5 Online Trends Every Business Should Know About
/Like it or not, online trading is fast becoming the predominant way of shopping for many of us, and this trend is only likely to gather pace. How will this change, however, and what are we to expect in the coming decades? This article discusses key aspects of how online transactions function and what businesses should know.
1. Online Stores
Online stores are unlikely to disappear anytime soon, and there are plenty of alternative ways to sell online. For example, through an app; platforms such as eBay and Amazon; and Facebook. Online transactions carried out on websites tend to be complemented with online marketplaces.
2. Delivery
How good is your delivery service? This is a question that can make or break your reputation as an online retailer. Anyone selling online is well advised to thoroughly consider the quality of their delivery service or fulfilment as more than an afterthought. It is essential to be able to track where a package is and when it will arrive, especially if you can schedule a delivery window. There is nothing worse than waiting all day for a package to arrive at the end of the day, or not all. Being able to deliver on time, if at all, is also closely tied to efficient stock management. Every business that manages delivery needs to be well-organized when it comes to order fulfilment. A good stock management system can help.
3. Payments
How do we take payments online? Well, there are a variety of options these days. The classic credit card transaction is an option, but there are many other options to supplement this. Online bank transfers are pretty much instant these days, and other payment systems such as PayPal offer security and peace of mind to the customer but often have high transaction fees. Another option is cryptocurrencies such as Bitcoin, but they tend to fluctuate in value and are less widespread in use, so it's important to check the BTC value before making any transactions.
4. Digital Goods
Digital goods can include anything from eBooks, music, apps to computer games. If you are looking to produce and distribute digital media, you should consider copyright protection to make it difficult for others to copy and reproduce your products.
5. Fraud
Online security is essential when engaging in any form of online trading. There are so many issues to be aware of these days and you need to be sure your website has adequate security. If you are selling online, you don't want any of your customer's financial details ending up in the wrong hands. You should be just as careful with your online information. Don't ever share sensitive or private documents using insecure file-sharing apps or store them on unreliable cloud services.
This article has been contributed on behalf of Paxful. However, the information provided herein is not intended to be taken as investment, financial, or other advice.
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