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What the Marketplace Fairness Act Means for Ecommerce Merchants

 

Majority of individuals associated with Ecommerce Business have heard about the new terminology of MFA, the acronym for Marketplace Fairness Act or the Internet Sales Tax Act. MFA implies the latest bill passed in United States Senate and will come in front of the United States Representatives’ House very soon.

If the house passed this act, MFA will mandate every ecommerce retailer involved in selling more than 1 million dollar yearly in states, where they do not possess physical presence to collect related sales tax and make payment of taxes to each of the customers’ state and localized government.

How Ecommerce Stores should Prepare for MFA

Influence of MFA on Ecommerce stores depend primarily on the final state of the filed legislation. It may be phase with time and there may involve applicable revenue thresholds on annual basis. Businesses willing to stay prepared to look for affordable software solutions capable of handling sales tax compliances.

Find Out a Fully Automated Solution

Ecommerce businesses should take steps to find out a completely automated solution capable of handling each faucet associated with collection of online sales and procedure involved in remittance of tax. In fact, the software should be able to file necessary returns along with calculating taxes. You should never be lulled to think about your compliance merely because you calculate taxes. Secondly, you should concern about another important thing i.e. filing of returns. Here, focus of the state should be on file return and remitting of payment rather than the one calculated in the shopping cart.

Integrate the Solution with Accounting Software and Shopping Cart

Next, Ecommerce sites should look for a particular solution that can integrate with the already existing accounting software and shopping cart with the objective of streamlining transactions and keeping necessary records. You should never choose for any solution that fails to differentiate among various tax rates applicable to different types of products prevailing in the market.

Certification from Revenue Department of States

Next, you should make sure that your chosen solution has obtained certification from the revenue department of the state. In this way, you will make sure that state auditors are of comfortable that you are maintaining accuracy in your rates and following the mentioned rules strictly rather than merely relying on the spoken words of a salesperson.

Solution should calculate plus File Returns in Each State

You should make sure that your chosen solution should calculate as well as file returns in each state. If you find that your software is able to handle returns only in few states and/or local tax authorities, you have to file it in other states on your own. Generating as well as filing any tax return involves good knowledge of the subject matter and proper expertise, which one can expect to get from a good solution provider.

Solution should Maintain Audit Trail

Lastly, you have to make sure that your chosen solution to deal with MFA should maintain a particular audit trail and at the same time, should address issues and questions of a particular state.

By editor

How to Build, Launch And Grow a Profitable Online Store

 

Creation, launch and exploration of any online/ecommerce business involves both smart and hard work of individuals. Starting from the initial phase to up to end, it requires many crucial steps and important decisions to take together that too at right time. Indeed, based on aforementioned sentences, building and maintenance of any ecommerce website is obviously a daunting task for newbie of the industry. However, positive thing is that experts have mentioned here few excellent ways in logical order to guide fresher candidates with ways to do research work, build and launch website as well as expect to grow a profitable online store.

Finding a Product to Sell

First step associated with building an online store involves decision about the type or purpose of the product to sell over the internet. Your decision may base on selection of any rarely available online product, the one available in relatively less quantity but has huge demand in the market or go for few of the antique items. Even you may opt to sell few of the easily available products in bulk quantity with lowest possible margin with the objective to receive excellent response and massive profit via online business.

Evaluation of an Idea

After you come up with a good idea about the product to launch, you should do some research work to evaluate your idea or formulate plans associated with its marketing and promotion methods.

Research Work and Preparation to Market the Product

In this step, you have to evaluate various potentials and key sources associated with your product suppliers. In fact, experts consider this the right time for writing any business plan for successful e-commerce business. Business plan acts as a road map to convert your idea into reality and it is crucial to determine webmaster to move ahead in the best possible way in his respective industry.

Ecommerce Business Registration

With a sound business plan, you should consider for registration of your online business.

Logo and Website Designs/Developments

After you register a specific domain name, you have to create your brand logo to define the product offers and thereby, let you derive good value from it. Simultaneously, you have to consider about designing your website in highly interactive manner by keeping in mind about responsiveness and mobility. At the same time, any ecommerce website owner seeking towards huge online presence and long-term success should consider about efficient website development, which should compulsorily include creation of product contents, catalog designs, sound product management, presence on social media and similar others.

Focus on SEO

Online business owners should put efforts to understand the behavior of search engines in well manner and optimize it based on keywords and necessary search engine tags. In this way, you will be able to get strong position on different search engines and let your potential customers to find your offerings in hassle-free way.

Digital Media

Last, but not the least, you should focus on digital media promotion based on few prominent promotional services with the help of blogging, video promotion, interactive forums and targeting of paid advertisements with the help of Facebook and Google Adwords to obtain direct traffic. In simple words, you should cover each of the important sections, which include Pinterest, Facebook, LinkedIn, Twitter, Google plus and YouTube.

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Strategies To Validate Your Product Ideas

 

Coming up with a product idea for your new online business can be difficult. More difficult still is building the confidence to make the jump and go through with your idea once you do have one. Will anyone care? Will anyone buy it? These are common questions you’ll ask yourself at some point in your journey. Truth be told, you’ll never know with 100% certainty how well your product idea will do until you actually open up shop. However, by validating your product idea before jumping in head first, you can mitigate risk and build confidence in your idea before investing too much time and money.

Analyze Your Competition

You’re in all likelihood not the first person selling your particular product online. Therefore, a good first step is to look to your competition to better understand demand and potential product appeal.

