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Xenia started her career as an investment banker. But when she was sick of wearing uncomfortable, non-durable tights, she pivoted her career to launch Threads – a brand that offers high quality, sustainable and affordable tights, and hosiery.
As the world comes together to celebrate International Women's Month, DHL wants to shine a spotlight on extraordinary women who have made remarkable strides in their respective fields. Among them is Xenia Chen, the inspiring founder of Threads and one of the winners of our SME Discover Your Next Contest in 2022. Today, we celebrate Xenia's accomplishments and highlight the innovative impact of Threads in the fashion industry.
How did Threads start?
In 2018, Xenia was working in the financial services industry at the time and would go through a lot of hosiery with work wardrobe. She was getting fed up with the number of tights she was going through in a month, because of rips and pulls in the material. Xenia found that she was either spending $10 at the drugstore for a pair that sucked or spending $60 on a pair that was comfortable and luxurious, but still had some sort of shelf life before it rips or wears out. She noticed her female coworkers were also experiencing the same frustrations when it came to their tights, whether it was about comfort or how much money they were spending. And that’s when Threads was born, the experience motivated her to start doing her own research into the hosiery industry, where she learned there were virtually no companies out there who were making tights with women in mind.
Threads was created to be different in both design and affordability. They work directly with their factory in Italy, where they can cut out the middleman, so women can get luxury tights at the fraction of the price. It was important to Xenia that women had access to affordable and high-quality tights, seeing how they are a fundamental staple to women’s workwear.
Threads’ greatest challenge and success so far in the journey
Like many other small businesses, the most significant challenge (and accomplishment) for Threads was navigating the impact of COVID-19 in 2020. Operating as a young business in an industry reliant on people dressing up, whether for outings or work, posed considerable difficulties. Xenia expresses gratitude that Threads successfully re-strategized on the fly, nurtured existing customers, identified new and unexpected customer groups, launched new products, and ultimately made it through the challenging year with the entire team intact, while also establishing a new business line. A true testament that sometimes, the best ideas can come out of times of incredible challenge.
Threads' achievements include significant media coverage from outlets such as the Today show, Fashion magazine, and Good Housekeeping. This recognition is attributed, in part, to the company's gender-inclusive policy, making Threads a popular choice within the drag and crossdressing communities, setting it apart from competitors. The brand has further diversified its product line with the introduction of fly-contour tights designed for men. Additionally, Threads has expanded its distribution network, now offering its products not only online but also in small independent clothing shops.
Xenia’s advice for aspiring entrepreneurs
“Just start! If you’ve been dreaming up something for awhile, start working on the idea now. There will never be a “perfect time” to start a business. This doesn’t mean you need to quit your full-time job – just start working on it on the weekends or at night (that’s what I did with Threads for the first year). Taking the first step is often the hardest step but also the most important! Lastly, failure is not the opposite of success: it’s a stepping stone to success.”
Learn more about Xenia and Threads at ca.yourthreads.co or on Instagram at @threads.co
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So you're ready to ship internationally—congratulations! There's nothing like the feeling of expanding your business and reaching new customers worldwide. But navigating international shipping can be daunting, especially for small businesses.
Enter DHL Exclusive Small Business Concierge, a first-class shipping experience specifically tailored to the needs of small businesses. Our concierge service is designed to make international shipping easy and stress-free so you can focus on what you do best – growing.
Your first 60 days–it's not just business; it's personal, too
When you create a shipping account with DHL, for the first 60 days, you're part of our Exclusive Small Business Concierge service. It's like having a shipping expert at your fingertips, ready to help you navigate the world of cross border shipping, account setup, and tips and tricks so your package can go around the world, reaching its destination, worry-free.
In the weeks that follow, our concierge will be available to help guide you through:
● Proactive Monitoring: Ensure your first shipment arrives at its destination on time.
● E-Billing Setup: Help you facilitate the setup of your billing information online.
● Customs Declaration: Offer insights into customs requirements, commercial invoices, and shipping practices essential for international shipping.
● Ongoing Assistance: Order supplies, set up a regular pickup, or support with any shipping-related questions or concerns.
Going and growing global with DHL
The Exclusive Small Business Concierge by DHL supports small business growth and success. Our goal is simple: we provide entrepreneurs, like you with the insights, support, and tools needed for a smooth transition into the global market.
Ready to go global? Get in touch today!
My love for candles began in my early 20s; I’d always loved their beautiful smells that filled my room and their glowing ambiance. I remember I couldn’t wait to move out of my parent’s house and go to University, just so I could finally decorate my own place. The Bohemian style of decor was very popular at the time – crafted candles and earthy smells were a must-have to create a natural and cozy atmosphere. They say that your 20s are about self-discovery. You try out different paths, interests and styles, with every year of getting older also getting to know yourself deeper and closer to your authentic self. It’s our way of finding your life’s purpose – and I found mine through candle making.
In my undergrad, I studied Kinesiology. Early on in my schooling, I wasn’t sure what I wanted to do, but chose the degree based on my interests in sports and healthcare. I come from a family of healthcare professionals, so I always assumed that I’d end up working in that field as well. My parents taught me that a meaningful job is one where you can help others, and that’s what started me on my journey.
