knowing the competition in your line of business is necessary for you as an e-commerce business owner. When you know who your competitors are, what they are doing, when and where they are doing it, and how they are doing it, you can create a better way to run your own business and beat the competition.
Understand your potential customers
This step is crucial. Run an expert analysis if need be. Whatever method you use, you need to know who the particular group or set of people that your potential customers are and the type of preferences they have. Thanks to social media and the internet, you can find information even from the comfort of your home.
So dig in, and pay attention to everything; the age grade of your potential audience, gender, level of income, ethnicity, and even their education. You need to understand your potential customer’s behavior and method of shopping: How often do they shop? How do they begin their search for a particular product that they want? Do they sort out bigger e-commerce stores first, or do they use search engines to look for products they want to buy? How long does it take them to decide and purchase a product?
You see, this step is vital. Once you can tell who your customers are, what they want, and how they get it, and then make sure that your e-commerce store can fulfill such needs, it can be rewarding.
Pricing strategy
Gone are the days when people went from one store to another to compare the prices of a particular product from different vendors before buying.
That approach to pricing no longer tickles the fancy of most customers. I mean, why go from one store to another to know the value of a product when you can use the internet? With just a couple of clicks, a customer can tell the worth of a product.
That is why you need to be cautious in selecting your pricing strategy. If your e-commerce store offers run-of-the-mill goods and services, make sure you put the prices at the lowest point possible for gain. Or if you can’t twitch your price, offer a bonus such as free delivery. Your aim should be to make sales and achieve customer satisfaction so your customers can return. You can price higher if you can position your brand as exclusive or premium.
Business registration and liability protection
You must have your contact information on your e-commerce store to gain trust. Decide on the contact information you provide your customers with before you launch. And having just one email or phone number is no longer enough in the world of business today – it’s the 21st century. You should not just have phone numbers and emails. Have links to your social media as well. Social media controls most of the world today and can be a valuable tool, especially if you already have positive word of mouth on social media. It will make your marketing easy, and the transition of your potential customers from leads to actual buyers will be smooth. Your customers need to know if your e-commerce business is registered. Certain benefits come with registering as an LLC;
- Firstly, you gain a reputation with customers as they now see your business has legal backing.
- You also gain legal liability protection, which means you won’t be held accountable for inevitable accidents and other liabilities.
- Thirdly, you are sure of continuity. If your business is a registered LLC, even if you’re impaired or dead, your business will continue, especially when you already have the right system established
Finally, you need to include a return policy on your e-commerce website. There is a feeling of security that comes with a return policy. Most customers will patronize your company if they are sure to get their money back should anything go wrong. So, you need to have a return policy, and you need to implement it as well. A return policy will give your customers confidence when using your web store.
Payment method and shipping
If there is a fee for delivering your products to your customers, you need to state it clearly. Your customers should understand the delivery time and how much it will cost them to have a product shipped to them before they make their payment. Your payment method has to be convenient and satisfactory to you and your client. So you need to put in the best there is. In today’s world, for example, card payments are no longer all there is when it comes to an easy payment method.
Furthermore, we now have PayPal, virtual bank accounts, and even bitcoin. So, you should have these methods of payment integrated into your e-commerce store, as they can be convenient for your customers.
Conclusion
There you have it – these are the things to consider before launching an e-commerce website. Of course, these are not the only points to consider. However, these six are essential, and if you assess and implement them, you are good to go, and your online store is just one step away from being launched.
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by Irina Georgieva | Jan 2, 2025
Insuring that your company is protected from any kind of adversity that might show up is one of the key elements to running a successful business. Understanding the importance of having various insurance options, like life insurance for employees, business insurance, property insurance, etc. can help your business withstand any unfortunate emergency.
One key type of insurance that you need to be aware of is vehicle insurance! It’s meant to protect your business from the high costs of accidents, covering costs for both the vehicle and the driver. This includes all kinds of company vehicles such as commercial trucks, company cars, heavy-duty trucks, forklifts, etc.
In this blog post, we will explore the reasons you need people need business insurance for their own car. We will also look at the risks involved with owning a business vehicle and the coverages you need to protect your business.
Why you need commercial auto insurance
Regardless of the industry, you’re in, or how big your employee size is, commercial auto insurance will help you stay strong and secure during a crisis.
Especially when you’re a small business owner who doesn’t want to stress out about dealing with unexpected expenses immediately after getting into an accident with another vehicle or other pedestrians nearby. These types of incidents could put a serious dent into profits if left unaddressed until later.
Here are five reasons why you need to get your company vehicle insured.
Protects your business from the high costs of accidents
Accidents happen—that’s just a fact of life. But when they occur in the course of business, they can be extremely costly.
