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How to Sell on Online Marketplaces

1/5/2022

 
Even just a few years ago, shopping was straightforward: You entered a store, picked out your products, handed the cashier some money, and left with your purchases.

But today? What does it take to learn how to sell on online marketplaces? Thanks to online shopping, the process can look quite a bit different. In 2020, over 80% of consumers across the globe shopped online, proving that online eCommerce transactions are booming. Digital sales have even previously eclipsed volumes done in brick-and-mortar, general merchandise stores.

Online marketplaces make up a big piece of the digital shopping pie. For example, these platforms making up half of the online shopping orders in 2019.

So, for retailers who want to get in front of more customers and land more sales, all the focus can’t be placed on their independent eCommerce websites. Certainly, online marketplaces deserve some attention too.

5 Steps to Sell on Online Marketplaces

Never sold on a platform like Amazon or Etsy before? Fortunately, getting up and running is relatively easy, especially with this guide in your back pocket. 

1. Decide Which Marketplaces to Sell on

There’s no shortage of platforms that you could choose to sell your products on. Take comfort in the fact that you don’t need to be everywhere all at once. You’re better off selecting the platforms that are the best fit for your business, products, and audience.

Some of the most popular platforms worth considering include:

  • Amazon: Best choice for sellers who want to get in front of a large (albeit competitive) audience

  • eBay: Best choice for sellers who have used or unwanted items to sell

  • Etsy: Best choice for sellers with handmade or vintage items to sell

  • Facebook Marketplace: Best choice for sellers who have one-off items to sell locally

The above criteria can help you narrow down which marketplaces are the right fit for you. But, if you’re still stuck, a few things to consider include:

  • What types of products do you sell? For example, someone who makes handmade earrings is an excellent fit for Etsy, while a coffee brand might succeed on Amazon.

  • Where is your target market shopping? You don’t need to have super formal market research to figure this out. Even asking your existing customers where they prefer to shop online can help you zone in on the platforms that appeal most to your target shoppers.

  • What fees should you consider? Most online marketplaces will have seller fees. So, it’s worth exploring those to know what you’re signing up for (and so you can price accordingly). 

Many retailers find success with an omni-channel or a multi-channel approach. These industry terms mean using several sales channels at once. For example, you might sell your aprons on your eCommerce website, Etsy, and Amazon. That’s multi-channel selling, which helps you build your brand and get in front of even more customers.

2. Start Your Account

Once you know where you want to sell, it’s time to get your seller account set up. Again, most marketplaces are intuitive. The platform will walk you through how to start your account step by step. 

For easy access, here are detailed directions from each of the popular platforms we’ve already discussed: 

  • How to sell on Amazon
  • How to sell on eBay
  • How to sell on Etsy
  • How to sell on Facebook Marketplace

Setting up your accounts will take a little bit of time. It’s wise to be thorough and detailed from the get-go. When setting up your account and profile, including entering your bank information, writing a bio if needed, and filling in all the requested fields, take the time to get it right the first time. Doing so will ensure you’re ready to start making sales. Above all, proper setup prevents any significant headaches or hang-ups down the line. 

3. Refine Your Product Listings

With your accounts set to go, it’s time to turn your attention toward your specific products. It will be challenging to set aside your overall business and brand during this time.

For every product you choose to sell on an online marketplace, you’ll create a unique product listing. The listing is where you’ll describe the item, state a price, including any photos, and generally provide the information that shoppers need when deciding whether to make a purchase. 

The specifics of your product listings will vary depending on what platform you’re selling on. Above all, it’s essential to be aware of and familiarize yourself with any guidelines or requirements you must follow. 

Consider the weight and size of your products. Oversized products will cost more to ship, so you will want to consider that. Handling the items is another cost that includes item storage and packaging materials. There are handling fee calculators and formulas to help you determine how much is appropriate to charge.

There are a few best practices that can help you regardless of which marketplace you’re using: 

• Showcase high-quality product photos:
Online shopping means that potential customers can’t see or touch your product. Product photos are the next best thing, so they need to be high-quality. Ensure that they’re clear and taken against a plain background so that shoppers can get a good look at your product. Remember also to take photos from multiple angles and distances so peop le can get various perspectives.

