Today, many existing businesses operate a complementary online business, and many new businesses operate online only.
3 ways your online business can beat the vast competition
Many of these online businesses sell the same kinds of products and this has led to a highly competitive online market space. Trust has become a major factor in deciding which businesses will win buyers.
At the same time, the growth of online scam shops has introduced a trust barrier into the market, which makes it difficult for buyers to trust sellers. Trust has become more important than ever. Here are 3 ways your online business can gain buyers trust and beat the competition.
Customer Reviews
Customer reviews and testimonials have become more important than ever. Reviews and testimonials can really boost sales when people trust them. Most sellers understand the importance of reviews, so they use screenshots of conversations to collect them. Unfortunately, people do not completely trust these reviews because they can be easily faked.
Reviews on 3rd party platforms, like MyTrust.Page, are verified and more easily trusted than reviews on a seller’s platform. For example, MyTrust.Page verifies reviewer’s identity with Facebook or Google. Their review system ensures that only real people can place reviews.
3 ways your online business can beat the vast competition
Safe Payment Options
Payment options play a really important part in gaining buyers’ trust. Buyers are more comfortable with payment on delivery (ordering a product and paying when they receive it). Offering payment on delivery still remains one of the surest ways for sellers to gain trust. In fact, some buyers will not patronize a seller without the pay on delivery option. Unfortunately, payment on delivery is dangerous for sellers. It is common for sellers to waste their time, money, and energy sending products to buyers who do not show up to collect the product and pay.
The good news is that there are solutions out there to help online business owners curb this problem. MyTrust.Page First Payment is an escrow platform that makes it safe for sellers to offer payment on delivery. Firstly, the buyer pays part of the product’s cost (First Payment) into a MyTrust.Page escrow account. Then, the seller receives the First Payment when the deal is complete, and the buyer pays the balance on delivery. Their escrow solution protects both parties. If the buyer doesn’t show up, the seller receives the First Payment to cover for delivery costs. If the seller does not send the product as advertised, the buyer receives the First Payment as a full refund.
3 ways your online business can beat the vast competition
Large Follower Count
A large follower count can also help in gaining buyers’ trust. It can be worthwhile to invest in gaining more followers for your business page, but it is often time consuming and expensive. Another factor to consider is that accounts with a large number of followers and low engagement seem like they purchased their followers. Also, Instagram’s new algorithm favours engagement over number of followers. So, having a large number of followers with low engagement will ultimately cause more harm than good. It is better to have a smaller number of followers who are engaged with your content than to have a large number of followers who are not engaged.
Although it is more difficult for businesses to get engagement, posting good content frequently and consistently can help. There are numerous online coaching businesses, such as Salistech Ltd, that can help business owners with content creation and social media marketing.
The Future of Online Business
3 ways your online business can beat the vast competition
In the future, trust will become the single most important success factor in the online market. Brands, like MyTrust.Page, are already creating solutions to help sellers win buyers trust. They estimate their solutions will reintroduce trust into the market, more people will shop on social media, and sellers will be able to make sales easily by 2021. If the system is left as it is, and the trust barrier is left to grow, the social media market will eventually die. Hundreds of thousands of sellers will be forced to close their online business. A huge opportunity for economic growth will be lost.
Thankfully, sellers are as smart as they are resourceful, and more than 3000 have already joined the platform. By 2021, it is estimated that online sellers on platforms, like MyTrust.Page, will have a huge advantage over other sellers and will enjoy more sales when the trust barrier is broken.
So, if you sell anything online, head over to MyTrust.Page and open a free account for your business. It takes less than a minute to set up.