By the end of my degree, I had gained a lot of experience in sport therapy, exercise, rehabilitation, biology, etc., but the area that I became most passionate about was adaptations and accommodations for disabled people. I only had one class in my entire four-year degree that taught me about this, but when I took the class, I jumped at the opportunity to do a practicum with the Special Olympics and volunteered to facilitate a pool therapy program for a teen with Cerebral Palsy. That semester, I built a strong bond with the teen and his mother and we decided to keep swimming after my work experience contract was complete.
I was hired to swim once a week for 6-8 months of the year, and sometimes I visited their home to do some on-land therapy and stretching. We did this for 7 years, until he turned 20. Being a part of this family’s life and witnessing their dedication to making sure their son lived a full and rich life was a life-changing experience for me. In all the beautiful moments, I also saw the really hard ones: the exhaustion from medical visits, the back-and-forth for funding support, and the struggles of raising a child with a disability in a world that does not offer equal opportunities. This really opened my eyes to how hard this world can be for people living with disabilities, and their families, and it sparked my desire to find a career where I can help this community.
Milk Jar was not my first attempt at a job with my new-found passion. My original plan was to get my master’s degree in Occupational Therapy. Unfortunately, it was a competitive program and I wasn’t accepted. I was disappointed, but I still wouldn’t have traded those evenings in and out with friends for a few extra days of studying. I’m a strong advocate for living life to its fullest, so I have no regrets – and everything happens for a reason! Enter Milk Jar.
The idea of creating Milk Jar came to me, about four years after finishing school, during a time when I was feeling quite lost. I had worked a couple jobs that I cared very much about, but none of them made me feel like I was making the impact that I knew I was capable of. I was making candles in my home as a way to experiment with soy wax when I learned that burning common paraffin wax candles released carcinogens and soot into the air that could cause respiratory issues and other health concerns.
I mentioned before I loved burning candles and had them in every room in my home. Because of my family and background in Kinesiology, choosing healthy lifestyle options has always been important to me. I could’ve just started purchasing other candles made with natural waxes, but it seemed easy enough to make myself – and more fun! I quickly learned that it wasn’t that easy, but I enjoyed the process of learning how to blend fragrances, vessels, waxes, and wicks. And my favourite piece to candle making? Developing scents that capture a memory, place or feeling.
After a year of making candles and also feeling like I wasn’t connected to the disability community that I cared so much about, I decided in April 2016 that I’d start a business selling my candles that donated a portion of its profits to organizations that were doing amazing work that. I launched Milk Jar that November and reached out to the Canadian Association for Disabled Skiing and offered to donate $1 from the sale of every candle to them that following year.
I was just as terrified as I was excited to launch into entrepreneurship. I had no idea what I was doing, let alone running a business, but I was passionate about creating a company that was more than just Milk Jar. By inserting a philanthropic purpose into Milk Jar from the start, all my nerves about whether it would succeed or fail didn’t matter. It would’ve already been a success even if I donated $50. That first year we donated $2000 to CADS Calgary.
Fast forward to today and Milk Jar has donated over $100,000 to various non-profits including: CADS Calgary, Between Friends, and PaceKids Programs. Last year, we became an inclusive employer, hiring people in our community living with disabilities to help hand craft the products we make. This has fundamentally changed the culture in our company, we experience more joy at work and everyone is more motivated. We are learning from each other everyday. It’s a beautiful atmosphere to be around people that may appear different from us but recognize that we all want similar things in life. Never in my wildest dreams did I think a little home-grown business could raise this much money and touch as many lives as Milk Jar has in 5 years. I finally found my purpose – and it wasn’t something I waited to find me – I created it.
I’ve learned a lot over the years of starting and running this business, and if there is one thing that you take away from reading this, it’s to ask yourself what else? What else does your business do besides its obvious sale of product or service? What does your company stand for value, and contribute to that gets you out of bed on those tough days? And believe me, you will have them. How have you added purpose into your company that you can speak to, are passionate about, and that every member of your team can be proud of?
A business that cares will be your greatest return on investment. Now more than ever, people want to know that their dollars are being spent on companies that care about economic and social sustainability. When you show that your company is more than just the business of sales, you will have lifelong supporters that’ll be dedicated to helping you succeed.
There’s a lot of inequity in this world. Supporting an important cause that elevates your community can come in many forms: donating, volunteering, advocating, befriending, etc., and it feels really good to give your time, energy and/or money to initiatives that need and benefit from it.
I believe it’s our duty to take care of each other and our planet, and it is the way to lead a purposeful life. Owning your own business is a privilege. A privilege that should be used to make this world better for others, not to make ourselves better than others. If we could all experience the same opportunities, access and treatment, then what a beautiful world we would be living in.
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About the Author
Holly Singer is a compassionate and inspirational 32-year-old entrepreneur and philanthropist. She grew up in Victoria BC, moved to Calgary for university, and has since built Milk Jar to what it is today in what she now calls home. Holly enjoys relaxing at home with her dog Bowie and plans to do a diving trip in Indonesia sometime in the near future.
Learn more about Holly at milkjar.ca or on Instagram at @milkjarcandleco
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What is mobile commerce?
Mobile commerce is the buying and selling of goods and services using wireless handheld devices, such as smartphones and tablets.
