5 Hidden Ecommerce Costs You Need to Know About -
You did it!
You've created the ideal digital program, designed a beautiful website, and you have plans to market your new business. You even set up your social media profiles to create a following. It's time to take on the internet with you.
One thing. How will you go about selling the software you have developed?
It is tempting to create an online store on your own instead of investing in an ecommerce platform. But there are so many factors to keep in mind including processing payment transactions, shopping cart experience, charges, fulfillment of the product, and tax/VAT conformity. It's difficult time managing everything.
There are a lot of online e-commerce platforms and tools available to assist you in running your company. Finding the one that is right to your needs will require some research.
We're glad to assist you! Take a look at five of the hidden costs of ecommerce that must be aware of.
1. Customization
Your shopping cart for your site should reflect your company's brand. Based on research by Kissmetrics, 93% of consumers consider visual appearance to be an important element in a purchasing decision. However, creating a compelling shopping experience that entices customers to purchase is a tall order.
E-commerce platforms can assist you build a storefront, but be wary when they require you to utilize an unwieldy, rigid, and unbranded experience. There are some solutions that will charge you for upgrading to a fully customized website. There's no need to go this way!
2. Maintenance
Keeping your ecommerce website functioning requires regular maintenance. It's a 24-hour job to ensure that users can complete a purchase on your site regardless of where they are in the world, on any device. It is likely that a user will quit your website increases by 90% when the site can take up to 5 seconds to load. The right ecommerce platform will alleviate this load for you, so that you can concentrate on the other aspects of your company.
3. Tax/VAT
Apart from a full-time tax specialist, there isn't anyone with the capacity or time to be an expert in domestic and international tax laws. If you're planning on taking advantage of the growing world economy it is essential to be able to accept payments across the globe. Customers feel more comfortable paying for an online product if transactions are made in their own language and currency and accounting for the right taxes for. If you don't have a properly-equipped e-commerce platform, you'll end up taking a lot of time and money making sure your business is tax compliant.
4. Fraud
It's crucial to understand this fraudulent activity is an issue of serious concern for ecommerce businesses. Fraud comes in several forms for ecommerce businesses. It is important to be aware of what you should be looking for: card-not-present transactions, high-risk payments, untrustworthy or misleading vendors, excessive chargebacks, identity theft, and a lot other things. We're not trying to put you off from building a business, however, it's crucial that you take every precaution to ensure your company's security. An ideal ecommerce platform will have built-in features to protect your company from fraud.
5. Resources in-house
Managing the online function of your business requires a significant amount of time and resources. It requires dedication and commitment, paired with a heavy investment of time, money, and energy. The result is that you will spend much of money building and running an online store by yourself, not to mention the maintenance once it's completed. It's amazing what you can get for your money on the burden management of your company's eCommerce. Think about all the additional time you'll 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. Luckily you don't have to do it all on your own. Full-Service ecommerce platforms like enable your business online to develop an effective e-commerce experience and expand your business.