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Running an E-commerce Website in 2014

Running an E-commerce Website in 2014

It is becoming increasingly convenient to shop online. The simple fact that people are now using their mobile phones to shop online is proof enough. While commuting home from work, they use the Wi-Fi networks in the subway, for instance, so that they can order the things they need. They pay for them using their PayPal account (or some other online payment account), and when they get home, the things they need are waiting for them.

Retail is evolving and traditional shopping is expected to be a thing of the past in a not-that-distant future. Even clothes, the things you need to try on before purchasing, can be ordered online, since most companies that do this have a well-established system by which you can check whether or not what you are purchasing will fit your body.

Bearing this in mind, one has to agree that if you want to sell something, be it a product or a service, you have to have a website. Period! Without it, you will soon be lost in the sea of competition and you will find yourself facing bankruptcy issues. Here are the major points to consider to set up and run a successful e-commerce website in 2014.

Getting started: Design

Web design image

    The starting point of every website is its design. It can be extremely challenging to establish that. 2013 website design trends indicate a minimalistic approach. If you go for a flashy design that is filled with images, links, loads of pages, videos and so on, chances are that your visitors will get confused and they will simply close your site’s tab and move on to something else.

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    Your homepage is what matters most. It should feature your logo, one great big high-definition image (or a slider with HD imaging) that represents what you do, your basic info written in a cool and easily readable font, some contact info in the footer and that’s it. The header of your site should have links that lead to your other pages. You see, if your homepage looks simple and concrete, when your viewers see it, they will want to learn more and they will stay on your site. You can check out some pretty cool designs here.

    Your products page is another very important page and this one has to be well organized as well. You should have categories and the products should be listed in those categories. Each product has to have an image (sometimes several images), a description and a price. When it comes to pricing, you should make sure that you use a secure online payment method. To read more about this topic, follow this link.

    When it comes to shipping, make sure that you provide your readers with valuable shipping information. They have to be informed about that. Also, use a stable and valid shipping company. Try to find someone who has been in the business for a long time and who knows his or her job well. A lot of packages get damaged while shipping and that is something you will want to avoid.

    Make sure that you don’t forget to add a contact page so that your customers can ask for more information, and even more importantly, do not forget to answer their questions as soon as you can. The first rule of retail is that the customer is always right.

    Moving on: Functionality

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    Functionality image

      The next item on the agenda is functionality. Let us presume that you have a cool-looking website and that you are happy with it. That site will be worth nothing if it is not functional, fast loading and well programmed. It will also be unusable if it is not responsive. As mentioned above, more and more people are switching from their PCs and laptops to mobile phones and tablets for online activity. Your website has to be accessible via these devices as well. Also, with the launch of the new iPhone’s retina display, you have to ensure that your site is, as they say, retina-ready. So, your web designers and developers have to be well informed, they have to follow the newest trends and they have to be ready for everything.

      A website’s functionality is a pretty grand topic and there is a lot of talk about it on the net. To get you started, here are some useful articles that might help ease the process.

      Your Domain

      internet browser

        Registering a domain can be quite a pickle, as they say. You see, the net is full of websites – millions upon millions of them. The chance that someone registered the exact domain name you were looking for is high. This can be quite a problem since, frankly speaking, your domain name is very important. It should be relevant, original and related to your business. If you already have a name in mind, you should check and see whether or not it is already taken. Some experts suggest that if it is, you should consider going as far as changing the name of your firm, so that it corresponds with an available domain name.

        You should check out this link, where you will find the top sites for registering a domain in 2013. Dwell on this for some time and make the right decision.

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        Hosting

        When all the things above are done right, it is time to find appropriate hosting. For start, here’s a low-cost hosting guide for those who are looking for a cheap and reliable hosting service for their e-commerce website.

        Generally speaking, there are two types of hosting – shared and dedicated hosting. Here is the difference between the two:

        1. Shared hosting features one great big server computer that functions as a host for several websites.
        2. Dedicated hosting features one great big server computer that functions as a host for just one website.

