5 Hidden Ecommerce Costs you should be aware of 5 Hidden Ecommerce Costs You Should Know About
It was a success!
You've designed your perfect digital program, designed an attractive website, and you have plans to market your brand new venture. You even set up your social media profiles for a devoted following. It's time to take on the digital world with you.
Just one thing. How do you plan on marketing your software?
It is tempting to create an ecommerce solution by yourself instead of purchasing an online platform. However, there are many aspects to think about including processing payment transactions, experience of shopping on the cart, the delivery of products, chargebacks as well as tax/VAT conformity. You'll find yourself having a hard time trying to manage it all.
There are a lot of online e-commerce tools and platforms out there to assist you in running your company. However, finding the best one to your needs will require an amount of research.
Luckily, we're here to help! Take a look at five of the undiscovered costs associated with e-commerce must be aware of.
1. Customization
Your shopping cart for your site is an extension of your company's brand. According to research conducted by Kissmetrics the 93% of consumers believe that the appearance of their website is an important element in buying. However, creating a compelling shopping experience that encourages users to buy is a tall order.
An ecommerce platform can help create a shopfront but be wary when they force you to use an awkward, unresponsive or unbranded user service. Some solutions will even cost you to upgrade to a fully customized website. It doesn't have to be like this!
2. Maintenance
Keeping your ecommerce website functioning requires regular maintenance. It's an ongoing task to ensure that customers are able to make purchases on your website regardless of where they are in the world and on any device. A customer's likelihood of having to abandon your website increases by 90% if the page is taking more than five seconds to load. The right ecommerce platform will alleviate this load your behalf, allowing you to be able to concentrate on other areas of your business.
3. Tax/VAT
Aside from a full-time tax professional, no one has the time or patience to be an expert in domestic and international tax laws. If you're hoping to take benefit of the booming international economy it is essential to accept transactions worldwide. The customers feel more secure paying for digital products when the transaction happens in their native language and currency and that the correct taxes are accounted for. Without a well-equipped eCommerce platform, you'll be spending lots of precious time and money making sure your business is tax compliant.
4. Fraud
It is important to realize that fraudulent activity is an issue of serious concern in e-commerce companies. Fraud can take many forms in e-commerce companies. It is important to be aware of what to look out for - cards-not-present transactions, risky method of payment, untruthful or fraudulent vendors, large chargebacks, identity theft, and many additional. It's not meant to put you off from building a business, however, it's important that you do everything you can in order to protect your business. A good e-commerce platform should come with features built in to safeguard your company from fraud.
5. In-house resources
Managing the online function of your business takes a lot of resources. This requires a lot of dedication, coupled with an investment of time, money and energy. It will cost you an enormous amount of your budget on building and maintaining an ecommerce experience all on your own, not to mention maintaining it once complete. It's amazing by the amount you could save by outsourcing the heavy-lifting management of your company's ecommerce. Think about all the additional time you'll be spending on developing innovative products, or establishing new markets!
The truth is that running an effective e-commerce site requires lots of effort. Luckily you don't have to carry the load on the shoulders of your. Full-Service eCommerce platforms allow your online business to create an effective e-commerce experience and grow your business.