It’s estimated that 86% of people in the world currently own a smartphone2, whilst the amount of time they spend online is increasing all the time too. So, it’s not surprising that m-commerce is growing rapidly, with more and more people choosing the convenience and ease of shopping on mobile versus desktop.
M-commerce vs e-commerce
M-commerce is a form of e-commerce. Whereas e-commerce is simply the buying and selling of goods and services over the internet, m-commerce is a more specific part of that.
What is the difference between m-commerce and e-commerce?
The most obvious difference between the two is mobility. M-commerce uses only handheld mobile devices, such as smartphones and tablets – so customers can buy whilst “on the go”, so long as there is a wireless internet connection available.
E-commerce covers all commercial transactions that take place digitally, so it adds computers into the mix. Buying from a laptop or desktop computer counts as e-commerce but not m-commerce.
There are less obvious differences between m-commerce and e-commerce too. Customers using a desktop computer can only be tracked using their IP address, while those using their mobile device can be tracked using Wi-Fi and GPS-based technologies, which are more precise. That means brands can target mobile users more precisely with location-related advertising, such as sending coupons or discounts for nearby stores.
Security is another difference. Most fixed device e-commerce is carried out using credit cards, which carry an element of risk. M-commerce is more secure, thanks to biometric authentication, mobile wallets, and QR codes.
Finally, mobile apps are more convenient, making the buying experience easier and quicker.
Types and examples of m-commerce
There are three basic types of m-commerce: mobile shopping, mobile banking and mobile payments.
- Mobile shopping allows customers to buy goods or services using a web app. This can either be via a retail app, for example from a fashion brand, or a virtual marketplace app such as Amazon. Taxi booking, ticketing, and digital content purchase apps (such as Netflix) are other examples of m-commerce of this type. Mobile shopping can also take place on social media platforms, such as TikTok or Instagram.
- Mobile banking is online banking designed for mobile technology. Banking transactions such as paying bills are usually carried out through a secure app provided by the bank.
- Mobile payments are an alternative to traditional payments. They include digital wallets such as Apple Pay, mobile payment apps such as PayPal, or using QR codes to pay for items using a mobile device.
M-commerce trends
Who is leading the m-commerce boom? As you might expect, the answer is Gen Z and Millennials, who have grown up with mobile technology. According to a global consumer survey by payment service Klarna3, 48% of Millennials shop at least once a week using their mobile phone – with Gen Z not far behind.
Although Millennials are, at the moment, considerably more likely than older shoppers to buy using their smartphones, over time it will no doubt become the norm for all.
References
- Statista, published May 2022
- BankMyCell, March 2023
- Klarna, 2021
- Drip, May 2022
- Business of Apps, March 2021
- Oberlo, September 2022
My name is Emily O’Brien. I’m the founder of Comeback Snacks — a popcorn company I started while inside a Canadian federal prison.
My entrepreneurial journey began because I made mistakes, and I believed that I could do more — in my life, and for the world — than what my prison sentence did for me. My business began in a prison kitchen with popcorn kernels, creativity, and a relentless drive to create a new lease on life for myself and others.
Today, our popcorn is in 700+ stores across Canada and helping others make their comeback by leading efforts to reduce the stigma against incarcerated persons. We’re helping shape policy at various levels of government to help give people a second chance at life and the opportunity to grasp it.
Since starting Comeback Snacks, I have what feels like limitless energy: I’ll drive to multiple cities in a day, engage customers, and clients, speak publicly about my experience, and keep my foot on the gas pedal.
Why? Because as Comeback Snacks grew and developed, so did its impact: financially, socially, and personally. An unanticipated byproduct of this business was how much the constructive, empowering component of entrepreneurship materialized. I didn’t know that was going to happen until I felt it. I realized it was the core essence of my business, my mission, and my journey. This is why I do what I do, 7 days a week, 365 days a year.
This awareness — or the heart of my business journey — is what I call emotional profit. For me, it’s the sense of satisfaction and meaning that my business contributes to the world and helps my employees and others grow and succeed. Emotional profit is achieved when, as we build our business, its positive impact on the world then shapes and builds us in return.
What does emotional profit look like? It takes many shapes.
An email from a stranger saying how my story helped them make positive changes in their own life. A social media post ‘share’ or comment. A text message or a simple phone call describing my own path has helped others to find and navigate their own.
You never know how your own life story will be discovered, when, or by whom. It’s the positive interactions with unexpected audiences that remind you of your efforts in making a difference — that’s where you’ll find emotional profit. It’s not financial gain, per se. But studies have shown that once we have enough money for food and shelter, human beings crave more than money. We crave meaning.
For Comeback Snacks to function, I need to make more money than I spend. That’s the bottom line for business owners. When I started, my goal was to make money and break down stigmas and help others. I share these accomplishments with the amazing people I’ve hired that respect my organization, work hard, and share its purpose and vision.
My real ‘profit’ doesn’t come from the bank, but from how I’ve reconciled my difficult past with my positive visions for the future. In doing so, now I can help others in need of a ‘comeback’ and have a second chance at life — like me.
Sure, you need financial profit to keep your business afloat, but you need an emotional connection, too — an emotional profit — to sustain yourself along the way. The financial profit from my business comes from a product that I love; the emotional profit comes from the fact that the business behind this product changes the world in ways that I always wanted to.
