Five Ecommerce Hidden Costs You Need to Know About 5 Hidden Ecommerce Costs You Should Know About
It was a success!
You've created the ideal digital program, designed an impressive website and have plans for marketing your business. You've even created your profiles on social media for a devoted fan base. It's time to take on the internet by storm.
Only one question. How will you go about marketing your software?
It is tempting to try to build an e-commerce platform at your own expense instead of paying for an ecommerce platform. But there are so many aspects to think about including processing payment transactions, shopping cart experience, delivery of products, chargebacks and tax/VAT conformity. If you're not careful, you'll have a hard time trying to manage it all.
There's a myriad of eCommerce tools and platforms available to assist you in running the running of your business. But finding the right fit for you will take some research.
We're happy to help! Find out the five online store costs that aren't obvious and must be aware of.
1. Customization
The shopping cart on your website should reflect your company's brand. According to research conducted by Kissmetrics the 93% of consumers think that appearance is an important element in buying. However, creating a compelling shopping experience that entices customers to purchase isn't an easy task.
E-commerce platforms can assist you build a storefront, however, be cautious when they insist on using a clunky, rigid non-branded and unprofessional experience. Certain solutions may even require you to upgrade to a fully customized website. But it doesn't have to be this way!
2. Maintenance
Keeping your ecommerce website functioning requires regular maintenance. It's an ongoing task to ensure that your customers can make purchases on your website regardless of where they are in the world, on any device. A customer's likelihood of having to abandon your website is increased by 90 percent if the page takes up to five minutes to load. The right ecommerce platform will help with this for you so you can be able to concentrate on other areas of your business.
3. Tax/VAT
Apart from a full-time tax professional, no one has the capacity or time to become an expert on the tax laws of both countries. If you're looking to take advantage of the growing world economy it is essential to be able to accept payments worldwide. Customers feel more comfortable paying for digital products when the transaction happens in their native local language and in their currency, and also that the correct taxes are accounted for. Without a well-equipped eCommerce platform, you'll end up having to spend a significant amount of time and money making sure your business's tax compliance is met.
4. Fraud
It's crucial to understand this fraud is an issue of serious concern for ecommerce businesses. Fraud can take many forms for businesses that sell online. There are certain things to watch out for, such as card-not-present transactions, high-risk method of payment, untruthful or misleading vendors, excessive chargebacks, identity theft, and additional. We're not trying to put people away from establishing an enterprise, but it's important that you do everything you can in order to protect your business. A good e-commerce platform should have built-in features to protect your company from fraud.
5. Resources in-house
Managing the ecommerce process of your company requires a significant amount of time and resources. It requires dedication and commitment, paired with a significant investment in cash, time and energy. It will cost you an enormous amount of money building and running an online store all on your own, not to mention maintaining it once complete. It's amazing how much you can save on the burden management of your company's ecommerce. Imagine all that extra time you'll end up investing in developing innovative products, or entering new markets!
There's no question that having an effective e-commerce site requires an enormous amount of effort. However, you don't need to carry the load on your own. Full-Service platforms for e-commerce like these allow your digital business to build a successful ecommerce experience and expand your business.