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How to trade online

Mar 07 2006

in association with Abbey

Many small businesses in the UK currently don’t take enough advantage of trading online.

Plenty of businesses have websites, but as few as ten per cent of these allow customers to buy goods or services online (DTI 2002 Prodata Report). It’s a little like having a corner shop without putting in a cash register.

Without the ability to pay for goods online, some businesses are missing out on a big opportunity.

Here’s some reasons why:

Growth – the more sales channels you have, the more opportunity you have to increase your customer base. More customers mean more revenue.
Convenience – trading online allows your customers to browse and buy at a time to suit them
Choice – online you can offer a wide range of products without having to produce and update paper brochures which can be costly and difficult to get right
Improved cash flow – payment at the time of purchase reduces the pressures caused by 30 day invoicing
Reduced costs – removing administrative resources required by invoices, and processing cheques and cash.

Who can trade online?
There’s a common misconception that trading online is only relevant for well established businesses, yet more and more businesses are starting up with the ability to accept online payments.

Equally there’s an accepted belief that trading online is better suited for businesses that sell physical goods.

The truth is, that businesses offering services such as design, architecture, accounting and travel can also take advantage of selling through a website.

Trading online involves technology that most people aren’t familiar with, so it can appear quite daunting.

To start trading online you will need:

A website
Ability to take payments online
Ideas for online marketing.

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