Here’s how hummpro can help you cover some of the major costs related to launching your small business online.
If you run a small business, there are many good reasons to launch online: you can reach more customers without needing to invest in additional bricks-and-mortar locations, you can offer a wider selection of products without being limited by the size of your store, and you can improve the customer experience with convenient shopping and delivery options.
But even though the rise of off-the-shelf e-commerce platforms, such as Shopify and Squarespace, has made it pretty simple and affordable to open an online store, there are still some challenges.
Challenges of launching online
The quality of your product photos can have a big impact on your online conversion rate, but taking good pictures can be harder than it looks and may need to be outsourced to a professional photographer.
Still, customers may hesitate to make a purchase based on photos alone. For instance, it’s difficult to judge the quality of fine jewellery without feeling the weight of the item in your hand. Detailed product descriptions are needed to give customers the confidence to buy, and should include specific information about the size and weight of each item and the materials used.
Managing inventory is another challenge when launching online. If you don’t have enough inventory, you risk disappointing customers with out-of-stock products, but if you overinvest in inventory, you could end up with products that sit on your site and in your warehouse for months tying up your cashflow. Striking the right balance is difficult if you don’t know how much demand to expect, so it’s crucial to stay on top of your finances.
How hummpro can help
Every small business will encounter their own challenges when launching online, but many of them can be solved with affordable access to finance. A buy now, pay later (BNPL) app like hummpro can help you get your online store up and running by paying for e-commerce software or professional camera equipment. You can also use it to help cover the cost of inventory while you try to find the right balance between having enough stock to meet demand and not tying up your cash in unsold products.
While it might take some time to work out the kinks, the opportunity to grow your business online will be worth it in the long run, especially if you start investing in paid digital advertising to attract new customers, and launch an email newsletter to reconnect with existing customers.
Launching your business online is no mean feat, but it’s easier with access to finance from hummpro.