• Incorporate keywords into your description:
 
Much like social media, online marketplaces use a complex algorithm to decide which products appear near the top of search results. Therefore, one of the best ways to set your products up for success is to incorporate relevant keywords into your product description. Keyword Tool can help you find the right keywords, and they even offer specific tools focused on keywords for Amazon and eBay.

• Choose the right product title:
Check out any online marketplace, and you’ll see that product titles aren’t short and vague. But, again, this comes back to keywords and the algorithm. Including keywords in your product title can help your products rank higher. So, rather than simply naming your product “apron,” you might call it “unisex barbeque apron with pockets and adjustable straps.”

• Set the right price:
Pricing your products is complex and deserves an entire lesson on its own. It would be best if you considered the cost to make your goods. In addition, it’s also worth checking the price of competitive products on the same platform. If your products don’t fall within a similar range (or lack a standout feature that warrants a drastically different price), you might want to reevaluate your pricing structure.

There are plenty more tips and best practices that are specific to the marketplace you’re selling on. So, do your research to ensure you’re making the absolute most of each listing.

4. Market Your Online Business

Online marketplaces naturally have enormous audiences. Millions and millions of people use the platforms daily. But that doesn’t mean they’re a “build it, and they will come” opportunity for retailers and business owners.

Once your account is up and running, and your product listings are live, you must explore other avenues to get more eyes on your product. Options include steps like:

  • Using the platform’s ad options or sponsored listings to promote your products
  • Sharing your product listings to your brand’s social media accounts
  • Asking for customer reviews, ratings, testimonials, and referrals 

Don’t assume that having a presence on online platforms means the sales will roll in on autopilot. Like anything else with your business, you need to invest elbow grease in promoting your products and refining your strategies actively.

5. Understand What Works (and What Doesn’t)

When it comes to refining your presence on online platforms, the smartest thing you can do is monitor your performance. Online marketplaces include analytics to help you understand your traffic volume, top traffic sources, top-performing products, and more.

Review that data frequently to understand what adjustments you need to make. Questions to ask yourself include:

  • Are certain products selling more than others? Why? 
  • Are your target keywords performing as well as you thought? 
  • Are your prices still accurate and relevant? 
  • Are you receiving any negative reviews or feedback? 

There’s plenty more that you could dig into, but those questions will give you a starting point and help you understand what’s working well—and what needs to be changed. 

Online marketplaces are popular among shoppers. Plus they’re approachable and accessible for all types of sellers, from new business owners starting a wholesale business to seasoned online retail sellers. You don’t need a custom website or endless eCommerce knowledge to get up and to run. On the other hand, you need to follow the steps above to create your account.

For retailers who want to strengthen their brand, reach more customers, and leverage several sales channels, it’s hard to overstate the importance of marketplaces. 

So, you have a starting point on how to sell on online marketplaces. And when online marketplaces continue growing in popularity, ask yourself this: Can you afford not to have a presence there?

Learn how eCommerce can keep your business strong here. Consider the advantages of an online shop here. For background on all things accounting software related, visit www.accountingsoftwareworld.com. If you’d like to learn about QuickBooks or other accounting products’ eCommerce capabilities shop here.

Randy Johnston

Must-Know Facts and Features of Mobile Wallet Marketing

9/7/2021

 
Business owners know how important it is to build trust and loyalty with their customers. Especially for small businesses, finding ways to enhance consumer confidence can help foster these lasting relationships. Similarly, these must-know facts and features of mobile wallet marketing can help you build customer relationships. Likewise, with more people keeping up with their favorite brands through websites and apps, mobile wallet marketing is one approach to creating a top-notch customer experience.
​
Mobile wallets are apps that store payment data using digital cards like Google or Apple Pay. For businesses, mobile wallet marketing is the use of these mobile wallets to boost consumer engagement. Are you interested in using mobile wallet marketing for your business? Then, keep reading to learn some facts and features that can help get you started.