Commercial auto insurance protects your business from the high costs associated with accidents. It also covers any damages you may cause to other people or property while using your car for business.
Please be aware that commercial auto insurance is different from personal auto insurance. Personal auto insurance policies typically have lower limits and do not cover business-related activities. However, if your employees use their personal vehicles for business purposes, you can avail of business car insurance to protect them.
Pays to repair or replace your fleet vehicles if damaged or stolen
Other than accidents, there are many scenarios that might get heavy on your pockets. You may wish to replace an expensive piece of equipment with a newer model if it isn’t functioning properly. There may have been damages, such as broken doors, smashed windows, or damaged ignition locks on the vehicle, that you wish to repair as soon as possible.
Or you might need to cover expenses for a car that was parked inside your business’s parking lot at night, and someone broke into it, stole parts, or worse, swept away the vehicle from the premises.
Luckily, most commercial auto insurances cover the cost incurred by such damages or theft! Just make sure to check that your policy covers theft and damage besides accidents.
Offers liability protection
Liability insurance is a must for any company vehicle. It’s when you or your employee accidentally happen to damage property or cause an injury to someone while driving the company vehicle. Often, the victims of such accidents may file lawsuits, which can incur huge losses and stain a company’s reputation.
Having commercial auto insurance protects your business from lawsuits and can include coverage for bodily injury or property damage claims, as well as legal fees.
The liability coverage you purchase depends on how much you want to spend on protecting yourself against potential legal costs—the higher the amount of coverage purchased, the more expensive it will be per month. If possible, try to purchase this type of protection on a per-vehicle basis rather than an annual basis—since this means less paperwork.
Helps you adhere to the state or national laws
Having commercial auto insurance is not just a matter of personal preference anymore! Many states have laws that require you to have liability insurance when operating your company vehicle. So it’s important to ensure you’re covered before registering your vehicle with the state or local authorities.
In some states, the requirement is only for certain types of vehicles, drivers, or driver’s licenses. For example, in New York, driving without insurance can have serious consequences. A person could get arrested, fined, or have their license suspended for not following the law. Moreover, if a person without insurance is caught in an accident, their license and vehicle registration would be suspended for over a year, along with a fine of up to $1500!
Also, companies have different requirements for insurance coverage, depending on whether they own more than one car at once. So if you’re starting a new business with three people working together, you’ll need different coverage levels than if only two people were working together.
It is good for your business reputation
Lawsuits and hefty fines can have a massive impact on a business! This could mean defamation and customer loss. On the other hand, businesses with a clean slate, i.e., commercial auto insurance, are more likely to attract customers and retain the ones they already have.
Keep in mind that insurance companies are interested in growing their businesses too, so they may be more inclined to offer you discounts or other incentives if your company has commercial auto insurance coverage. They also want to help you find new customers who will have an interest in what your company offers and benefit mutually.
Make sure you know and understand specific driving laws—such as whether or not an employee should be able to drive their vehicle on company time (usually after hours).
Also, many companies choose insurance not only for themselves but also for their employees. This is because having this kind of coverage helps ensure things run smoothly at all times without any issues arising later down the road when everyone needs access to transportation at once!
How to choose the right commercial auto insurance
To know what kind of commercial auto insurance coverage you need for your business, you first have to consider your business’s needs. The amount of coverage you need depends on the type of business you run and the vehicles you own.
For example, suppose your company owns a fleet of trucks that are used for hauling freight or delivering goods from one place to another. In that case, it’s common practice for companies like this to purchase extra insurance coverage for those vehicles. This way, if an accident involves one particular truck in the fleet—even though this may be rare—it won’t ruin all their other trucks’ value too much (or at least not enough).
Other factors that influence the total cost of your coverage are:
- Previous driving records of the driver
- The size, weight, and type of items being transported
- The type of vehicle and the purpose it’s used for
- The value of the vehicle
These are the factors an insurance company considers while examining a business’s potential for risk to determine its overall insurance cost!
Take that first step towards protecting your assets, and learn more about commercial auto insurance today. You’ll understand everything commercial auto insurance covers and what kind you actually need. This will surely help you make an informed decision about the coverage to choose for your business!
Auto insurance is less expensive than you think!
When you’re considering having your car insured, it’s important to know that the insurance cost is not as high as you think. You can try several things to lower your premiums’ cost and ensure you get the best deal.
- Consider how many employees work at each location
- Estimate how many miles per day/week/month are driven by each person
- Get a quote from multiple companies
- If one company doesn’t have what you need, try another one
If the insurance rates go up or down (which happens often), there will still be options available to meet your budget needs during those times when rates change drastically.
