7 steps to creating a successful online store

According to the Central Bank, the economy has begun to recover, which should boost consumer spending. However, competition among online stores is intense, so online retailers need to make even greater efforts to attract and retain customers.

When interest rates rose, consumer spending dropped significantly. Now, with a more positive economic outlook, consumers have become more active. "As Euribor decreases, the economy will start to grow again, so online retailers should think through how they can boost their sales and start working actively towards that goal," says Arko Kurtmann, Head of Corporate Banking at Coop Pank.

A well-functioning, thoughtfully designed customer journey is key to an e-store's success, ensuring that purchases are not abandoned midway, explains Maria Häling, Product Manager at Montonio, an Estonian-based provider of payment and delivery solutions.

"About 70% of shoppers abandon their purchases at some stage of the process," she notes. Therefore, finding products in the online store should be logical, and adding items to the cart and completing the order as simple as possible. Montonio’s experience shows that if a customer gets far enough in the purchase process to select a suitable payment option, they go through with the purchase 95% of the time.

Here are seven principles that can help merchants increase sales and create a better shopping experience for customers:

To reach customers, your business must be easily found. Customers primarily reach the right product through Google’s search engine, so it's essential to ensure that your online store is visible there. The position in search results and the keywords it appears for are also crucial.

While you can improve your store’s visibility yourself by adding appropriate keywords, consider hiring an SEO expert. An expert can likely significantly improve your e-store’s visibility, thereby boosting sales. This way, you will quickly recoup any investment made into purchasing the services of an SEO expert.

First impressions are essential—up to 75% of consumers decide based on initial feelings whether an e-store looks trustworthy and whether they want to shop there.

Trust can be built with high-quality product photos and detailed product information. Also, ensure the customer can find all the necessary information, and that the product layout is logical. If a customer has to visit another website to find information about a product, they are less likely to complete their purchase in your store.

When adding product descriptions, AI assistance can be useful, especially if the store sells hundreds or thousands of products. However, it's essential to double-check the texts, as AI can make errors, but the time saved is substantial.

Merchants often haven’t experienced the full purchasing process from start to finish and may not have personally encountered all the challenges. It’s worth going through the entire customer journey, from adding a product to the cart to receiving it. This includes completing the payment process and the steps involved in receiving the item.

Additionally, ask for feedback from customers who have made purchases. As a thank you, offer them discount codes for future purchases.

Over two-thirds of consumers share their purchases and shopping experiences with friends and family. Since we value recommendations from our friends and family the most, customers are four times more likely to shop at a store endorsed by someone close to them.

Customers also trust feedback from other buyers. Studies show that nearly 70% of consumers trust online stores that feature customer reviews. Furthermore, 84% of customers are more loyal to a store if they know that a purchase will earn them a gift or discount code.

Many purchases are impulsive. As much as 40% of all online purchases are made spontaneously. Therefore, an effective recommendation system is essential for an online store. For example, if someone is looking for a tablet, they might also need a case or a small keyboard.

Offering a variety of payment methods is essential for customers. While all basic options should be covered, offering too many can complicate decision-making. It is essential to provide bank links from well-known banks, as well as allow the use of card payments.

Local companies, such as Montonio and Coop Pank have made this easy and affordable through a joint merchant bonus program, which can reduce or even eliminate payment solution costs for many businesses.

It should also be possible to make a purchase without creating an account. A quarter of users abandon their purchase if the online store requires account creation or login.

To encourage purchases, consider offering free shipping, which is highly valued by Estonians, even if the shipping cost is embedded in the product price.

For larger carts, consider offering installment options, which can increase conversion rates by 20-30%. With economic challenges, consumers may have less money to spend, yet they still need to buy essentials, making these solutions popular for purchases.

The customer journey doesn’t end with the payment. Think about what happens after the payment confirmation—being personal with customers can increase their loyalty by 80%. Personalized emails, discount codes, or offers can also increase the likelihood of a customer returning for future purchases. Additionally, emails with payment confirmation, order status updates, and tracking options, as well as a simple returns process, contribute to customer loyalty.

If your online store is ready for the next growth step or if you’re in the idea phase and want to get started, we encourage you to come to Coop Pank for a consultation . We’ll listen to your plans and help bring them to life!

To use more affordable payment solutions, check out the bonus program created by Coop Pank and Montonio, which covers all essential payment options and includes delivery and returns systems. With Coop Pank’s bonus program, you can use Montonio’s payment solution for up to 200 free transactions per month. For larger volumes, the bonus grows. Find out more about the merchant bonus!