Mobile Wallet Marketing Facts

Since the first mobile wallet launched in 2011, the apps have transformed the way we make payments. That’s why knowing how to best use mobile wallets is a smart business strategy. To help you understand what makes mobile wallet marketing so critical for businesses today, check out these statistics:
​
  • At least 100 million Americans are expected to use mobile wallets this year.
  • By 2022, the mobile wallet market size around the world is projected to reach $3 trillion.
  • By 2027, the worldwide mobile wallet market could be worth over $12 trillion.
  • There will likely be over 14 million new Apple Pay users and over 10 million new Google Pay users between 2020 and 2025.
  • Approximately one in three consumers have three or more mobile wallets downloaded.
  • Last year, almost one-half of millennials used digital wallets for online purchases.
  • All of the participants in a survey reported that they would keep mobile wallet content on their devices if it were personalized.

Mobile Wallet Marketing Features

Once you understand the potential of mobile wallets, you might wonder how your business can use them. The mobile format offers features designed to promote the brands most relevant to users, from alerts to location tracking. Here are some elements of mobile wallets to consider in your marketing strategy:
​
  • With the ability to easily save and track points on a cell phone, mobile wallets can simplify customer loyalty programs.
  • Cellular devices can monitor your location, so mobile wallets can show customers certain content depending on where they are.
  • In addition to in-app use, mobile wallets can translate to customer engagement on your business’s website or in-store.
  • Mobile wallets allow coupons to be accessible at your fingertips so that retention rates could be higher.
  • Since cell phones can learn a user’s preferences, mobile wallets can personalize content based on the customer’s interests.
  • Push notifications provide customers with updates about their loyalty points and reminders to use certain offers.
  • Mobile wallets eliminate the need to carry loose papers and make ideal destinations for boarding passes and concert tickets.

Infographic


Summary

By learning the must-know facts and features related to mobile wallet marketing, you can better understand the value of this new digital payment method. From there, you’ll be able to create a marketing strategy that can elevate your business’s customer experience.
​
Eager to learn more about mobile wallet marketing? Look at the infographic above for all the information you need. Then, apply these must-know facts and features of mobile wallet marketing to help you build customer relationships.

Learn more about supporting eCommerce in our article 5 Ways to Improve Your eCommerce Business, how to get started with Zoho Commerce, or in one of our Technology Conferences.

Randy Johnston

The Rise of "COVID-preneurs"

2/8/2021

 
Many startup businesses begin after an economic downturn. Will we see the rise of the “COVID-preneurs” soon? During the 2007-08 financial recession, Ken Lin started the personal finance giant Credit Karma. Above all, it was a defeatist economy. Funding money was strapped, consumers were hesitant, and financial institutions had a cloud of distrust around them. In addition, by textbook timing, this was no time to start a finance company. However, more than ten years later, in 2020, Intuit (a financial technology company) acquired Credit Karma for an astounding amount. According to Intuit, Lin’s company was acquired for approximately $3.4 billion in cash and 13.3 million shares of Intuit stock and equity awards with a value of $4.7 billion. The bet paid off.

Is This the Time to Start a New Business?

History seems to be repeating itself for many risk-taking entrepreneurs during the coronavirus pandemic and the subsequent economic turbulence that followed suit. According to the U.S. Census Bureau, Americans have been filing new business applications at the fastest rate since 2007. Many have determined this is a great time for entrepreneurs with ideas. They have time to work on their ideas.

For some, starting a business during such chaotic times may seem completely counterintuitive, not to mention crazy. For others, it’s prime time to implement a sound strategy and capitalize on the opportunity. In addition, you have those scratching their head and wondering, “why on Earth would someone become an entrepreneur in a pandemic?!” we have some points that will make you think otherwise.

Necessity, the Mother of Invention or Action!

For instance, during penny-pinching times, necessity is a significant driver of entrepreneurial activity. The pandemic results in unprecedented unemployment rates. American unemployment surpassed 14% peaking during the pandemic compared with 10% during the Great Recession. With more people out of work, some are looking for creative and new ways to make money, like starting a small business or company.
In addition, people are seeing fresh opportunities as a result of increased time at home. Without commuting to work or traveling to school, more people are taking up side hustles that might evolve into a new company. Interestingly, 39% of entrepreneurs start a business to pursue a passion. So, those folks that have taken up bread baking during the pandemic and found it to be their passion might establish a full-blown bread baking company if well-thought-out.
Along with necessity and opportunity, new community needs have developed. Small businesses need to adapt quickly to online eCommerce. Rapid testing solutions need to be created. Smart healthcare technology needs to be advanced. In other words, these are just a handful of examples of the change in social needs due to the pandemic.

