The lost online revenue

The lost online revenue

Everyone suffers, but some more than others. It is the way of nature. Darwin was the one who said it first, and today it is as hard to hear as it was then, but it is the strongest who survive. Not understood in the sense that it is the one with the best economy that performs best. They probably have slightly better terms than others, of course, but it is the one that is best at adapting to the terms that the outside world offers them.

This also applies when you are a business owner. If you do not adapt, you will be left behind and after this round of corona, and it may well end completely when the dust settles.

We see a lot of posts on social media about how the various business people get the best out of a bad situation. That is good news. But what about all those who do nothing?

What awaits them on the other side? And what about their online revenue? At Yourpay, we find that now is the time to act. And we mean that in both figurative and literal terms. Trade is booming in online stores, and if we are to use Italy as our crystal ball, it will only increase.

The difficult technology

The businesses that have not yet created a web shop, and which have not found a niche with which they can keep their business running, are the ones that after Easter will most clearly be able to feel a possible financial crisis. But it does not have to be that way. By setting up a web shop and getting the goods out to the customers, maybe the stores can get a whole new basis for existence? A foundation that may continue after Covid-19.

It is not difficult to make a web shop. A quick google search showed that there were over 22 million articles on that topic. Of those, 306,000 were videos that, to a greater or lesser degree, showed how to do.

One of the first things you have to figure out is what type of shop you have, who is the typical customer and what markets do you sell to.

If you only sell nationally and have a limited number of items, you should choose a shop that is either easy to translate or which is Danish. It could be WooCommerce or dandomain, for example.

If you have a large amount of items that you often sell to the Asian market, then OpenCart may be more appropriate. We have created a page where you can read more about which platform to choose, in relation to the type of business you have. You can find it here.

Once you have chosen your shop system, you need to make your online sales and set up your goods or services.

Now you need to consider the following:

  • Who are your customers? Is it consumers or businesses? Are you selling with or without VAT?
  • Do you know the ins and outs of your terms and conditions? If not, you can find a template here. Keep in mind, that it is mandatory if you want to handle online shopping.
  • How do you sell your goods? As direct sales? As a subscription? Or something completely different? How and what you sell differentiates the setup of your goods.
  • Presentation is important. Consider how you want your business to look. Take some nice and interesting pictures, or find some stock pictures. But remember not to use images you do not have permission for.
  • Get a payment solution at your webshop. Consider what types of cards you want to accept and how much you’re willing to pay for it. Remember you need both an acquiring agreement and a gateway. It can sometimes be a costly affair, but keep a sharp eye and pay attention to lock-in periods and subscription prices.

When your shop is ready, advertise. Make advertisements on Facebook and Instagram, post posts on LinkedIn, and feel free to send a newsletter, perhaps with a very special “corona offer” to all your customers. If you have not already created an account with MailChimp, Sendgrid or a completely third mail program, this should perhaps be your first step.

Follow through with your customers

When everything is ready, you should make sure that you can retain your customers. Make sure your customers get an email right away so they know their order has been approved. It is a good idea to automate the process so that you do not have to send out emails manually every time.

The last step is to set up Google Analytics, Google Tag Manager and possibly Google Ads. The latter is a bit more complicated, but there are a myriad of videos where you can learn a lot about how to do it.

And then there are all those who want to help. Like us. Yourpay. We help customers daily who either do not have the technical skills, or just have a few questions for part of the setup and we do it for free.

Økonomi - tænk ud af boksen

Think outside the box

Maybe you already have a web shop and maybe there are enough sales to survive. But now is the time to think differently in terms of online revenue. Maybe it’s time to try drone delivery? Or online courses in homemade crochet dishcloths? Or maybe you need to look at brand new segments of customers. Maybe there are groups that haven’t even been considered at all, but that Covid-19 is now opening up to? Such as the customers who have often been inside and looked, but who have never put anything in the basket.

One of the many mantras at the moment is to stand together, individually. It may therefore also be an opportunity to merge with the neighboring business and make a sales promotion in this way. “Buy a dress from me, and get a gift card from my neighboring store for half price”, “buy my applied art and get a fruit basket for xx DKK from my neighboring store” or something else that would make sense for both of your online sales.

Maybe all our trading patterns will be permanently changed after the lockdown. It’s impossible to predict. But one thing is clear; Now is the time to let go of the dogmas and think so far out of the box that it completely disappears into the horizon.

The economic challenges

In many industries, it is a complete economic carnage and the latest published figures show an unemployment rate that has not been seen since the Great Depression at the beginning of the last century. Business organizations are screaming and shouting for aid packages. But there is online revenue to pick up. There are opportunities. But it starts with self-help and your own help is the cheapest labor. It does not have to cost a fortune. If you are still sitting at home, or perhaps have employees who do, you may be able to put them to good use.

It does not have to be only hand sanitizer manufacturers and online grocery stores that collect all the money. You can too – just have to re-think it again. There is no online revenue that needs to be lost.

Yourpay har i perioden 16/09-20/09 haft tekniske udfordringer på opkrævnings funktionen. Dette er nu løst, og dataen er ved at blive uploadet i admin.
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