The truest sign of entrepreneurial success is not simply making money, but making meaning — and this can be far more impactful and sustaining for yourself, and for your business. It takes growth, reflection, and time. If you embrace these qualities, emotional profit is what your business can achieve for you if you are willing to grow as a human being and find meaning outside of yourself that your business helps to sustain.
I hope you discover your own pathway to emotional profit, whatever you find your own wellspring to be.
Four ways to find emotional profit:
- We can never escape our past. Stop running from mistakes, own them, and use the lessons derived from them — even if they’re painful — to build a better future for yourself and others around you.
- We never know where or when our best ideas will emerge, so adopt an attitude of openness to embrace the new and unexpected in life. The idea of a lifetime might emerge when and where you least expect it.
- Hindsight is always 20/20. Forgive yourself and others for mistakes in the past. The energy you previously spent on your memories can be re-directed and harnessed toward your future, and your business!
- Strive to help others connected to your life and business, and believe in the power of giving people in need a second chance.
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About the Author
Emily O’Brien is the founder of Comeback Snacks — a popcorn company that changes the status quo. A formerly incarcerated individual, Emily made it her mission to create a platform to fight for fair chances of those that have been impacted by the justice system. The recognition of her efforts led her to being awarded with the Queen's Platinum Jubilee Community Service Award from the House of Commons and the Entrepreneur of the Year Award in 2022, as well as the Woman of Distinction Award in 2020 from the YWCA.
Hockey is for everyone
As we deliver packages to and from Canada — from communities across the country to countries around the world — we get to know what makes those communities tick. In Canada, that’s hockey. And what’s not to love about the country’s favourite sport? It embodies the power of teamwork at at an express pace. Two of the same things that drive DHL to be the best delivery company in the world. But you can’t be the best without embracing inclusion. At DHL, we place the utmost value on diversity and inclusion at all levels, and believe that every team is better when everyone is welcome on it. That’s why we’re so excited support Black Ice, an inspiring documentary that explores diversity and inclusion in hockey — from the barriers that needed to be broken to the challenges that still exist today.
Led by UNINTERRUPTED Canada, and directed by acclaimed Canadian filmmaker Hubert Davis (Giants of Africa, and the Oscar®-nominated, Hardwood), Black Ice makes its streaming premiere on Crave this Feb 3rd for Black History Month.
Delivering our part
Celebrating the contributions and examining the challenges of black hockey players — from the untold stories of The Coloured Hockey League through to today’s NHL® — Black Ice puts the much-deserved spotlight on these amazing athletes and their collective aspirations to change the culture of the sport they love.
To lend an assist and help promote the film, DHL partnered with UNINTERRUPTED Canada on their recurring series Heart of Surprise, where we teamed up with Wayne Simmonds of the Toronto Maple Leafs to help deliver new hockey gear to young BIPOC hockey players.
With UNINTERRUPTED Canada, Wayne Simmonds, and many others, we are proud to stand with those who are committed to inclusion, breaking down barriers, and empowering a whole new generation to know they’re welcome, not just in the rink or on the ice, but everywhere their dreams take them. For everything they’ve done to support the BIPOC community, black athletes, and to make the game of hockey better and more inclusive, we want to thank and congratulate Hubert Davis, UNINTERRUPTED Canada, Wayne Simmonds, and the entire team behind the documentary and the Heart of Surprise series on the inspiration accomplishment that is Black Ice.
Stream Black Ice, the ground- (and ice-) breaking documentary on Crave, this Feb 3rd.
For businesses wanting to expand internationally, a go-to-market plan will help them identify countries where there is the greatest demand for their products, and create marketing campaigns tailored to local customers. In this article, we will explore the main components of a go-to-market strategy, with guidance on creating one.
When do you need a Go-To-Market (GTM) Strategy?
There are three main scenarios when a business may need a go-to-market strategy:
- Launching a new product in an existing market – For example, an established wellness brand adding a candle range to its product portfolio.
- Launching an existing product in a new market – For example, a furniture business looking to sell to China for the first time.
- Testing a new product’s market for growth – For example, a tech startup soft launching an app to limited users to measure demand and response.
In such instances, a go-to-market strategy will minimize their risks via in-depth planning and research into the market they’re entering.
Go-To-Market Strategy vs Marketing Strategy
A go-to-market strategy focuses on how a business will introduce a specific product to the market and reach its target customers. It’s focused on immediate revenue and customer success.
A marketing strategy is a longer-term, ongoing plan for the wider business and covers messaging, content creation, and campaigns – essentially the touchpoints that make the brand memorable in a competitive market. It should be flexible to help the business adapt to demand and find the optimal market-product fit.
Go-To-Market Strategy Benefits
- Establish potential problems: A go-to-market strategy ensures due diligence is paid to all the components of a product launch, identifying potential problems early on.
- Know how to position your product in the existing market: Thoroughly researching target customers helps create powerful, effective, and tailored marketing messaging, defining your product’s value proposition in a competitive market.
- Increase revenue: Emphasizing extensive research and planning before launching a product minimizes risks, ensuring the product reaches the most relevant audience for maximum sales. Understanding the target customer allows adjustments to enhance the product's chances of success.
