If you’re considering setting up an online business, 2021 should be a great time. And, if you own an eCommerce company, you can expect a significant increase in sales. Statistics indicate that by the year 2022, the worldwide eCommerce sphere is expected to cross $6.54 trillion in sales. This figure is almost twice the sales in 2019, which were estimated to be a still-impressive $3.53 trillion. Innovations and technological advancements have spurred this growth, which has enabled entrepreneurs to take advantage of the applications and tools available to reach a broader customer base. Here are some of the top digital tools you would want to get.
1.Virtual Store Developing Tools
Several digital applications are now available for entrepreneurs to take their business online. Tools like Shopify support third-party marketplaces and assist in building a robust social media presence. Shopify is compatible with mobile devices like cell phones and tablets to make shopping on the go exceedingly convenient. If you already have a WordPress website, you can integrate eCommerce capabilities by adding the WooCommerce plugin. But, if you want to build a new website from scratch, consider Wix and its 500+ templates that you can choose from. Search around and determine the tools that work best for you.
2.Payment Processing Services
In the absence of a brick-and-mortar store and point-of-sale systems, entrepreneurs need eCommerce payment processing so they can execute transactions. These tools make it possible to receive credit and debit card payments from customers. By having secure payment gateways, you can create a pathway between the customer and your site. Processing services offer you a complete suite of services that can prove beneficial for your new venture. You can get assistance with minimizing chargebacks and fraudulent transactions along with currency conversion facilities so you can serve customers worldwide regardless of the location where you’re based.
3.Filing Taxes Online
An essential part of running an eCommerce enterprise is complying with taxation regulations. The IRS expects American citizens and Green Card holders to file tax returns and pay their dues regardless of their living and working location. If you’re an expat, you can sign up with online tax consultancy services to guide you on coordinating returns in both countries. It makes good business sense for startup owners to relocate to countries like the United Arab Emirates to take advantage of low taxation rates and excellent commercial and financial incentives. You may also use the IRS’s electronic filing service to submit your personal and business tax returns.
4.Entering into Digital Contracts and Agreements
Regardless of the nature of their eCommerce business, startup owners must enter into contracts and agreements during their operations. For instance, if you offer consultancy services, you’ll draw up contracts that specify the terms and conditions, expected deadlines, payment details, and complete descriptions of the tasks you’ll complete for the clients. Once your legal team approves the paperwork, the partnering entities should sign them in the presence of an authorized entity. Remote online notarization makes it possible for you to acquire legally-binding documentation to avoid the possibility of lawsuits and any other issues.
In today’s digital world, e-signatures are widely accepted as valid and legally enforceable. You might have to get customers, team members, and other stakeholders to sign forms where they accept the terms and conditions of doing business with you. Adopt tools that ensure customers can feel comfortable sharing Personally Identifiable Information (PII) with you. Online companies typically hire teams located in different parts of the globe. You might need them to sign NDAs to secure business secrets and any other intellectual property you share with them. e-Signatures are accepted by courts and deter employees from leaking and selling information.
When you’re running an eCommerce business and working with remote teams, you’ll need platforms for collaborating and communicating. Relaying instructions, receiving updates, sending out task details, and other processes stay streamlined. You can also set deadlines and outline deliverables. Most importantly, you’ll have workers communicating in real-time by working on shared documents and spreadsheets. Choose teamwork platforms like Trello, Basecamp, Asana, Monday, or Slack. And secure document sharing apps like Google Drive, OneDrive, and DropBox. When you need to conduct face-to-face meetings with team members, use Zoom, Google Meet, and Skype.
With a mind-boggling selection of digital tools now available out there, you’ll want to take your time researching for the best options that suit the type and scope of the eCommerce business you’re running. You’ll add efficiency and speed to your operations and set the stage for rapid growth. Gain that all-important edge over the competition by offering innovative products, secure payment options with a low risk of fraud and chargebacks. There will be no stopping your company.