Have COVID-preneurs Already Built New Businesses?

This timing, coupled with increasing trends in entrepreneurship according to 2020 stats, has led to a skyrocketing rate of new business filings. The founders of such ventures cleverly nicknamed “COVID-preneurs,” might just well be the next Ken Lin. Will you help with the rise of the “COVID-preneurs?” Sources: LegalZoom  | Intuit
Click to view the Infographic from LegalZoom
86 Key Entrepreneur Statistics for 2020 and Beyond

Randy Johnston

Reduce Professional Stress

1/10/2021

 
If you’re an entrepreneur or busy professional, chances are you know a thing or two about stress. We need to reduce professional stress. Everyone experiences stress at one level or another. However, when you have a seemingly endless list of daily responsibilities, the pressure can quickly mount up. In addition, stress perpetually leaves you feeling overwhelmed. Your natural response may be to “suck it up” and keep moving. However, operating under such tremendous stress will ultimately hinder your productivity and limit your potential—not to mention the harm to your health.

​If you want to manage and relieve your stress amid a busy work life and start working toward your goals more efficiently, consider these quick stress-reduction tips:

Explore Funding

​One of the most significant stressors for many entrepreneurs is money. Therefore, if you have a cash flow problem, consider applying for financing. There are many options for small business funding. In addition, obtaining funding can help you in several ways. For example, working capital can allow you to add inventory, hire workers, and acquire much-needed equipment. Above all, finding the right financing can help ease your mind and make it possible to achieve your goals faster.

Get a Developer

Having a great website that makes your business stand out is essential. However, it’s yet another thing to cause worry. That’s where outsourcing a developer comes in. For instance, you can bring in a freelance web developer to help you build a full-on eCommerce website that does everything your customers need it to do. 

Start Delegating to Reduce Your Stress

​This one can be tough as a small business owner.  Ultimately you are responsible for your company’s success or failure. However, it’s vital to have workers you can trust and trust those workers with tasks you shouldn’t be doing. Above all, if you’re not delegating tasks so that you can focus on running the business, there’s not much point in having employees.

Make Time for Yourself

Everyone knows that having a little bit of time to themselves does them good. Still, many entrepreneurs and professionals neglect personal time. In other words, they can’t imagine having the time for it. But here’s the thing: there will never be the time for it unless you make it.

Decide to take a hiking trip over the weekend or take the family to the beach for a few days. In addition, set aside an hour each day to do something for yourself. For instance, exercising, taking an arts and crafts class, or anything else that helps you to de-stress and take your mind off work can be a good thing.

​Making time for yourself could also involve creating an at-home workspace that allows you to get your work done comfortably. While comfortably working may not seem as fun as a hiking trip or a vacation, creating an area where you feel productive and comfortable will help you in the long run. So, outfit your workspace with comfy furniture, a nice desk, and decor that enables you to feel at ease. Above all, when it’s time to sit down and get some work accomplished, you’ll be more productive.

Actually Unplug

When you do take time with yourself and your loved ones, devote your attention to what you’re doing. Don’t keep your mind back at work while you’re supposed to be enjoying time away; be in the present. One practical way to achieve this is to commit to not checking your emails or answering phone calls or texts. Pick a time in the day to reply to messages. Above all, if it’s not a matter of urgency, don’t respond until the designated time. 

​Being a small business owner or professional is stressful. It’s imperative to find a way to reduce professional stress so that you can be happy and productive. Remember to investigate business financing and consider bringing in a web developer to improve your website. Also, delegate tasks to others, and spend time away from work where you unplug from your responsibilities. Above all, keep an open mind to other ways you can reduce stress and work more efficiently.

Randy Johnston

Launching a Company Rejuvenates Your Career

12/2/2020

 

Here's How Launching a Company Rejuvenates Your Career

A career setback may have you questioning your professional path, but that doesn’t mean you don’t have the right skills to succeed. Instead of focusing on the negatives, think about forging your own way. Launching a company likely rejuvenates your career because you’ll be pursuing your passion. Here’s why it’s a great idea to launch a startup – and advice on how you can go about it.

