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The GDPR (General Data Protection Regulation) is coming into effect  on the 25^th of May and all manner of businesses are trying to work out what it means for them. From nurseries to online retailers, businesses are working hard to ensure they are compliant.

Once GDPR comes into force, it will be the most wide-ranging data privacy law on the planet, and it will affect how organisations big and small store, collect and handle data.

So, let’s take a look at how GDPR will impact e-commerce.

More Rights

When GDPR comes into full effect, European citizens will have many more rights when it comes to their personal data. They will have the right to correct, restrict, access and delete any data that a company may hold on them.

If you’re using data for advertising and marketing purposes, then users must specifically give their consent for this. Any business must list all and any third parties that may have access to a customer’s data. For big data and targeted marketing, this could mean huge changes in how things are done.

Alongside this comes the ‘right to be forgotten’. This translates to giving customers the enshrined right to delete any information a company may hold on them, in full and with no exceptions. And this process must be easy to do and clearly defined.

New Responsibilities

For those retailing via e-commerce, all of this means new responsibilities to customers and putting their data policies in line with GDPR.

In the case of a data breach, for example, online retailers need to have procedures in place and ready to do. They must report the breach to the ICO (Information Commissioner’s Office) and any affected customers within 3 days. For smaller concerns this may be a huge undertaking, so it is vitally important to be prepared ahead of time.

Large fines are also part of GDPR, levied against businesses that don’t store their data securely or misuse it. 4% of annual revenue is one punishment for failure to comply, which is a huge amount for small and big concerns.

Large e-commerce platforms like Shopify are already hard at work ensuring they are compliant, but individual merchants are still responsible for collection and safe storage of customers’ data.

For those worried about the new law, and wondering if they are compliant, the ICO has put together an online resource on how to comply and get a handle on this new era of data protection.

The e-commerce industry has come on leaps and bounds in recent years, fuelled by a continuing reliance on technology as well as a complete shift in the way that people shop.

While it harbours many benefits for businesses, one area that it can fall down on is customer support and interaction. So, how can businesses continue to practice good communication with their customers via e-commerce platforms and why is it so important?

Customers expect it

You might not realise it, but customers shopping on e-commerce platforms actually expect businesses to interact with them. Most of the time this is because they feel that they need assistance with shopping. A survey even revealed that 83% of online shoppers expect assistance within 5 minutes of visiting a site. In the interest of keeping your customers happy, it’s vital that you have a responsive communication strategy in place for your e-commerce site. 

It ensures that you are seen as a reliable company

With so many rogue traders now operating on the internet, anything that you do to distinguish yourself as being reliable is beneficial. Engaging is positive communication with your customers is one way to do this. When you are just establishing your business on an e-commerce platform strong communication will ensure you are distinguishable from your competitors.

It builds brand awareness

Another important element for businesses that are just establishing themselves, strong communication between employees and customers will help to build brand awareness. There really is no better way to promote your business than through good word of mouth. Customers who have had a positive experience shopping on your site are much more likely to be speak favourably of your services to their friends and family, thus resulting in more business for you.

It improves attitudes and relationships between employees to

If you want to build a strong and successful business it is absolutely vital that there are good working relationships between your employees. Good attitudes towards customers is likely to lead to positive reviews which will boost morale and also improve productivity and efficiency within your workforce.

If you’re struggling to keep your team motivated, consider the benefits of encouraging more customer communication and rewarding positive reviews and progress. 

The flurry of stories about collapsing high street stores and the growth of e-commerce is leading many people to draw the conclusion that bricks and mortar retail is dead.

Last year in the UK we saw 5,855 high street stores close, with fashion and footwear outlets being the hardest hit according to statistics compiled by The Local Data Company.

The problem is one that is getting progressively worse, and this year both Toys R Us and Maplin buckled under mounting pressures, resulting in the loss of over 5,000 jobs.

E-commerce refers to the buying and selling of products and services online and offers both consumers and businesses a plethora of benefits.

For businesses, e-commerce gives them the ability to overcome geographical locations and take advantage of global markets while also gaining new custom thanks to the potential of search engine visibility.

So, in an ever-expanding digital society, how can retail stores continue to compete?

Personalize customer interactions

Sure, e-commerce platforms can offer customers speed and accessibility in equal measure, but one thing that they struggle to provide is that personal touch.