        Logically, the second option is the thing to go for. It will be more expensive, of course, but if you go for shared hosting, chances are that a lot of things will go wrong. These machines tend to get overloaded and this can have a very bad result. You can even end up losing a lot of clients. As the owner of an e-commerce website, you will probably have a lot of resources there (images, videos, loads of text, etc.), which will make it difficult for a shared hosting server to function. So, if you have just one server that is dedicated for your site and your site only, you can be sure that things will run smoothly and you won’t have to worry at all.

        Promotion

        Now, that you have your site up and running, it is time to let people know that your site is out there. After all, what good is website if no one visits it? This is where search engine optimization (SEO), search engine marketing (SEM) and social media marketing (SMM) come into play. The goal of these practices is to make your site recognized by Google and other search engines, so that people can find it and visit it.

        You have to be aware that this is a process that takes time. For instance, amongst other things, you will have to write various articles related to your business and you have to post them on various relevant blogs, which will bring traffic to your site. Furthermore, you will have to register your company on various social media platforms (Facebook, Google+, Twitter, etc.) and you will have to provide your readers or followers with relevant, up-to-date content at all times. So, apart from taking a long time initially, this process never stops – the more you grow, the more things you will need to do.

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        Promotion social media image

          Also, you should not only promote your site online, but offline as well. Make sure that you have a link to your site printed on any and all promotional material you have at your disposal.

          This is yet another very popular topic on the net – meaning that a lot of people posted a lot of relevant articles recently.

          Let’s wrap it up

          As you can see, running an e-commerce website is no walk in the park, but if you do everything as outlined above, your efforts will be worth it. The retail industry is changing and people are realizing that they have the world in their pocket: they just take their phone out and presto – everything is there. Who knows what e-commerce will represent in 20 years or so, given the fact that it was a “fairytale” 20 or 30 years ago? It is up to you to follow the trends! Good luck!

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          Ivan Dimitrijevic

          Ivan is the CEO and founder of a digital marketing company. He has years of experiences in team management, entrepreneurship and productivity.

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          Last Updated on November 27, 2020

          How to Set Financial Goals and Actually Meet Them

          How to Set Financial Goals and Actually Meet Them

          Personal finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. That’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

          In this article, we will explore ways to set financial goals and actually meet them with ease.

          4 Steps to Setting Financial Goals

          Though setting financial goals might seem to be a daunting task, if one has the will and clarity of thought, it is rather easy. Try using these steps to get you started.

          1. Be Clear About the Objectives

          Any goal without a clear objective is nothing more than a pipe dream, and this couldn’t be more true for financial matters.

          It is often said that savings is nothing but deferred consumption. Therefore, if you are saving today, then you should be crystal clear about what it’s for. It could be anything, including your child’s education, retirement, marriage, that dream vacation, fancy car, etc.

          Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives that you foresee in the future and put a value to each.

          2. Keep Goals Realistic

          It’s good to be an optimistic person but being a Pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going beyond what you can realistically achieve will definitely hurt your chances of making meaningful progress.

          It’s important that you keep your goals realistic, as it will help you stay the course and keep you motivated throughout the journey.

          3. Account for Inflation

          Ronald Reagan once said: “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman.” This quote sums up what inflation could do your financial goals.

          Therefore, account for inflation[1] whenever you are putting a monetary value to a financial objective that is far into the future.

          For example, if one of your financial goal is your son’s college education, which is 15 years from now, then inflation would increase the monetary burden by more than 50% if inflation is a mere 3%. Always account for this to avoid falling short of your goals.

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          4. Short Term Vs Long Term

          Just like every calorie is not the same, the approach to achieving every financial goal will not be the same. It’s important to bifurcate goals into short-term and long-term.

          As a rule of thumb, any financial goal that is due in next 3 years should be termed as a short-term goal. Any longer duration goals are to be classified as long-term goals. This bifurcation of goals into short-term vs long-term will help in choosing the right investment instrument to achieve them.

          By now, you should be ready with your list of financial goals. Now, it’s time to go all out and achieve them.