You know you’ve bagged the right policy when it’s covering the cost of injuries, medical coverage, property damage, towing costs, and other damages you could possibly think of!
Conclusion
Insured company vehicles are a business owner’s best bet, allowing them to secure their assets and save their hard-earned money in difficult situations. In fact, investing in the right protection for your commercial vehicles is as important as investing in the vehicles and your business.
You must get a commercial auto insurance policy for every vehicle you use for business purposes, even a 2-door sedan, irrespective of whether you’re just traveling to and from the job site.
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by Irina Georgieva | Jan 2, 2025
Auto insurance is a crucial component of the entire process of owning and using a vehicle. Car insurance policies that protect your car, you, and the other drivers involved in the crash have become a necessity.
When the car you bought is on a loan, you do not completely own the car. The bank or your loan provider partially owns the car until you have paid off the debt. Once you pay the money owed to the bank, you own the car completely. But during the loan period, the loan provider has an interest in your car.
This is why many banks or other financial institutions that provide loans, require you to have auto insurance policies as long as the debt hasn’t been paid. But what if you do not get car insurance for your car? Can the bank repo your car? Let’s find out.
Can the bank repo your car?
When you buy a car on loan, the bank requires you to sign a contract. This contract makes them partial owners of the car until you pay the debt. Since they own the car, they want to ensure its safety. What if you crash and total the car and fail to pay the loan amount back?
This “security” of assets (here, car) comes with auto insurance policies. You are required to have a few auto insurance policies to legally drive the car. While liability insurance is mandatory to have in almost every state to legally drive a car, banks can ask you to get some extra coverage as well.
Coming to the question of repossession, the banks can repo your car if you drive a car without the required auto insurance policies. The banks are within legal grounds to do so and you cannot stop it from happening.
Why do banks repo cars if driven without insurance?
What if someone took your car and started driving without any guarantee to give it back? Or what if they crash it and don’t have a single penny to pay for the repairs? The banks are exactly in this place when they give you a loan for a car. The car is their investment.
With the high chances of a car accident in which the car will be damaged, banks require a guarantee that the car can be fixed. While banks can repo the car, it is rarely the case. Repossession comes with its costs and hassle. Banks choose a much simpler, easier way.
Insurance policies before getting a vehicle loan
To ensure that their investment is secured, banks require you to get insurance before they approve your vehicle loan. This means that they won’t ask you to get vehicle insurance policies, but they’ll add them automatically to the package.
All the necessary insurance policies are added to your loan plan, and the insurance premium costs are combined with your loan repayment plan. This ensures that the car is safe while you pay the loan amount back.
Insurance policies required by banks
Banks are not much bothered by your medical treatments or hospitalization expenses. They want to ensure that there is enough money to repair the car. So the policies they require you to have include:
- Liability insurance
- Collision insurance
- Comprehensive insurance
- Guaranteed Assets Protection insurance (occasional)
All the necessary insurance policies are added to your loan plan, and the insurance premium costs are combined with your loan repayment plan. This ensures that the car is safe while you pay the loan amount back.
Liability insurance
Liability insurance is mandatory to have if you want to drive a car legally. Except for a few states, almost every state has made it mandatory, with a minimum coverage limit. Liability insurance covers the cost of medical treatments and property repairs of the other driver involved in a car accident that was caused by you.
Liability insurance is one of the most expensive auto insurance policies and since the minimum coverage limit varies depending on the state, the price of this policy also depends on the state you live in.
So to make the right purchase, make sure you look for the best car insurance provider at the lowest rates in your state. For example, if you live in California, find out who has the cheapest auto insurance quotes in California and select the most affordable ones.
All the necessary insurance policies are added to your loan plan, and the insurance premium costs are combined with your loan repayment plan. This ensures that the car is safe while you pay the loan amount back.
Collision insurance
A collision damage waiver is perhaps the most important car insurance policy that the banks require you to have. Collision insurance covers the cost of all the repairs needed to fix your car after a road accident. However, a few things must be noted.
The damages must be from a collision accident (and not when the car was parked). This includes crashing into other cars, buildings, trees, poles, etc. Collision coverage also covers damages due to bad road conditions. Banks require you to have this policy.
Comprehensive coverage
Comprehensive insurance pays for the cost of all the damages to your car while it is parked. It covers damages due to riots, animals, projectiles, vandalism, etc. This policy also covers damages due to natural disasters such as floods, earthquakes, and even volcanic eruptions.
In case your car gets stolen, comprehensive coverage can be claimed to get the actual cash value of your car. This brings us to the fourth insurance policy the banks require you to get.