Components of a Go-To-Market (GTM) Plan
Each business’s go-to-market plan will vary, but general components include:
- Market research and analysis
- Product promotion
- Sales and distribution
- Logistics and supply chain management
How to Create a Go-To-Market Strategy
Step 1: Market research and analysis
Thoroughly analyze the existing market, conduct competitor analysis, and define your buyer persona.
Step 2: Craft your Promotion Strategy
- Construct a value matrix mapping out buyer personas’ pain points.
- Identify where your target audience spends most of their time and allocate resources accordingly.
- Continuously track and optimize marketing content performance.
Step 3: Establish your sales and distribution channels
Define where consumers can buy your product and streamline the buyer’s journey for increased sales.
Step 4: Logistics and Supply Chain Management
Prioritize timely product delivery and consider aspects like inventory management, warehousing, and packaging.
Product-led
Here, the product itself is the salesperson, empowered with all the information a buyer may need. A product-led GTM strategy involves analyzing customers’ behavior and interaction with the product to ultimately drive customer acquisition, retention, and growth. This strategy is well-suited for businesses aiming to scale fast at a low customer acquisition cost.
If your business is launching a new product or entering a new market, you’ll need support from the experts. With a DHL Express Business Account, you’ll join thousands of other businesses benefiting from the logistics leader’s international and e-commerce expertise.
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As an entrepreneur, it’s not easy to watch businesses struggle to pivot and adapt many times over. Repetitive challenges are no doubt frustrating, but it’s an opportunity to recognize that collectively, business owners are building a new level of resilience and determination. With that, there is a unique opportunity to deepen authentic connections with our communities and team members. You might be wondering: How can I strive for sustainable balance and ensure my mental health is a priority while keeping things in flow?
A great place to start when it comes to maintaining a positive relationship with yourself, your team and your customers is through these five steps:
1. Address and unpack emotions
In the current climate, business owners are faced with several layers of tough decision-making that require heavy-duty leadership. From readjusting staff to staying on top of restrictions, we’re all running full steam ahead while attempting to stay afloat and avoid being overwhelmed. With that in mind, the only way forward is through. Addressing how you and your team are feeling is crucial to laying a solid foundation for next steps – it starts with acknowledging the realities of emotional impact. Whether through daily check-ins or weekly meetings, cultivating a culture of compassion goes a long way.
While addressing feelings is a solid starting point, following that up with a refreshed mindset is necessary. A relaxing break from daily tasks can help reset your mood while promoting positive wellbeing and reducing stress1. Creating a pause mindset can simply be taking 30-60 minutes every day to go outside, stretch, or practise meditation – and allowing your team to do the same. Cultivating an environment for you and your team to feel comfortable taking breaks can improve mental health overall.
2. Connect with other entrepreneurs
Navigating isolation in this experience is extremely common, especially when you’re running a business. In stressful times, consider seeking advice and support from others around you. Asking for help doesn’t always come naturally, but connecting with other entrepreneurs might give you the fresh perspective, insight and comfort that you didn’t know you needed.
3. Hone in on transparency and communication
Businesses today are being held to a higher standard and consumers are carefully choosing where to spend their dollars. No matter what industry you’re in, it’s really important to evaluate the presence that your business has and, as an owner, you have the chance to peel back an extra layer of transparency — specifically with online content — when it comes to communicating with your customers. Despite the fear that many entrepreneurs have about sharing “non-business related” content, leaving your audience in the dark can do more harm than good. With transparency comes the chance to build trust and embrace authenticity.
To foster genuine connection, think beyond what you sell and consider the needs and desires of those you are selling to. There’s a lot of value in temporarily pausing the marketing emails and salesy social posts to genuinely reinforce your relationship with your customers. In fact, nearly two-thirds (64%) of consumers want brands to connect with them2. So not only does transparency in business strengthen accountability, but it can also improve efficiency and generate better performance3.
4. Acknowledge your wins
Constantly striving to make your business the best it can be, has its advantages, but celebrating wins (no matter how small they may seem) will fuel you with the energy you need to push forward. You might consider times you reached your target revenue or had a big launch as wins – but the day-to-day moments of progress are equally important.
Maybe you shifted your products online or grew your social media presence – it might not seem innovative, but they are still achievements worth celebrating.
Consider setting a goal of daily journaling to keep track of one thing you did that was outside your comfort zone, one thing you are proud of and one thing you want to work on. Being a business owner, especially in these times, relies on hard work, determination and perseverance — remind yourself that there is significance in each day.
5. Don’t be too hard on yourself
Have you heard, “it’s time to pivot?” way too many times over the last few years? I sure have! Entrepreneurs are the rocks of their businesses, and that often means juggling several too many tasks at once. It’s important to recognize that no matter how many backup plans we have, sometimes uncontrollable and unavoidable circumstances arise. It’s okay if you don’t have solutions to every possible scenario right away. The road ahead is a marathon, not a sprint.
Learn more about Coach Carey at CareyCoach.com or on Instagram at @coach.carey
REFERENCES:
- The Wellbeing Thesis, accessed December 2021
- Sprout Social, accessed December 2021
- Devon Maloney, Slack, November 2019
If you’re an e-commerce seller, there’s an important statistic you should know: online shoppers are 70% more likely to finalize a purchase if their preferred payment method is displayed as an option at checkout1.