Why Start Your Own Business?

Starting your own business can afford your independence, confidence, and the opportunity to scale your wealth. Still, it’s challenging to build a company from the ground up. Consider the challenges of business ownership before getting started.

As Forbes notes, some of the top challenges entrepreneurs face revolve around getting their startups off the ground. Especially in the early stages of your journey, it’s an excellent idea to connect with other professionals. Working with a mentor like Nick from Origin Leadership can help you realize your goals and achieve success.

4 Tips for Entering Entrepreneurship

Leaving a comfortable job (and stagnant career path) can be scary but also freeing. As you start out on your entrepreneurial journey, consider these four tips for building a business model that works.

Focus on Funding First

Many would-be business owners hit a wall when it comes to financing. If you don’t have spare cash lying around to invest in your company, consider small business funding options. From government loans – like SBA Express Bridge loans and traditional SBA options – to non-government funding sources, there’s no shortage of assistance out there.

Be Open to Change

Learning how to start a business after a career setback requires you to be strategic and open-minded. Despite your best intentions, your business is bound to encounter challenges. From products that don’t sell to a service model that always needs tweaks, adaptation is the entrepreneurial game’s name. As Startup Nation elaborates, some of the most successful entrepreneurs’ top traits include passion, tenacity, flexibility, and resilience. Keep this in mind when adapting to changes within your business model.

Perseverance is a Key Trait

You may be looking toward business ownership as an alternative to a corporate career. But the truth is that like climbing the professional ladder, starting your own company is fraught with risk. Fundera reports that 20 percent of small businesses fail within their first year. Perseverance will be essential when building your brand – even if you encounter failure in your first attempt.

Branding Can Build Your Biz

You might think of branding as something that worries only large companies. Iconic labeling and recognizable acronyms are only for big names, right? Wrong. Even smaller-scale organizations need a solid branding strategy. Developing your brand can help you attract your ideal customers, elevate your value, and build networking connections.

Find Your Ideal Business Venture

The perfect business venture is out there somewhere – but how do you find it? Prioritizing your passions is smart, but you’ll also need to consider what industries are the most lucrative. According to The Balance, some of the most profitable small business niches include technology, software, and food. But don’t underestimate the personal benefits of launching a company that rejuvenates your career.

Brick-and-Mortar Companies

Opening a restaurant or bar might seem risky these days. But if your model is innovative – or even portable (food trucks continue to be a hit) – your odds of success increase exponentially. Similarly, retail can be a boon for business – but moving online may also be smart.

Online-Based Businesses

Whether you decide to go freelance or hire staff, offering online services is an excellent way to weather economic changes. From writing or graphic design to accounting or bookkeeping, there are tons of services you can offer online to a wide range of clients. Further, additional opportunities could include an Online Shop as covered next.

ECommerce Models

ECommerce is another online business that involves physical products. You can choose a drop shipping model or maintain inventory in your home or storage space. Creating an eCommerce shop may be the most straightforward way to establish a solo business.

Launching a company that rejuvenates your career after a professional setback can feel impossible. But happily, branching out into entrepreneurship affords you endless opportunities. All it takes is a smart plan – and plenty of motivation – to get started.

Need help with software? Look at K2’s AccountingSoftwareWorld Website.

Randy Johnston

eCommerce in 2020: 5 Year-End Challenges to Start Tackling

10/11/2020

 
So far, 2020 has been anything but certain for eCommerce brands. Further, we expect many more challenges with the year-end shopping season rapidly approaching. For eCommerce in 2020, consider these 5 year-end challenges to tackle now. The big lesson is that we can prepare and get it right, but the time to start is now.

With that in mind, we are going to look at some of the most significant stressors you will face in the coming months. We will consider how to start tackling them. Further, there are a few places where you can turn trouble into opportunity. There is no time to waste, so let us get started with your calendar.

1. Plan for important dates

While the COVID-19 pandemic threw most 2020 eCommerce planning out the window, there are still a few things it has not changed. Most importantly, you know that your customers are ready for some year-end shopping. The holidays are not going to shift much — with a couple of notable exceptions we will talk about later. So, start putting together your calendars for everything related to your business.