Although you’ll probably never know exactly how well your competition is doing, there are things you can uncover that can give some indication.

Uncovering Your Competitors

The first step is to first determine who is currently selling your potential product. The easiest way to discover your competitors is to do some simple Google searches for your product idea. It’s important to think like a potential customer and search for terms that customers would actually use.

Once you uncover a few key competitors, you can use free online tools like Similar Web and SEM rush to uncover others.As an example, I searched for “Hair Extensions” in Google. Once I found a few of the top ranking online hair extensions stores, I searched for them in both SEM rush an Similar Web to get the following list of additional online hair extension retailers.

What does their social following/interaction look like?

Social following and interaction doesn’t necessarily correlate to sales but it could be a good indicator of market interest. One of the most important things to remember here is that you can’t take the number of followers for face value. It’s easy these days to purchase thousands of even tens of thousands of fake (robot) followers inexpensively on services like Fiverr. Because of this, you must look past just social following and look at how much interaction they actually receive on posts and the sentiment of responses.

Starting a new business can be a little scary especially when you’re unsure in your product idea. However, taking the time upfront to better understand your competitors, the market and doing some testing can help build confidence and save you time as well as money down the road.

By editor

What Bots Can and Can’t Do for Your Online Store

 

It’s hard to talk about “conversational commerce”—a concept to describe the future of messaging apps—without mentioning chat bots.

Chat bots are essentially programs pretending to be people that you can interact with through text or even voice. Essentially, you can talk to these chat bots in your messaging apps, much like you would any other contact in your list, to get the day’s news or even get something done.In the context of Conversational commerce, where messaging apps become a bridge between consumers and businesses, chat bots seem to be the best answer for e commerce business owners to manage thousands of one-to-one conversations with customers.

But for many online business owners who don’t need to manage that many customer conversations at a time, “outsourcing” customer support to a robot just isn’t worth sacrificing the quality of each individual shopper’s experience or what you as a business owner could learn from them.These smaller online businesses are often run by one or two people who, thanks to a bit of automation, are more than capable of juggling several conversations with their customers at any given time.

you might be hesitant to completely trust a bot with something as important as providing good customer service.Instead, e commerce businesses should look at conversational commerce as an opportunity to couple intimacy and automation to help them deliver a more personal customer experience through messaging apps.

While the chatbot hasn’t evolved to the point where it could completely pass for a real person yet, the messaging app has evolved to improve a part of business that never quite carried over from brick-and-mortar to the online store: Sales and customer support.

And it’s only possible now because messaging apps as a whole have experienced growth compared to most social apps, offering users a more engaged and private communication channel than any social network. Among these messaging apps, Facebook Messenger presents one of the largest opportunities right now.

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Tips For Formatting Your Online eCommerce Store

Interest in eCommerce stores is at an all time high. Millions of consumers now buy a great deal of their purchases online, so there has never been a better time to start selling on the web. Building an eCommerce store is not that complex technically, but it does involve a good deal of work and configuration. One reason why people struggle with eCommerce is because they struggle under the workload of getting everything set up and in this struggle they loose sight of the things that would make them commercially successful. They end up with a working eCommerce store, but one that is not very good at converting visitors into sales. For this reason, they don’t get a very good commercial return. Here are some tips that can help you avoid some of the pitfalls that affect poor converting online stores.

When formatting your product page, make sure that a buyer can see everything they need to know about the product in one place. The more that you make a visitor seek out buying information, the more you are making them postpone their buying impulse and the greater the probability that they click away from your buy now button.

Allow your buyers to make comparisons. Present them with color variations or with “people who bought this product also bought these” options. If the original product is not an exact match for what they are looking for, the additional options may be a closer fit. If the original product is just right for the buyer, the extra options will act to convince the buyer that they are making the right choice.

Add up-sell options to your cart. Draw buyers in with great offers and then up-sell to your more profitable products. This means that you have to plan your product range with an up-sell in mind. You also need to have a persuasive and well presented reason why someone should take up the offer at the price you are offering.

Offer as many photos as possible of the product. Depending on the complexity of the product, you should have at least two photos and in some cases more than five. The photos should cover all the angles that they product can be viewed from and they should be viewable in a larger format if needed. This is one aspect of your store that you should test with genuine potential buyers to make sure that you are presenting your product well. eCommerce stores are a visual sell and so this is the key to attracting customers. The photography and imagery draws them in and the copy clinches the deal.

Keep SEO in mind. While a product page needs to be compact so that the customer gets only the information that they need and it contains a lot of images, SEO can still be an important element in the success of your store. So make sure that your URLs are search engine friendly, pay attention to your internal linking structure and include as many keyword rich alt and title tags as you can on the page. If none of this makes any sense to you, then you should be talking to a search marketing expert who knows how to work with eCommerce stores

Include social media tags throughout your store. When a customer has bought something that they like, give them an opportunity to share it with their friends on Facebook or another site. Allow these people to be advocates for your business and enjoy the free publicity and endorsements.

Include social media tags throughout your store. When a customer has bought something that they like, give them an opportunity to share it with their friends on Facebook or another site. Allow these people to be advocates for your business and enjoy the free publicity and endorsements.

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What the Marketplace Fairness Act Means for Ecommerce Merchants
How to Build, Launch And Grow a Profitable Online Store
Strategies To Validate Your Product Ideas
What Bots Can and Can’t Do for Your Online Store
Tips For Formatting Your Online eCommerce Store