Five Hidden Costs of Ecommerce That You Should Know About 5.
It was a success!
You've created the ideal digital software, built an attractive website, and you have plans to market your business. You even set up your social media accounts to build a loyal audience. You're ready to take the digital world to the next level.
One thing. How will you go about marketing the software you have developed?
It can be tempting to create an online store by yourself instead of purchasing an online platform. There are a lot of factors to keep in mind such as processing transactions, the experience of shopping on the cart, the delivery of products, chargebacks as well as tax/VAT compliance. If you're not careful, you'll have difficult time managing everything.
There are plenty of ecommerce tools and platforms available that can help you run the running of your business. Finding the one that is right is going to take an amount of research.
We're happy to assist you! Check out five hidden costs of ecommerce that must be aware of.
1. Customization
Your website's shopping cart is an extension of your brand. Based on research by Kissmetrics the 93% of consumers think that appearance is the key deciding factor in buying. But designing a dynamic commerce experience that encourages users to buy is a tall order.
A platform for e-commerce can help to create your own storefront however, be cautious when they require you to utilize an awkward, unresponsive, and unbranded experience. Certain solutions may even charge you for upgrading to a customized storefront. But it doesn't have to be that way!
2. Maintenance
Keeping your ecommerce website functioning requires regular maintenance. It's an ongoing task to make sure users can complete purchases on your website any time and on any device. The probability a customer will abandon your website increases by 90% if the page takes up to five minutes to load. An e-commerce solution that is reliable will help with this for you, so that you can be able to concentrate on other areas of your business.
3. Tax/VAT
In addition to a full-time fiscal specialist, there isn't anyone with the capacity or time to master the tax laws of both countries. If you're planning on taking advantage of the growing international economy, you need to accept transactions worldwide. The customers feel more secure paying for an online product if transactions are made in their native country and language, with the appropriate taxes accounted for. Without a well-equipped eCommerce platform, you'll wind up taking a lot of time and cash to ensure that your company is tax-compliant.
4. Fraud
It is important to realize the fact that fraud is a serious issue for ecommerce businesses. Fraud can take many forms in e-commerce companies. You have to know what to watch out for, such as cards-not-present transactions, risky method of payment, untruthful or deceptive vendors, excessive chargebacks, identity theft and additional. We're not trying to put away from starting a business, however, it's important that you make every effort to ensure your company's security. A good e-commerce platform should come with features built in to safeguard your company from fraudulent transactions.
5. In-house resources
Controlling the ecommerce aspect of your company will require a considerable amount of effort. This requires a lot of dedication, coupled with a significant investment in cash, time and energy. It will cost you an enormous amount of your budget building and running an online store on your own, not to mention the maintenance once it's completed. You'll be amazed at by the amount you could save when you outsource the work of running your business's ecommerce. Just think of all that extra time you could be investing in developing brand new products or establishing new markets!
The truth is that running a profitable ecommerce site takes an enormous amount of effort. Luckily you don't have to do it all on the shoulders of your. Full-Service platforms for e-commerce like these allow your digital business to build an effective e-commerce experience and expand your business.