A few of the most important dates of 2020 to know:
  • U.S. Thanksgiving is on November 26th
  • Black Friday is November 27th
  • Cyber Monday happens on November 30th
  • The year-end holiday shopping period generally runs from December 3rd through 21

Get your sales and promotional items ready. Test your marketing messaging and review your sales channels. Test the fulfillment process for anything new that you do. This includes things like extra inserts or branded packaging or giving people freebies with an order. No matter if your year-end holiday efforts kick off on Black Friday or a month earlier in October, you want planning to happen now.

An essential part of this planning is checking your inventory and demand forecasts. eCommerce companies have seen disruption in their supply chains in 2020. You do not want that to happen during the time the bulk of sales occur. Check with suppliers, get bulk orders in now, and plan your freight.

If you have space and budget, order ahead of time. Work with suppliers to be flexible to their needs. And do not forget your packaging. If eCommerce experiences a boom during this time, that will mean more people are trying to buy the same boxes, envelopes, tape, and fillers as you. You will need to order that packaging ahead of time to avoid running out, paying extra, or having to delay shipments.

2. Expand options for price sensitivity

eCommerce is expanding rapidly, and people who tried digital commerce during the pandemic are likely to use it as a primary way to shop during the holidays. Salesforce’s digital index shows industry gains may be here to stay and that people searching for products online have among the highest intent to buy.

A core takeaway from that trend is that when people find you, they want to buy if you can meet their needs. Unfortunately, many economies have had mixed recoveries and recurrences of coronavirus concerns. People still want to spend this holiday, but smaller budgets are likely.

Tackle that cost challenge by expanding your product list or offering deals designed to meet lower budgets. Consider the discounts you provide or other ways to reduce costs. If you do not have the flexibility to add more, lower-cost products to your mix, think about making free shipping more available or lowering your discounts and deals. Someone who is on the fence about affording a “buy two, get one free” offer might be more inclined to bite if you provide some “buy one get one 50% off” savings options.

Remember, this is all about the first sale. So, you might be able to create initial offers that are cheap but then require refills, such as the razor-and-blades model. Or consider offering subscription services with discounts in the first few months. Subscription billing helps people get in the habit of paying for something and budgeting for your goods on a recurring basis.

Being proactive about subscription services — especially notifications on price changes or when an annual pass renews — is a fantastic way to control complaints and costs while still growing your sales base.

3. Prepare for returns, a critical eCommerce challenge at a busy time

The holiday season is always a critical time for returns. When looking at all eCommerce last year, reports suggest that 25% of annual returns happened between Thanksgiving 2019 and the end of January 2020. Projections show an increase in returns during this year’s holiday season, too.

So, returns are going to be a part of your business no matter what. Even if you have a ‘no-refunds’ policy, you are generally legally required to replace defective goods you sell. You are going to have to use team members to manage customer concerns.

Turn returns into a competitive advantage by offering a smart policy that can even increase future sales. Start by creating a clear policy that is easy to find and understand, which gets people to buy in the first place. Set clear deadlines and set expectations. For example, you may want to tell people that returns can take slightly longer to process during this time because of the increase in overall orders.

Once you have done that, work with your warehouse team or 3PL to understand how returns are physically processed. Ensure you have got extra space and workforce to respond as returns come in. Remind people of the requirements for a product to be checked and put back into your inventory after a return. Clear internal policies can help maintain inventory quality and keep processes moving instead of creating a backlog.

One of our favorite tips is to look within your eCommerce returns capabilities. Use its tools or look for integration partners that can make it easy for customers to print a return label. It automates a lot of manual, time-intensive processes and can ultimately be a cost-saver.

For increased success, reduced questions, and better internal processes, consider creating an illustrated guide of returns steps and requirements.

4. Help people shop early

While we first noted that your business could not change the timing of the year-end holidays, there is one that can: Amazon. And what we are talking about is Prime Day, which is set to be later in the year than usual but might end up pushing some holiday shopping earlier at the same time.

This year, Amazon is moving Prime Day to Q4, and it has currently told sellers to reserve the week of October 5th as a placeholder. Pushing back that late could quickly turn Prime Day into a major holiday shopping event. Prime Day often raises eCommerce sales for other marketplaces and companies running sales, not just Amazon. If people cannot find what they want on Amazon, they are ready to spend and willing to look elsewhere.