Many people that visit retail shops are looking for an experience, so it’s important for business owners to instil this idea into their workforce. Ensuring that every single employee is engaged while they are at work, are knowledgeable of their product range and are approaching customers to offer recommendations and support all help to strengthen interactions.

Up the ante with merchandise

If retail stores really want to compete, they need to be offering their customers something that they won’t be able to find elsewhere. Exclusivity is a great USP and is guaranteed to keep customers coming back for more. Brands could even consider making their own merchandise which could be personalised with designs and colours.

Offer flexible payment

Some online stores have already cottoned onto the benefits of this, with leading e-commerce site ASOS having fairly recently teamed up with Klarna to give shoppers the option to buy now and pay later. There’s no reason why bricks and mortar stores shouldn’t follow suit though. Partial payments, split payment and layaways are all options that businesses could consider.

Go online

This doesn’t mean stores should throw in the towel and funnel all of their energy into their website, but instead means that stores should recognize the potential of having some sort of online platform. Luckily there are many cloud-based solutions offering up templates and other tools to make creating a website relatively easy. 

At present, the retail industry is going through a wave of change thanks to one main component. E-commerce.

E-commerce is the activity of buying and selling goods online and is growing increasingly powerful in the world of retail, mainly because of a shift in the way that consumers are looking to purchase goods. Buying online offers people freedom and convenience, especially when busy working days are getting in the way and a reliance on technology continues to be present for most.

So, how much an impact is e-commerce really having and what are the benefits and drawbacks for the UK retail industry?

The impact of e-commerce is far-reaching and can be seen across a number of major retail outlets, including formal clothing chain Moss Bros, who have lost nearly a quarter of its market value following supply chain problems and a drop in the number of customers walking through the door.

It seems that, for the modern day consumer, purchasing online eliminates a number of problem. Why leave the house and wait in lengthy queues when you can get everything you need from the comfort of your own home?

But what about the UK retail industry? How are they set to benefit (or not) from a surge in e-commerce?

Benefits

Attract more customers with search engine visibility

All retailers are looking for new ways that they can draw in customers, whether it be by enhancing their marketing techniques or launching new products. Choosing to get on board with e-commerce can help retailers as they will become visible on search engines, meaning more people are likely to visit their site and make purchases.

Keep an eye on consumers purchasing habits

Every business wants to know more about what motivates their customers to make purchases and e-commerce makes it easy to track buyer behaviours and tailor services to suit purchasing habits.

Drawbacks

It lacks that personal touch

For some retailers, their biggest selling point is the fact that they can offer shoppers a personal experience and give them something that makes them feel special and valued. Often, e-commerce platforms lack this, would might not work for certain brands.

There is no exclusivity attached

E-commerce is lowering the barriers and making it easier for almost anyone to become a retailer without the need to rent or purchase premises. But is this a good thing? When anybody can set up an online store in less than a day, surely that speaks volumes about a lack of validity and exclusiveness within the industry.

We know that for retail companies, typical business loans don’t always work, which is why our Pay as You Trade service offers an alternative that is flexible and doesn’t come with the usual red tape. 

If you are an avid Instagram user and happen to follow a number of different retail outlets on the social media site, you’ve probably noticed a new feature that has appeared recently.

Embracing the potential for Instagram to be a key platform for retail outlets, brands are now able to tag products in their posts, which will direct customers to purchase pages.

Leading retail brands like ASOS, Topshop and Urban Outfitters already make massive use of the site, but will this new feature allow them to step things up another level? Read on to find out how it can.

It will increase efficiency for customers

Prior to the introduction of this new feature, customers might have found something that they liked on a retailer’s Instagram, but then they would have to leave the platform, open up the store’s app or visit their website for shop. Directing customers in this way makes for a smooth transition between company websites and social media and will also improve the user experience.

It drives traffic back to your site

Even if customers aren’t going to necessarily make the purchase, this new feature is going to encourage them to visit your site and perhaps look at other new products you are selling. It’s another way to increase engagement on your website and is likely to have a big impact on your overall sales.

The best ways to use Instagram as a retail brand

If you are keen to cash in on the potential of social media as a retail brand, you need to get on board with the power of Instagram. Read on for our top tips on how to utilise the site to your advantage.

