5 Ecommerce Hidden Costs You Need to Know About 5.
You did it!
You've designed your perfect digital program, designed an impressive website and are planning to promote your business. You've even created your social media profiles to build a loyal following. You're ready to take the digital world with you.
Only one question. What are you planning to do about marketing the software you have developed?
It can be tempting to attempt to construct an online store at your own expense instead of paying for an eCommerce platform. However, there are many aspects to think about including processing payment transactions, shopping cart experience, charges, fulfillment of the product, as well as tax/VAT compliance. You'll find yourself having difficult time trying to keep track of everything.
There are a lot of online e-commerce tools and platforms available that can help you run the running of your business. However, finding the best one for you will take some research.
We're happy to help! Take a look at five of the online store costs that aren't obvious and must be aware of.
1. Customization
The shopping cart on your website is an extension of your company's brand. According to research from Kissmetrics the 93% of shoppers consider visual appearance to be the most important factor when making the purchase decision. However, creating a compelling shopping experience that entices visitors to make a purchase is a daunting task.
An ecommerce platform can help you build a storefront, Be wary of them if they insist on using a clunky, rigid non-branded and unprofessional experience. Certain solutions may even cost you to upgrade to a customized storefront. But it doesn't have to be like this!
2. Maintenance
Keeping your ecommerce website functioning requires regular maintenance. It's a 24-hour job to make sure customers are able to make a purchase on your site any time and on any device. A customer's likelihood of having to quit your website is increased by 90 percent when the site is taking more than five minutes to load. The right ecommerce platform will take this burden on for you, so that you can be able to concentrate on other areas of your business.
3. Tax/VAT
Apart from a full-time tax expert, nobody has enough time or the patience to master the tax laws of both countries. If you're planning on taking benefit of the booming global economy and want to take advantage of the global economy, you must be able to accept payments worldwide. The customers feel more secure paying for digital products when they can pay in their own local language and in their currency, and also that the correct taxes are accounted for. If you don't have a properly-equipped e-commerce platform, you'll end up spending lots of precious time and cash to ensure your business's tax compliance is met.
4. Fraud
It's important to recognize that the fraud is an issue of serious concern for ecommerce businesses. The types of fraud are numerous for businesses that sell online. You have to know what to watch out for, such as credit card transactions that are not present, risky method of payment, untruthful or fraudulent vendors, large charges, identity theft and more. It's not meant to put you off from building an enterprise, but it is crucial to make every effort in order to protect your business. The right ecommerce platform will include features that will protect your company from fraudulent transactions.
5. In-house resources
Controlling the ecommerce function of your business requires a significant amount of time and resources. It requires dedication and commitment, paired with an investment of cash, time and time. It will cost you much of money building and managing an e-commerce site by yourself, not to mention the maintenance once it's completed. You'd be surprised what you can get for your money by outsourcing the heavy-lifting management of your company's ecommerce. Think about all the extra time you could be spending on developing brand new products or entering new markets!
There's no question that having a profitable ecommerce site takes lots of effort. However, you don't need to bear the burden on the shoulders of your. Full-Service ecommerce platforms like enable your online business to create an effective e-commerce experience and increase the size of your company.