Plan for this and run campaigns or make your offers on or ahead of Prime Day. Have sales that overlap and try to earn some new customers while Amazon does the demanding work of getting people in the mood to buy.

What you will want to ensure that you do is help people see why buying from you then is smart. Consider making an offer for free or reduced shipping. Note that their order will arrive in plenty of time for wrapping. Talk about the stress your shoppers will not have to experience on Black Friday or other worries. The coronavirus is still lurking in all our minds and increasing the stress and anxiety of your customers. Have messaging that combines deals with help and relief.

If you are not able to get ready by October, watch Prime Day sales to see what products like yours do well and their price points. It will give you insight into what to offer and how to price it to be compelling.

5. Read up on fraud, especially in payments

While your team is managing internal processes and activities to help customers and manage fulfillment, leadership needs to take time to review your business structure and security. One of the chief concerns here comes with fraudulent orders and payments. These can wreak havoc on your overall profitability and increase worries across the board.

As eCommerce grows, so will the risk of fraud. Start reading up on current trends and best practices specific to the goods you sell and the eCommerce platforms and sales channels you use. Facebook sales fraud will look different than Amazon, eBay, or the other sales channels, for example.

Payment providers can be a significant help on current trends as well as protections. PayPal regularly puts out updates on eCommerce fraud and makes recommendations on digital fraud tools. You will also want to train your team on phishing and other attacks to protect against social engineering. Clicking on one lousy link is all it takes, unfortunately.

If you have shifted where people work due to COVID-19, be sure to look at cybersecurity best practices for remote teams, too. Anyone with access to your network or system can create risk. With so many transactions going on, fraudsters will try to sneak by you with links, stolen cards, faked accounts, and much more.

Get your plan together now.

Is your planning team together?

One unifying feature about year-end challenges in eCommerce is that everything needs to be tested and checked again and again. Processes for returns and refunds need to occur on software and warehouse levels. Marketing campaigns should get A/B testing and all your landing pages reviewed ahead of time. New products and partnerships, expansions of inventory, and even the materials to pack up orders should be ready ahead of schedule.

It all takes an immense amount of planning. So, that is the first step and one you should take today. Identify the roles and responsibilities of these initiatives and create a list of people who are involved. Define who can verify each of these elements and how they will play a role in the day-to-day activities when the year-end is here. But remember, planning is the first of eCommerce in 2020 challenges 5 year-end  to tackle now.

Do not let deadlines creep up on you before you are ready and have a team in place. Get your people together now. Rely on them to help you with these and many more challenges you will face throughout the rest of 2020.

Thanks to Jake Rheude is the Director of Marketing for Red Stag Fulfillment for the ideas and content of this article. He has years of experience in eCommerce and business development. In his free time, Jake enjoys reading about business and sharing his own experience with others.

Randy Johnston

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    Authors


    Ward Blatch
    Ward provides consulting and training services as the Managing Director of K2E Canada Inc. He joined K2E Canada in 2005 and is responsible for the Canadian operations of this international consulting group, which provides professional development technology education for accountants across Canada and the US. Ward lives in rural Nova Scotia and can be reached at ward@k2e.ca.

    Tommy Stephens
    Tommy is one of the shareholders in K2 Enterprises, affiliating with the Firm in 2003 and joining as a shareholder in 2017. At K2, Tommy focuses on creating and delivering content and is responsible for many of the Firm's management and marketing functions. Tommy resides in the metro Atlanta area. You may reach him at tommy@k2e.com.

    Randy Johnson
    Randy is a nationally recognized educator, consultant, and writer with over 40 years experience in Strategic Technology Planning, Accounting Software Selection, Paperless, Systems and Network Integration, Business Continuity and Disaster Recovery Planning, Business Development and Management, Process Engineering and outsourced managed services. Randy can be reached at randy@k2e.com


    Bernie Smith
    Bernie coaches businesses to develop meaningful KPIs and present their management information in the clearest possible way to support good decision making. As the owner of Made to Measure KPIs, he has worked with major organisations including HSBC, Airbus, UBS, Barclays, Credit Suisse, Lloyds and many more.

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