Ok, so you’ve got a great idea for an e-commerce startup that’s going to revolutionize the world. You’ve done your research, and you know that e-commerce is growing at supersonic speed: with a share of retail sales expected to hit almost 20% in 2022 and increase to 24% by 2026, and overall growth rate for the year forecast at 9.7%, there’s never been a better time to draw up plans for an online business.Â
But building an operative and smoothly-running business, let alone a successful one, is a tricky task. Here are four ways to ensure your process is as straightforward as it can be, and every crease ironed out before you get started.Â
In order for your e-commerce startup to be poised for success, you should:Â
Make more than one crypto availableÂ
It’s 2022, of course you should let your customers pay with crypto currencies. But the crypto market is an overcrowded one, and that can be overwhelming. They might not want to switch from their preferred one to the one you offer, and that might prevent them from buying from you altogether. The best way to make everyone happy and even out your chances is to make more than one crypto currency available to your customers, and work to continuously expand your offer for greater ease and choice.Â
Use cryptocurrencies with low transaction fees and fast confirmations
Otherwise, it’s just not a good customer experience. Low transaction fees keep customers happy, and no matter what kind of transactions you’re offering or dealing with, reducing waiting times as much as possible is always a wise idea ––especially in e-commerce, which is a fast paced and ruthlessly competitive field.
Rely on stablecoins when possible
It’s a good business decision not to leave your prospects in the hands of the free market. As much as it is possible, rely on stablecoins as opposed to their more volatile token counterparts. As the name suggests, these remain stable in value by backing the latter against a conventional asset such as a combination of currencies, a single fiat currency, or valuable physical assets like metal, oil, and real estates, as in the case of commodity-backed stablecoins. In the case of e-commerce businesses, using stablecoins not only helps keep your revenues anchored and your projections less susceptible to change, but it also inspires faith in customers and encourages loyalty, so it’s a doubly smart business decision.Â
Diversify earnings in more exchanges and wallets
It’s been an interesting week for crypto, to say the least, and it’s served as a stark and timely reminder of the importance of a diversified and balanced portfolio, no matter the industry or investment type. It’s simply the most important investing strategy, and you should both live by it and do business by it. So, for example, you could diversify your earnings in different wallets, or different exchanges, of which there are more than 500 to choose from. You could divide your earnings into investments separated by risk levels, diversify by market capitalization, or invest in crypto with different use cases.Â
No matter what you do, remember that building a successful e-commerce startup is no joke. If you’re serious about doing it right, follow these tips to smooth out the process and ensure your life as an entrepreneur is just that tiny bit easier ––it all makes a difference.