That’s a significant number. By the time your customers have reached the payment stage on your e-commerce site, you’ve already done much of the hard work of engaging them with your brand. Yet, if you’re not offering an adequate selection of payment options, you risk losing a vast number of them at the final moment – i.e. the dreaded cart abandonment.
To secure the most sales, you need to ensure your site has capabilities to support those payment methods which are most popular with online consumers. Of course, there are the obvious ones – think credit cards and PayPal – but global spending via “Buy Now Pay Later” services is expected to quadruple between 2021 and 20262.
Add in the fact that international customers’ preferences for payment methods vary from country to country, and it can suddenly seem a little overwhelming knowing which ones to incorporate into your e-commerce checkout. Luckily, we’ve done the research for you…read on for a breakdown of all you need to know about e-commerce payment options.
The Best Payment Methods For E-commerce
1. Credit Cards
As an e-commerce merchant, you should be offering your customers payment by credit card as standard. Globally, credit cards are the second most popular payment method, preferred by over 22% of consumers3 – although their popularity is beginning to wane as more shoppers switch to digital wallets and Buy Now Pay Later options.
As credit cards are regulated by compliance standards, they offer both the buyer and seller reassurance that their transactions are secure. Many shoppers are also incentivized to spend on credit cards to have access to their bank’s reward programs.
Tip: Stripe for Credit Cards
Stripe4 is one of the market leaders for processing online merchants’ credit card transactions. It’s a fast and easy-to-implement payment method, and offers competitive rates for small businesses. The platform also has a wide range of additional features including a customer interface toolkit, financial reporting, and buy buttons for mobile apps.
2. Digital / Mobile Wallets
Digital and mobile wallets (also known as eWallets) are forecast to account for over 53% of global e-commerce payment transactions by 2025, making it the most popular online payment method worldwide5.
Digital wallets act like a prepaid credit account, storing the customer’s personal data and funds. It's quick and easy; they are redirected from the e-commerce site’s checkout to the digital wallet’s page where they can simply log in with their existing username and password to complete the purchase. This is particularly handy for those shopping on mobile, where a smaller screen can make the prospect of filling in multiple details particularly unappealing.
3. Buy Now Pay Later Options
Buy Now Pay Later (BNPL) services are becoming increasingly popular with online shoppers, so if you’re looking to increase your conversion rate, they're worth considering.
With global inflation and the cost-of-living crisis impacting consumers, it’s no wonder paying in installments is an attractive prospect right now. A recent survey16 found that this year, four in ten consumers plan to pay for their holiday shopping with a BNPL service. Gen Z will be the biggest users (48% of respondents), followed by millennials (47%) and Gen X (40%). In contrast, only 14% of baby boomers intend to pay this way.
The three most frequently cited reasons for using BNPL services are: 1) To avoid paying credit card interest; 2) To make purchases that otherwise wouldn't fit in my budget; and 3) To borrow money without a credit check17.
In general, this is all good news for e-commerce merchants. BNPL incentivizes customers to buy, boosts conversion rates, and increases average basket sizes by 20–30%18. It will also drive up your customer lifetime value – once your customers know you offer a BNPL option, they’ll come back to you for their next big-ticket purchase.
Beware though, there are some downsides – namely, you’ll have to hand over a percentage of sales generated. You’ll need to do some cost scenarios to find out if the benefits to your business are likely to outweigh the fees.
Let’s look at a few of the BNPL options out there:
4. Cash On Delivery
As the name suggests, cash on delivery is a transaction where the recipient makes payment for goods at the time of delivery. It may seem an unusual concept to consumers in the West, but in a large part of the world it’s still an everyday process.
In fact, the “cash” part has evolved to include other forms of payment. Some of the leading online marketplaces have capabilities to support digital payment on delivery options. Amazon, for example, offers Pay on Delivery for all items that are Fulfilled by Amazon. A delivery agent will take a package to the customer’s door, and then wait whilst the customer either completes an SMS pay link-based payment using their credit or debit card, or hands over cash.
There are signs this payment method is on its way out though. By 2024, cash on delivery is forecast to be responsible for just 1.7% of total global e-commerce purchases (down from 3.3% in 2020)22. As digital infrastructure in developing markets improves, online shoppers there are becoming more comfortable with paying at the time of purchase via credit cards or digital wallets. The pandemic and subsequent hygiene concerns have also nudged the exchanging of physical money out of favor. Still, in certain markets such as India, Latin America, and some parts of Africa, there is still demand, so do your research.
E-commerce Payment Processing: Three Takeaways
The more options, the better. Offer your customers a wide choice of payment methods at checkout and they’ll be more likely to complete the purchase.
Customize for international customers. Do your research to find out the most popular payment method in the market you’re selling to. And don’t forget to ensure your e-commerce website defaults to the local currency when displaying prices.
Keep it simple. “Guest checkout” and autofill will keep the checkout process quick and pain-free for customers.
E-commerce Payment Methods: FAQs
What are e-commerce payment methods?
E-commerce payment methods enable online shoppers to pay an e-tailer for goods or services. They include digital/mobile wallets, credit or charge cards, debit cards and bank transfers. The seller uses a payment method platform which allows them to accept some or all of these payment methods – ideally, as many as possible so the customer can choose the one that suits them.
What is the best payment method platform for e-commerce?
