how to build a reputable online store
TRANSCRIPT
How to build a reputable online store
In business the basis of success is either price competitiveness or quality of a
product but some of the online stores that are opening up in the virtual marketplace
fail to see this logic, or are simply unable to follow through. Since some of the new
ventures do not have enough capital to purchase the products in bulk to sell them,
they usually wait for the product to be added to the cart before buying them from
some other store themselves, and in the process buy it on the retail price and sell it
off on a much higher price to the consumers.
These sort of practices do not help in the progress of an online retail shop, not for
long at least, because today’s consumers are well aware of the things going around
them and it never takes them long to figure out when they are being cheated off
their hard earned money. For this purpose, the online retail stores need to follow a
few main rules; they need ample capital for a startup so that they have enough
inventory to sell off at a profit but simultaneously at a discount to the customers
and secondly have a warehouse where they can store the inventory and make sure
they are safe and within reach so that timely deliveries are possible.
Another factor that helps build a company’s reputation is its payment methods.
People in our country are very wary of the intangible ways some things are
operated. They hesitate from paying for stuff that they cannot touch and feel, and
they also want to stay clear in case they might become a victim of a cyber-fraud. In
order to placate them, it is both helpful and prudent to start practices like cash on
delivery and escrow methods. This way the consumers know that their money is
safe and they will get their order. Cash on delivery helps curb their fears as the
people can first check out their ordered product first hand before paying for it and
in escrow methods, a third neutral party, hold off the payment to the supplier till
the delivery is made and the consumer is satisfied.
These small but very crucial steps determine the fate of an online business along
with the number of suppliers that are willing to do business with them and increase
their repute.