The damages must be from a collision accident (and not when the car was parked). This includes crashing into other cars, buildings, trees, poles, etc. Collision coverage also covers damages due to bad road conditions. Banks require you to have this policy.
GAP insurance
GAP stands for Guaranteed Assets Protection and this car insurance policy is to make sure you can pack the loan amount (and interest) back in case your car gets totaled.
Let’s say the MSRP of your car is $15,000. The loan amount to buy the car would be the same, plus an interest that you need to pay over the years. So the total loan amount goes to $20,000. What if you total the car before the loan amount has been repaid?
Auto insurance policies will reimburse the actual cash value of the car, which is always lower than the MSRP of the car. This is where GAP insurance comes in. This policy will pay the remaining amount so that you do not have to spend anything from your pocket.
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by Irina Georgieva | Jan 2, 2025
Without a doubt, creating a customer loyalty program is one of the best ways to nurture your ‘tribe’ of the most valuable customers that are choosing your product or services. Having loyal customers that come back to your business time after time is the key to long-term success.
The Pareto principle – also known as the 80/20 rule, supports the notion of creating a customer loyalty program. It turns out that returning customers generate 16 times more revenue for businesses than one-time customers.
Creating a customer loyalty program from scratch can be overwhelming so that’s why we took the time to distill the 5 most crucial tips for creating a successful customer loyalty program.
5 tips for building a customer loyalty program
Here are five creative tips for building successful customer loyalty in 2022 that will take your business to another level.
Consider customer privacy
If you plan on creating an app or some other online tool as a part of your loyalty program, keep in mind that, even your most loyal customers won’t be running to download it straight away. These days, one of the most important things for people when they use the Internet is their privacy.
Some recent cases such as the Tim Hortons app situation, when they were collecting vast amounts of location data from its users for targeted advertising – without being honest with their customers that they do it, can be a huge red flag for some customers. Moreover, Tim Hortons case is not an isolated incident and there are many apps that put your privacy at risk.
So if you do decide to use an app as a part of your loyalty program make sure that your customers’ data is safe and protected and be open with your customers about how and why you are using their data.
Get loud on social media
Your loyal customers can be a great addition to your marketing strategy. Try to reach out to the most influential customers in your network and see if you can make them your brand ambassadors.
Many influencers have a large number of followers and they can help out spread the word about how awesome your business is. If you feel comfortable, ask these influential customers if they can share your business on their profiles and tell them how much that would mean to you.
Offer appropriate discounts
Put your most valuable returning customers on a pedestal. If they have supported your business for many years, try and offer them the best discounts that you can afford. Don’t think of it as losing money but as a future investment! The chance that they have already brought some extra revenue as a long-term customer is huge, and with the extra discount, they won’t be able to shut up their mouth about you.
A great example of this is Mark Cubans’ new online pharmacy Cost Plus. They don’t spend any money on advertising but because the cost of all the products that they are offering has such a big discount they are growing extremely fast. Thanks to their great ‘word of mouth” approach due to high discounts, in a couple of months they reached their 2-year sales goal.
Many influencers have a large number of followers and they can help out spread the word about how awesome your business is. If you feel comfortable, ask these influential customers if they can share your business on their profiles and tell them how much that would mean to you.
Make your customer feel special
It is not a secret that everyone wants to be appreciated so make sure that you make your customers feel valued for being part of your loyalty program. Put your creative hat on and come up with creative ways that will make your returning customers special for supporting your business.
Of course, when it comes to feeling appreciated, even small deeds can be great. Maybe you can offer your returning customers some custom make apparel with your business logo, or share how grateful you are that they are your customer on your social media. Depending on your niche, freebies can also be a great way to make your customers feel special – because lets be real, everyone loves freebies!
Ask for feedback
People love to help and be heard. Asking your customers for feedback can be a great way to make your customers feel included in your entrepreneurial journey. This will make them be happy to be part of your loyalty program as they will feel that they are having an impact on your business.
Your most valuable customers are your gold mine when it comes to improving your business and achieving even more growth. Ask customers for feedback on your services or product. What would they change or perhaps,is there anything new that they would like to see from your repertoire? Of course, you don’t have to always heed their advice, but maybe here and there some gem will pop up that you can implement.
Conclusion
Even though it might seem like a huge investment, taking the time to create a successful customer loyalty program can be highly beneficial for your business growth. Feel free to you some of our ideas on how to get your customers even more hooked to your business. Take your time to understand your audience and choose the one idea that fits your customers the most.
In the end, remember that even the most loyal customers are just human after all. So make sure they feel safe, valued, and heard when you interact with them on a day-to-day basis and they will without a doubt return your appreciation tenfold.