          How to Achieve Your Financial Goals

          Whenever we talk about chasing any financial goal, it is usually a two-step process:

          • Ensuring healthy savings
          • Making smart investments

          You will need to save enough and invest those savings wisely so that they grow over a period of time to help you achieve goals.

          Ensuring Healthy Savings

          Self-realization is the best form of realization, and unless you decide what your current financial position is, you aren’t heading anywhere.

          This is the focal point from where you start your journey of achieving financial goals.

          1. Track Expenses

          The first and the foremost thing to be done is to track your spending. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you will be surprised by how small expenses add up to a sizable amount.

          Also categorize those expenses into different buckets so that you know which bucket is eating most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pumping up your savings rate.

          If you’re not sure where to start when tracking expenses, this article may be able to help.

          2. Pay Yourself First

          Generally, savings come after all the expenses have been taken care of. This is a classic mistake when setting financial goals. We pay ourselves last!

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          Ideally, this should be planned upside down. We should be paying ourselves first and then to the world, i.e. we should be taking out the planned saving amount first and manage all the expenses from the rest.

          The best way to actually implement this is to put the savings on automatic mode, i.e. money flowing automatically into different financial instruments (mutual funds, retirement accounts, etc) every month.

          Taking the automatic route will help release some control and compel us to manage what’s left, increasing the savings rate.

          3. Make a Plan and Vow to Stick With It

          Learning to create a budget is the best way to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be organized

          Nowadays, several money management apps can help you do this automatically.

          At first, you may not be able to stick to your plans completely, but don’t let that become a reason why you stop budgeting entirely.

          Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options, and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

          You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

          4. Make Savings a Habit and Not a Goal

          In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that, in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

          Make savings a habit rather than a goal. While it might seem to be counterintuitive to many, there are some deft ways of doing it. For example:

          • Always eat out (if at all) during weekdays rather than weekends. Weekends are more expensive.
          • If you are a travel buff, try to travel during off-season. You’ll spend significantly less.
          • If you go shopping, always look out for coupons and see where can you get the best deal.

          The key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice, which will be harder to sustain over a period of time.

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          5. Talk About It

          Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission.

          Therefore, in order to stay the course, surround yourself with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

          6. Maintain a Journal

          For some people, writing helps a great deal in making sure that they achieve what they plan.

          If you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

          When you have a written commitment on paper, you are going to feel more energized to follow the plan and stick to it. Moreover, it is going to be a lot easier for you to track your progress.

          Making Smart Investments

          Savings by themselves don’t take anyone too far. However, savings, when invested wisely, can do wonders.

          1. Consult a Financial Advisor

          Investment doesn’t come naturally to most of us, so it’s wise to consult a financial advisor.

          Talk to him/her about your financial goals and savings, and then seek advice for the best investment instruments to achieve your goals.

          2. Choose Your Investment Instrument Wisely

          Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about the common ones, like a savings account, Roth IRA, and others.

          Just like “no one is born a criminal,” no investment instrument is bad or good. It is the application of that instrument that makes all the difference[2].

          As a general rule, for all your short-term financial goals, choose an investment instrument that has debt nature, for example fixed deposits, debt mutual funds, etc. The reason for going for debt instruments is that chances of capital loss is less compared to equity instruments.

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          3. Compounding Is the Eighth Wonder

          Einstein once remarked about compounding:

          “Compound interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.”

          Use compound interest when setting financial goals

            Make friends with this wonder kid. The sooner you become friends with it, the quicker you will reach closer to your financial goals.

            Start saving early so that time is on your side to help you bear the fruits of compounding.

            4. Measure, Measure, Measure

            All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments and taking stock of how our investments are doing.

            If we don’t measure progress at the right times, we are shooting in the dark. We won’t know if our saving rate is appropriate or not, whether the financial advisor is doing a decent job, or whether we are moving closer to our target.

            Measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

            The Bottom Line

            Managing your extra money to achieve your short and long-term financial goals

            and live a debt-free life is doable for anyone who is willing to put in the time and effort. Use the tips above to get you started on your path to setting financial goals.

            More Tips on Financial Goals

            Featured photo credit: Micheile Henderson via unsplash.com

            Reference

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