Starting an online retail store is a good business idea, especially now that Google’s algorithm has stronger support for local businesses. As most shoppers these days typically use the Internet to buy whatever they want, there is no better time to join the action than now.
Here is some information you can use to increase your chances of success with your online store.
Know your way around pricing
If you carry products from brands you do not own, you should know how much the going prices for the goods are at all times. You may subscribe to an online service that monitors MAP policy enforcement as it is impossible to keep tabs of prices manually. Minimum Advertised Pricing or MAP carries an impact on how much you may earn, as it dictates how low you can go with a particular product to remain competitive.
You may still come up with a workaround on the pricing, however, but be careful how you do it so you don’t break the policy yourself. For example, you may advertise coupons without specifying which products the coupons may be used on if the discount is lower than the MAP for that product. Rather, specify which products the coupons may not be used on.
Work with a reliable delivery service
Working with a delivery or courier agency without knowing how well they can handle your business is risky. Customers are not patient when it comes to delays or damages in the goods they order. When you promise overnight shipping, make sure to do overnight shipping. To make your store even more popular, offer free shipping. This is another way to work around a MAP, actually. Some online stores try to make a profit off the shipping fee, but that is just a bad business practice and you should stay clear of it.
Use reviews and listings to your benefit
Google puts a high premium on reviews and listings, and customers get more value out of them. If you are getting bad reviews left and right, something must be wrong and you should address it immediately. If the positive reviews start coming in, those alone are good for advertising and marketing. As for listings, the more listing websites your business appears on, the better. Google understands that these listings all belong to one website or business, and it interprets this as a positive. You need that for your SEO success.
These are three pieces of advice that many new online store entrepreneurs do not know about, or at least do not practice. Use them to your benefit and give your business a better chance of making it big.