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by Irina Georgieva | Jan 2, 2025
Salesforce is an amazing CRM tool for business. It allows you to stay on top of your customers, manage leads, and even have a system for employees. Salesforce offers a number of different plans to choose from, which means there’s one that’s perfect for your company.
The system is designed to help you work smarter and faster than ever before, especially if you follow some of these CRM tips. If you’re looking for a way to give your business the edge it needs, this blog will show you how Salesforce can help.
Opting for a reliable Salesforce consult
Salesforce is a customer relationship management software that companies can use to manage their customers and track their interactions. It’s easy to get started with Salesforce, but it can take a long time to master all of its features.
Even though Salesforce offers extensive support for setting up your Salesforce unit, sometimes hiring a consultant can be more time efficient. Consulting firms like RTS Labs, offer experienced Salesforce consultants that can guide you on to set up your account, customize your software, and teach you how to use the tools for maximum efficiency.
Salesforce generates more sales leads
Every firm has to be able to generate and handle fresh sales leads. Targeting your leads can help you achieve business success by increasing the profitability index. When your staff are juggling many activities, they are more likely to ignore critical information, resulting in a lost sales opportunity.
Preventing such mistakes, on the other hand, is straightforward using Salesforce CRM.
A more effective pipeline to conversion
It is important for every business to not only obtain the right sales leads, but also to guide them to full commitment. Salesforce CRM makes it simple to keep track of all the numerous possibilities. It facilitates the storing of critical information such as opportunities, pain points, and other elements that may aid in leading potential customers toward a sale.
If you know where your leads are in the sales funnel, you can predict their next steps. Finally, Salesforce CRM may help your company’s sales and overall return on investment.
Better team management
The Salesforce Chatter tool allows you to communicate with your team while also collecting information like clients, geographies, and other important facts. Increasing the number of people in the chatter group allows them to better organize their tasks, resulting in more leads closed and sales increased.
As a result, the entire team is kept up to date on critical customer information, which improves the team’s overall efficiency.
Greater custom engagement rate
The more customers that interact with your brand, the more successful your company will be. If you want to increase customer participation, it’s critical to consistently provide a good experience. This is made feasible via Salesforce CRM.
It aids in successful client engagement by giving precise information about each of them. You will rapidly get happy clients if you provide hassle-free and speedy service. It boosts consumer engagement, resulting in repeat sales and a higher return on investment for your company.
More satisfied clients
One of the primary aims of every business is to exceed its consumers’ expectations. Customers’ expectations are always evolving, making it more difficult to meet their requests. Customers frequently expect proactive services, trustworthy support, and a user-friendly interface that is tailored to their specific needs.
Salesforce CRM is the most effective way to interact with customers and meet their particular needs. Salesforce CRM helps you meet all of your clients’ needs and expand your business by offering a proactive approach, simple customization, data security, and a linked journey.
Mobile and remote friendly
Salespeople may utilize Salesforce’s mobile functionality to complete their tasks from any location and at any time. Because mobile work is in great demand these days, today’s sales people cannot stay at a desk for extended periods of time.
They should be able to carry out their duties at any time. Salesforce applications are designed to be mobile-friendly in order to enhance team productivity. A mobile CRM system will benefit and change your company.
Data analytics tracking
As you may be aware, all of this information also provides an opportunity. Your management team may obtain fantastic metrics and statistics from Salesforce Service Cloud and track their success.
Leaders may utilize this information to ensure that consumers have a positive experience with the agents. This functionality also helps them provide better customer service and find new business possibilities.
Lots of integration opportunities
Usually, a business can’t limit itself to a small set of tools and platforms for effective performance, communication, team collaboration, and management. Salesforce isn’t an ultimate solution for all these business processes, but it’s an integration-friendly platform, so you can create an ecosystem within your business with Salesforce integrations.
With app-based, API, custom, UI integrations that Salesforce obtains, you can easily connect your apps with the platform. You’ll improve workflow automation, establish live reporting and tracking, streamline communication, quickly export or import customer data, etc.
Better security of business data
The more customers and leads you have, the more records you need to store. It means not only keeping all the contacts, billing information, and personal data clean but keeping them secured and safe due to the high number of cybercrime cases. Salesforce allows you to do that.
Salesforce has a stable data security model that prevents data breaches, controls access to sensitive data, and is compliant with current data protection policies. You can improve your data security in Salesforce by using included methods like two-factor authentication, permission rules, encryption, automatic event monitoring and user potentially dangerous behavior. Besides, you have an opportunity to effortlessly backup your Salesforce data on a scheduled basis and restore it by request.
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