- E-Commerce is no longer a “nice-to-have” option, but an essential element of the customer experience.
- Every small business owner should take the time to consider which e- Commerce elements will set them up for success.
- When done right, e-Commerce can help small businesses capture customer information, build a marketing database, and create loyalty.
There are a host of challenges when it comes to e-Commerce for small business owners. From logistics to customer experience to cart abandonment, many small business owners are being nudged to go digital, but without the proper tools and resources to do it the right way.
Especially for small businesses — where every decision is a big decision with significant effects — owners need to be confident in the e-Commerce choices they make. Considering that the number of digital buyers in 2024 is around 2.71 billion — about 70 million more than it was in 2023[1] — e-Commerce is no longer a “nice-to-have” option, but an essential element of the customer experience. Along with allowing business owners to capture customer information and build a marketing database, it also provides an opportunity to recognize a customer’s spending habits and build loyalty.
But that’s only if it’s done the right way. Here are a few questions every small business owner should ask themself when figuring out how to optimize their e-Commerce business.
Do I Need to Connect My Physical Inventory With My Online Store?
Whether you already have an existing online business or are just starting one, and you also have a physical location where you sell products or services, creating one point of sale (POS) system will allow you to keep a close eye on total inventory for better management. After all, nothing riles a customer more than ordering a product online, only to find out after the fact that the product is actually sold out. The right POS can also accept payments, track sales, and access integral sales reporting, among other things. PNC can assist you in syncing your POS to your online store to unlock more data and an opportunity for better bookkeeping.
How Can I Broaden My Sales Capabilities?
According to research, 99% of retail executives in the U.S., UK and Germany think that third-party selling is the best model with which to weather economic volatility.[2] What’s more, three out of four retail executives say third-party selling is vital to their company's growth. By creating a full-circle e-Commerce experience that helps you meet your customers where they are most frequently shopping — whether that’s directly on your website, on a social media site like Instagram or Facebook, or through an online marketplace like eBay or Google Shopping — you’ll be able to capture essential shopping data about your customer and provide the largest opportunity for them to make purchases easily.
Am I Including Enough Pertinent Business Information Online?
Depending on the type of business you run, it might be important to include certain elements of the business on your website to make online shopping easier for your customers. If you run a restaurant, for example, you might want to the ability to display your entire menu online, as well as to accept orders and payments online in a way that connects directly to your point-of- sale devices.
Can I Make the Checkout Process Easier For Customers?
Surveys have found that an average 70.19% of online shopping carts are abandoned by customers before purchase.[3] Of those who abandoned their carts, 26% said they did so because the site wanted them to create an account, while 22% said it was because the checkout process was too long or complicated. Simple steps like allowing for a guest checkout — without the need to create a full profile — and only asking for essential information to complete the sales process may help keep customers clicking through to the end.
Can I Increase the Payment Methods I Offer?
There are a lot of ways to pay for products and services these days, and 13% of customers will abandon their purchases during cart and checkout if the business doesn’t offer enough payment methods.[3] PNC's MerchantServices can integrate with over 800 online payment gateways so that a client can customize their website and e-commerce experience while easily integrating processing.
How Can I Increase the Safety Of Online Shopping For My Customers?
When it comes to prioritizing data protection, 40% of U.S. consumers rank this factor as either the most important, or very or extremely important.[4] Show your customers that you care about their data and privacy by utilizing two-factor authentication when possible, collecting only essential data, and regularly updating your software. You can also protect their privacy by ensuring you only work with backend products that make data privacy a number one priority. At PNC, the security of e-Commerce shoppers is protected through things like new and improved encryption, tokenization, anti-virus technology, data scanning, and constant monitoring.
Wherever you are in your e-Commerce journey, PNC has the cutting edge solutions to help you establish and/or make the most of your online presence. Check out the full slate of small business services online, or call a dedicated service and support expert at 1-888-562-2300 to walk you through the best options for your business.