There isn’t a single best payment method platform for e-commerce. There are so many, with different features and benefits, that you really need to research which is most suitable for your particular business. Shopify, Stax, Stripe, 2Checkout and Square could all be worth thinking about, but there are many others to consider too.
What is the most popular online payment service?
Currently, the most popular online payment service is the digital wallet, PayPal. However, there are many newer wallet services set up to eventually challenge PayPal, such as Apple Pay. Buy Now Pay Later installment payment services, such as Klarna, are also gaining rapidly in popularity.
References
1 - 2Checkout blog, June 2020
2 - EuroNews, December 2021
3 - Statista, November 2020
4 - Stripe
5 - Statista, November 2020
6 - PayPal
7 - Statista, February 2021
8 - PAYMNTS.com, May 2018
9 - Amazon Pay
10 - Shift 4 Shop blog, March 2018
11 - Apple Pay
12 - Google Pay
13 - Alipay
14 - Tech Wire Asia, August 2022
15 - Meta Pay
15b - TechTarget, June 2022
16 - Bluedot survey, Retail Dive, October 2022
17 - The Ascent survey, Forbes, November 2020
18 - CNBC, September 2021
19 - Klarna
20 - Klarna quote, Big Commerce, Accessed February 2021
21 - Clearpay
22 - Statista, November 2020
As I’m sure any fellow small business owner knows, coffee is something we consume when we’re tired, overwhelmed, underwhelmed and frankly, bored. Coffee is a comfort consumable, and if we were able to have an IV of it to get through the late night work sessions, we’d probably take it.
I’m not an advocate for hustle culture, but it’s certainly something ingrained in me as a child of immigrant parents. Hustle culture can be mentally exhausting, and often, you end up beating yourself up over not achieving someone else's definition of “success.” Immigrants, like my parents, didn’t have any choice but to hustle. However, as a millennial growing up in Canada, my choices looked very different.
Starting a coffee brand definitely wasn’t what I had in mind when I was growing up. Coming from an immigrant family who escaped war and terror in Vietnam, all you would hear at home is “go to university! be a doctor! be a lawyer!” I was conditioned to think that those types of careers were the only way to become successful and ensure a happy and stable future.
I don’t blame my parents at all for thinking this way. They never had a chance to go to elementary school, let alone university. They wanted to guide me in the direction of their idea of stability — a future that wouldn’t require the struggles they had to go through coming to Canada, not knowing any English or having “desirable” skills.
So, I did what I was told and went to college for AutoCad Drafting and Design and completed an 18-month diploma program. I furthered my education by attending a 2-year Interior Design program and spent an entire semester practicing drawing straight lines because we were advised we needed to know how to draw blueprints without a ruler. Then there was that class about the history of colour. Needless to say, I was uninspired and unmotivated. I knew it was time to pursue a career I was passionate about, so I started a business focusing on the one item I spent most of my days purchasing — coffee!
While most of my friends and cousins continued their education in either college or university, I spent seven months sourcing LAM Beverages’ coffee and packaging, and planning the e-commerce site, freight, and launch of the brand. I kept my head down and didn’t tell anyone about my idea. Not because I thought someone would steal my idea (every second there’s someone somewhere in the world probably thinking of your business idea), but because I didn’t want anyone to sway me from launching my business. I didn’t want to hear any negativity. I wasn’t doing what was considered normal in anyone's eyes. I knew I just needed to launch and roll with the punches.
On September 21st, 2020, I launched LAM Beverages. A few hours went by and there were no sales. I was getting worried. Did I plan incorrectly? Did I hype up my audience enough before launching? Is this why my parents told me to go to med school? I closed my laptop and decided to focus on other things. By the end of the day, I received my first 10 sales. I was overjoyed!
It still wasn’t the right time to tell my parents yet. I knew that if I told them about LAM Beverages, they’d ask me if I’d be confident surviving off a paycheque from the business — and I wasn’t even thinking about taking a paycheque for the first year. I needed to reinvest every penny I made back into the business, so the answer would have been, “no, I cannot survive solely off of the business at the moment.” I kept my full-time job instead and put in full-time hours for LAM Beverages as well.
After the first month flew by, I began to feel comfortable telling friends and family about LAM Beverages. I was honestly scared to let anyone know about my business until I had valid social proof. Most importantly, I didn’t want to disappoint or embarrass my parents. I didn’t want them to know that I had spent the past seven months planning a business that might’ve turned out to be a failure.
In East Asian culture, unfortunately, it’s very common to compare your children to another child’s success. We don’t talk about this enough because it’s taboo, but it’s a terrible and incredibly uncomfortable experience. I didn’t want to be that child who didn’t go to university AND had a side gig that flopped who my parents' friends would use to compare their child to. I wanted to make my immigrant parents proud. I wanted them to know that everything they’ve done to come to Canada and provide for their family had worked — that we are now living the Canadian dream: happy, safe, healthy, pursuing our dreams (whatever that may be), and trudging steadily toward our goals.
Fast forward a year later, my parents are happily involved; they occasionally accompany me to my trade shows and assist me with unpacking my inventory, packing my orders, and helping me with anything I need. I love being able to discuss my business with my parents every week and get their opinion on new product samples. I love being able to share this entrepreneurial journey with them.