Engage with your customers

Social media is of course a platform for communication and engagement, so this kind of goes without saying, don’t ignore your customers! If people are asking you questions about restocks and sizing, answer them. This makes your brand seem personable and like you care about your consumer’s needs.

It’s also important to keep on top of posts with your products tagged in. You could use this on your profile to promote your brand further and show your customers that you also engage with their profiles.  

Create a brand story

Remember, your brand is more than just your products, and Instagram is a great place to create your very own brand story. A good way to do this is by ensuring that you post more than just images of your products. Focus on finding quotes or fun imagery that aligns with your company values. This will make for a more engaging profile that customers will love to visit. 

If your business operates in the retail sector, it’s likely that you have a website that enables you to sell your goods to customers.

Thanks to a shift in the way that people search for, engage with and buy products, the role of e-commerce has never been more prevalent.

From a superficial point of view, having an e-commerce platform may just seem like another way to utilize the benefits of technology, but have you considered how it can help you SME grow? Read on to find out more.

Global opportunities

Once you have set up an e-commerce website online, you are no longer restricted by your geographical location in the same way that you are if you just operate out of a shop. Thanks to the World Wide Web, you will be able to increase your visibility and reach your target audience from all corners of the globe.

A reliance on automation

Running a shop has a number of different costs associated with it including staff and physical space. In contrast to this, an e-commerce platform will already have the processes such as checkout, payments and operational capabilities built into it. When you are making these types of savings, it’s then easier to offer your customers promotions and discounts, encouraging them to keep shopping with you.

Readily available information

Often shoppers are looking for more than just products when they visit on an online store, they’re also in search of an experience. Having an e-commerce platform makes this easy to achieve. You can post blog posts and articles related to your products and can offer resolutions to common problems that your customers may face. This information can be readily available on a website and is much easier to engage with than it is in a shop. You can promote this content on you social media channels, which will in turn increase traffic to your site and result in increased sales.

Analyze demographic data

Are you struggling to sell certain products or finding that your sales dip towards the middle or end of the month? Having an e-commerce website will enable you to take advantage of analytical features to understand your customers more and what motivates them to shop.

Have you found out about our retail overdraft yet? Our Pay as You Trade service provides you with a capital boost that is perfectly suited to businesses with a high number of customer transactions and card payments, find out more here. 

As an SME, remaining digitally present is of the utmost importance if your business is going to thrive and facilitate growth.

In our electronically driven era, most people will go online to gauge information about products and services that they are interested in, so having a strong online presence is going to help your business grow as well as ensuring that you remain competitive and keep attracting new custom.

It’s estimated that 2.5 billion people will be using smartphones by 2019, so engaging with apps is also important if an SME is going to be successful.

Read on to find out about five of the best apps for SMEs at present.

NowFloats

For most consumer-focused businesses, setting up an online store is imperative if they are going to increase their sales and stay ahead of the competition. Luckily, technology firm NowFloats makes this possible and can help companies by taking care of all of their online needs. Whether it’s helping them to achieve an online presence, ensuring they meet SEO requirements or helping them to find relevant leads for content updates, NowFloats can help SMEs get to where they need to be online.

Shopmatic   

Founded in 2014, Shopmatic’s headquarters are in Singapore but also has offices in Gurgaon and Bangalore, India. The international e-commerce company has been launched to help business owners sell their products and services online. From developing a cutting-edge web store to listing their business on social media channels, Shopmatic ensures that businesses effectively manage everything that they need to in order to grow their business.

Podio

As an SME, one of the most important things that you can do is stay on top of your projects and tasks. Podio is a useful app that helps you to effectively manage leads and clients, diary dates and expenses, ensuring that you always stay on top of things and don’t let anything slip your mind when the workload is piling up.

Bufferapp

Effective and timely posting on your social media channels can help you to increase engagement and grow your brand, and with the use of this app you can ensure that your posts are always sent out at the right time. Bufferapp will schedule tweets and updates for you at the most opportune times while you continue with other pressing tasks.

Gratitude

Sometimes a little bit of reflection at the end of the working day is all you need to ensure that your mindset stays positive. Gratitude helps with this by encouraging users to write down five good things that have happened throughout the day.