5 Hidden Ecommerce Costs you should be aware of -
It was a success!
You designed the perfect digital application, created a beautiful website, and you have plans to market your business. You've even created your profiles on social media to create a fan base. Now you're prepared to take the world of digital media by storm.
Just one thing. How do you plan on selling your software?
It can be tempting to create an online store by yourself instead of purchasing an ecommerce platform. There are a lot of factors to keep in mind like processing payments, the shopping cart experience, product fulfillment, chargebacks, as well as tax/VAT conformity. You'll find yourself having trouble managing everything.
There's a myriad of eCommerce tools and platforms out there to help you with your company. But finding the right fit for you will take time and effort.
We're glad to help! Find out the five hidden costs of ecommerce that are worth knowing.
1. Customization
The shopping cart on your website is an extension of your business's image. According to research from Kissmetrics that 93% of shoppers think that appearance is an important element in a purchasing decision. However, creating a compelling shopping experience that entices customers to purchase is a tall order.
An ecommerce platform can help to create your own storefront but be wary when they insist on using an awkward, unresponsive or unbranded user customer experience. Some solutions will even require you to upgrade 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 an ongoing task to ensure users can complete purchases on your website any time and on any device. A customer's likelihood of having to leave your site is increased by 90 percent if the page takes up to five seconds to load. The right ecommerce platform will take this burden on for you so you can be able to concentrate on other areas of your business.
3. Tax/VAT
Apart from a full-time tax expert, nobody has the capacity or time to become an expert on domestic and international tax laws. If you're hoping to take benefit of the booming global economy and want to take advantage of the global economy, you must accept transactions worldwide. The customers feel more secure paying for a digital product when they can pay within their language and currency and accounting for the right taxes for. If you don't have a properly-equipped e-commerce platform, you'll be taking a lot of time and cash to ensure your business's tax compliance is met.
4. Fraud
It's crucial to understand the fact that fraud is a major issue in e-commerce companies. The types of fraud are numerous for businesses that sell online. There are certain things 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 a lot additional. We're not trying to put away from starting a business, however, it's important that you make every effort in order to protect your business. The right ecommerce platform will come with features built in to safeguard your business from fraud.
5. Resources in-house
The management of the online aspect of your company requires a significant amount of time and resources. It takes true dedication coupled with a significant investment in cash, time and effort. The result is that you will spend much of your budget on building and managing an e-commerce site by yourself and then keeping it up and running after the project is completed. You'd be surprised how much you can save by outsourcing the heavy-lifting of running your business's ecommerce. Think about all the extra time you'll end up using to develop brand new products or establishing new markets!
The truth is that running an effective e-commerce site requires a lot of work. Luckily you don't have to do it all on the shoulders of your. Full-Service ecommerce platforms like enable your digital business to build the best e-commerce experience possible and expand your business.