In today’s digital age, the ability for businesses to expand beyond local borders and tap into international markets can set the stage for unparalleled growth and opportunities.
For entrepreneurs in Trinidad and Tobago, understanding how to use e-commerce effectively is crucial for capturing both national and global sales.
With a constant cry from the population that the economy is not where it should be, the MSME community needs to start learning how to do e-commerce and putting the right tools and strategies in place that will open them up to participate in the global economy.
It’s 2024 and we have every single thing we need to sell and ship internationally. The biggest challenge is you – the business owner.
Are you willing to learn a new way of doing business? Are you willing to upskill? Are you determined to not give up even though things in the digital space change constantly with major changes happening overnight, forcing you to keep up to date?
If you answered yes, then keep reading.
This guide provides a roadmap for local entrepreneurs to harness the power of e-commerce to expand their reach and scale their operations effectively.
Let’s break down what you need.
Website: Heart of your e-commerce strategy
The cornerstone of your e-commerce business is your website. It serves as your digital storefront, allowing you full control over how you present your products and interact with customers.
A well-designed website should be user-friendly, mobile-optimised, and visually appealing to ensure a smooth shopping experience.
You can use platforms like WordPress, Wix, Shopify or Squarespace. The most important thing to look at when choosing a platform is what payment processor works on these platforms.
Choosing the right payment processor
To handle transactions, you'll need a reliable payment processor. Options available in Trinidad and Tobago include:
– WiPay, First Atlantic Commerce and PayWise: Each payment gateway connects to a variety of website platforms, so make sure to visit each payment gateway's website.
–PayPal: This is the number-one payment gateway in the world and integrates with every single website solution or any other tool you can think of to process payments.
To receive payments from PayPal, you will need a Visa debit card from JMMB, PSCU, Venture or Rhand Credit Union.
PayPal also deposits funds to Visa credit cards only, not Linx cards or Mastercard credit cards.
It will also connect to a Wise digital bank account, which will allow you to add any bank account (personal/business), and Wise can forward the funds to those accounts.
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– Stripe: Although based in the US, it's a robust option if you register your business there, providing a seamless checkout experience.
– Payment links: For entrepreneurs primarily using social media for sales, consider using the e-commerce services provided by local banks (FCB Eazy Biz, Republic EPay, Scotiabank Ecom+).
These services often offer ba
