After developing plugins for both WordPress and Magento that allow online merchants within the Caribbean and Latin American regions to accept payments via their website, we took the next logical step and used our WordPress plugin to sell online. What we sell are the same plugins we developed so that other persons wishing to accept payments within the region can do so. It is a new and exciting time for us because we feel as though we are only scratching the surface in the world of E-Commerce.
Creating our own online store really allowed us to walk the walk instead of just talking the talk. This way, we get an all-round experience with E-Commerce from the development perspective as well as the online merchant perspective. Creating this store and selling these plugins also allow us to gauge people’s interest level for E-Commerce and the ability to sell online. These are our findings thus far –
We launched our store on the 8th of January 2016. Within three weeks, and without any online or offline marketing, we received approximately 8 requests for more information about our plugins and how they work. These requests have come from Trinidad and Tobago, St. Vincent and The Bahamas. We continue to receive requests for information about once every week and at the time of this writing (March 3rd 2016) we have sold two plugins.
With this (very early) data we can derive that there is a high level of interest in the prospect of E-Commerce within the Caribbean region. We can say this because we have done no marketing. There are no ads on Facebook or any Email marketing campaigns that send people to our website, they are actually finding our plugin by manually searching on Google. We can also derive that people are actually serious about going online because they have purchased the plugin. We have had about 13 persons who have requested for more information about these plugins and of those 13 prospects, we have made 2 sales.
Let’s do some quick math:
We’ll round down and say that 15% of interested persons were fully committed to E-Commerce and actually bought these plugins. In the world of online sales, a 15% conversion rate is actually VERY high with the global average being somewhere around 2.5%. With both a high level of interest and a high rate of conversion, we can conclude that the time for E-Commerce within the Caribbean region is right now!
Having experienced, making an online sale firsthand, we can certainly understand the reason why E-Commerce drives so much excitement. Our first sale made us feel as though money had magically appeared in our bank account! While this was certainly not the case (we had to work very hard to develop those plugins and we continually work to maintain them), there is certainly a new and exciting feeling about making money online and from different parts of the world. The potential for growth is enormous since we can sell to anyone in the world at any time and we are very excited to see how our customer base grows when we begin marketing this product.
We expect people’s interest in E-Commerce to remain high for the foreseeable future and we also encourage those who may still be on the fence to embrace this new way of doing business. The Caribbean region has actually lagged far behind the rest of the world with regard to doing business online and we hope our plugins make it that much easier to catch up. You can view more information about them by clicking the links below or contacting us if you have other questions. We hope to see your business accepting payments online soon!