The lost online revenue

Everybody suffers, and some more than others. It’s the way of nature. It was Darwin who said it first, and it’s as hard to hear now, as it was then, but it’s the survival of the strongest. Not to be understood as it would be the one with the strongest economy. They have the better terms, no doubt about that, but it’s the one that adapts the the best, to the environment which is offered to them by the world.

This also applies if you’re a business owner. If you do not adapt, you’ll be left behind and after this round of corona, you may never catch up, when the dust completely settles.

We see a lot of posts on social media on how the different business owners makes the best of a bad situation. That is excellent news. But what about all of those who does nothing?

What is to be found on the other side? At Yourpay we agree, that now is the time to act. Trade is flourishing in onlinestores and if we are to use Italy as our crystal orb, it will only continue to rise.

The difficult technology

Those stores, who have not yet made a webshop, and who haven’t found a niche to keep their businesses running, will be those who on the other side of easter will feel the effects of a potential finansiel crisis. But it doesn’t have to be that way. By setting up a webshop and getting the products to the customers, the shops may very well get a whole new foundation for existing? A foundation that might as well continue after corona.

It’s not hard to set up a webshop. A quick google search showed over 22 million articles regarding the subject. Of those were 306.000 videos that, in different variations, shows how to do it.

One of the first things you’d have to decide for youself, is what kind of shop you have, who’s the typical customer and which markets are you selling to?

Are you only selling national and do you have a limited number of products, then you should choose a shop which is either easy to translate or in your local language. That could for example be WooCommerce or dandomain.

Do you have a large amount of products, and do you often sell to the asian markets, then OpenCart is perhaps more right for you. We’ve made a page which explains which platform you should choose according to which type of business you have. You find that right here.

When you’ve chosen your shopsystem, you need to set up your goods or services

Now you need to consider the following:

  • Who are your customers? Are they consumers or companies? Are you selling with or without VAT
  • Do you have your terms and conditions under control? Remember, it’s a legal requirement, if you wish to conduct internet commerce in Denmark.
  • How do you sell your goods? As direct sale? As subscription? Or something entirely different? How and what you sell, makes the set up of your goods different.
  • Presentation is important. Consider how you want your business to look. Take some nice and interesting photos or find some nice stock photos. Just remember not to use pictures you haven’t persmission to use.
  • Get a payment solution for your webshop. Consider which types of cards you wish to receive and how much you wish to pay for it. Keep in mind that you need both an acquiring agreement and a online payment gateway. Some times, this can be a rather costly affair, but keep your head about and be aware of minimum contract periods and contract fees.

When your shop is set up, you need to advertise. Make ads on Facebook and Instagram, post on LinkedIn and send out some news letters, maybe with a special “corona offer” to all your customers. If you haven’t already got an account at MailChimp or Sendgrid, then this should be your first priority.

Follow up on your customers

When everything is ready, you should make sure you can retain your customers. Make sure your customers get’s an email right away confirming their order. It’s a good idea to automize the process. This way you don’t have to manually send the emails every time.

Final step is to set up Google Analytics, Google Tag Manager and possibly Google Ads. The latter is a bit more complicated, but there is an infinite number of videos to show you how to do it.

And then there’s all of those who would like to help. Like us. Yourpay. We help our customers on a daily basis, who either doesn’t have the technical skills or just have a couple of questions for parts of the set up and we do it absolutely free of charge.

Onlinemoney - think outside the box

Think outside the box

Maybe you already have a webshop and maybe the sales are enough to survive. But now is the time to alternate thinking. Maybe it’s time to try delivering by drone? Or online courses in how to crochet homemade dish cloths? Or maybe it’s time to look at whole new segments of customers. Maybe there are groups which haven’t even been on your radar, but has been opened up by corona? Like those customers who who has been browsing on your site, but never made a purchase.

One of the many mantras at the moment are to stand together, apart. This could also be an opportunity to make whole new sales with the store next door. “Buy a dress from me, and get a gift certificate from my neighbouring store”, “buy my home decor and get a fruitbasket for only xx euros from my next door store” or something that would make sense to the both of you.

Our purchasing patterns may all be permanently changed after the quarantine. It’s hard to tell. But one thing is clear; The time is now to let go all your dogmas and think so far out of the box, it completely disappears into the horizon.

The financial difficulties

For many lines of industries it’s a economic bloodbath and the latest published numbers shows an unemployment which haven’t been seen since the great depression in the beginning of the last century. Business organizations are crying out for aid packages. But there are money to made. There are options. But it all starts with you helping yourself and your own help is the cheapest labour force. And it doesn’t have to cost an arm and a leg. So, if you’re home quarantined, and maybe you have employees who are, you can perhaps set them to work.

It doesn’t only have to be the manufactureres of hand sanitizer and online grocery store that makes the big bucks in these times. You can too – you just need to re-think it. There’s no online revenue that needs to be lost.

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