I realized this fear that I had about being a disappointment to my parents was solely my own reflection of myself. I thought I wasn’t confident that I would do well in their eyes. This was a self-defense mechanism I had created in my own head. It wasn’t because the business wasn’t doing well, it was because it wasn’t doing well enough in my own eyes.
Rome wasn’t built in a day and your family and friends don’t expect it to be. Trust in the process and believe in yourself. That is all that matters.
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About the Author
Learn more about Christy at www.lambevy.com or on Instagram at @LamBeverages
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For entrepreneurs, the road to success looks like a lonely one. But it doesn’t have to be. And to reach your next level, goal — or whatever it is — it’s easier when you’re doing it with those supporting you. For a serial entrepreneur like me, I’ve found that your business is only as strong as the people you work with along the way.
Success is impossible to achieve on your own, and I’m no exception. A lot of people have helped me along the way to help turn Sully & Son Co. into one of Canada’s top premium accessory and footwear brands.
I want to share some of the lessons I’ve learned about surrounding yourself with the right people, both personally and professionally, and how networking and collaboration has helped me take Sully & Son to its next.
Tip 1: Strategic Collaboration
Collaborations are an incredibly valuable way of introducing your brand to potential customers in new, unexplored demographics. Finding a brand that shares your values and is working towards the same goals as yours can be a challenge, but if you have a product or service you can stand behind, you’ll draw the attention of potential partners that will be a good fit.
It isn’t easy to find that perfect partner without having a solid grasp of what it is you do best. Find your thing and use it to stand out from the crowd. Because once you do – collaborations can really take your growth to another level.
There’s never a bad time for a brand to try and form a strategic partnership. As long as both parties can fulfill their part equally, there’s no question that it will be a mutually beneficial situation: a true win-win.
Tip 2: Bringing on your brand champions
It’s important when finding people to promote and grow your brand, that they actively want you to succeed as much as you do.
And when it comes to presenting your brand to the world, your brand champions become even more integral. Here are some tips I’ve learned about finding vendors and collaborators to work with to help make my brand shine.
Bloggers/Stylists
When finding the right stylists for your products, try to seek out those with some good credentials. Stylists that have more experience tend to have more access to what we are constantly looking for the most, and that’s exposure. Most importantly, access to the right opportunities can lead to the right personality endorsements.
If you’re working with someone new and on the rise, just make sure you have great chemistry and that their hunger to prove themselves (and ultimately your brand) feels right.
Photographers
There are thousands of talented photographers out there and choosing the right one for you might feel impossible. But that’s where social media can be your best friend. There’re plenty of professional photographers who use specific hashtags – such as #advertisingphotographer or #photoshoot – that could be a good avenue to finding someone you’d like to work with. On the flip side, your social pages are also a great way to showcase the creative vision of your brand to photographers interested in working with you.
Brand Reps
You can’t be multiple places at once, so when you’re able to find someone to carry your water in different markets, it can be a true game changer. Again, it’s about finding the right people who you jive with and get a good sense that they’re actively part of your team. Start by doing your research. You’ll be surprised what you can find online if you actually take the time to look. The fashion landscape is ever changing and so are the reps that are constantly looking for new product!
Press & PR
There are lots of ways to hustle and get your name out there. I know people who approach journalists, bloggers, and influencers in hope of getting your brand out there. I’m fortunate to be at a stage where I have a publicist who handles those matters for me now, but if you’re new to the industry, I suggest focusing on your social media and making sure its tight! These days press will come to you if you have the right stuff.
Tip 3: Support Networks
Family
Having a supportive family network has benefits that go just beyond your business’s bottom line. When your family is in your corner cheering on your success, any challenge becomes more manageable. My family cheered me on from day one. They’re entrepreneurs themselves, they always got it and have supported me 100%.
But what about working with family? I think you can tell from the name of my company that I’m all about working with family. My son may only be two and a half, but I can already see the budding entrepreneur in him. I can’t wait to see where it takes him. They say that the apple doesn’t fall far from the tree and in this case, that couldn’t be truer! He’s well aware of what his daddy does for a living and he’s right there in the mix with me. I look forward to seeing his creative genius flourish regardless of the direction it takes him.
Community
The business community is just that — a community. That means there are a wealth of resources to help business owners manage challenges, get advice, and find collaborators. Finding that community and the tools that come with it is a definite key to success.
It’s a different landscape now. When I started out, there was a lack of information; a lack of knowledge. But resources like DHL Mentorship are special because it’s information, tips, and advice coming from people who’ve been there before. It’s the coolest thing to get that type of information readily available to people like myself who are always learning, listening, and trying to find a better way to do what we do.
Tip # 4 Networking, Networking, Networking
Surrounding yourself with knowledgeable, supportive, and like-minded people is a major step towards finding your next. The power of connecting with people and growing your network cannot be overstated. The vision for your business may come from one person, but the more people who share it, the more likely you are to succeed.
About the Author
FGI Visionary Award Winner, George Sully is best known as the original maker of the Star Trek Discovery Starfleet boot. Sully is also a Bata Shoe Museum inductee, the creator of Black Designers of Canada, and co-founder of House of Hayla and his newly minted accessory brand Sully & Son Co., which can be found in both Hudson’s Bay and Harry Rosen.
Learn more about George Sully at Sully & Son Co. or on Instagram at @realgeorgesully