I am a young entrepreneur thinking of developing an e-wallet like PayPal or wepay in China, but in a different philosophy... I want it to be an e-wallet, as well as a bridge for payments, where stores only need to integrate our e-wallet payment system to be able to accept all kinds of credit cards and cash services which we integrate into the system. I would hire expert developers when it comes to programming, but I would appreciate any insight or advise when approaching ecommerce business.
Such solutions are wiedly available to current ecommerce business. Question you would have to ask yourself if what makes your different, what is unique in your product that is not currently available.
You are targeting (basically) 2 types of customers:
1. Those who already have a solution in place
2. THose who are opening their ecommerce business now (maybe due to COVID-19) situation.
You need to have selling strategy for both. By that I mean they way you find them, make contact and explain to them painpoints that you are looking to solve if they were to implement your solution.
Please also remember that when dealing with payment service, you are probably facing ton of regulations that you need to follow - I would be sure that you have that in place before you push further. Security angle is also very important.
If you want mass adoption like Paypal and Wechat, I would say make your e-wallet customer-centered. Make it as easy and secure as possible for your user to do transactions and send money to their friends. Once you have a lot of users, shop and ecommerce owners will naturally come to you.
As for the financial side, I would also model Paypal and their fees structure to start.
Good luck with your project!
E-Commerce platform as a very easy.
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It is very easy to start an e-commerce platform. The first step for this is that your thinking should be clear. You want to sell the product of this method. Your product should have good quality. Your product should have a good quality picture. Your product should have good quality videos. Good quality merchandise should have been made inside your product. Your product should have a good rate that will be liked by people from a common man to the largest section. If this quality is available in you, then you will not stop your e-commerce platform. There is nothing bad in this.
The idea which you have is a two-sided business (Business from eCommerce users & eCommerce owners). For any eCommerce company to adopt your e-wallet you first have to focus on acquiring a large number of eCommerce users.
1. If you are financially strong, connect with local eCommerce startups in a small area and start giving free signup bonus for users upon using this payment gateway to order.
2. See the acquiring rate of customers & change if you see any faults in the starting strategy.
3. Also, Check the story of Paytm in India ( their business, growth)
4. Learn to be patient, it may take more than a year sometimes for companies to adopt your wallet. But do not lose hope :)
Have a strong SEO game. Focus on content marketing, that is the key to success in today's digital era.
You want people to FIND you, not the other way around. Don't focus on intrusive or interruption based marketing. You want to be "the organic guy."
Make sure your website has a blog and produce 3 high quality pieces of content every single week. Talk about topics like issues with the big payment processors, and why people should use your service.
Primarily, though, you want to be answering consumer questions related to payment gateways. What are questions business owners are typing into Google about payment gateways...? This is the key to developing a strong content strategy.
I guarantee you that if you approach marketing your solution in this way and produce 3 high quality pieces of content weekly on your website over a long period of time that you will have more customers than you know what to do with. Heck, people will be begging YOU to please take them on as clients!
This is the power of proper content marketing and building trust online.