Do you think it is appropriate to purchase an All-in-One E-commerce solution? -
Whether you're selling an app, digital content, or software, there will always be a time when you need think about how you are going to make money from your service for your business to expand.
Subscription? One-time payment? Will my product or service be available around the world? What will the buying experience be similar to? What will be the process for collecting the payment? There are a variety of concerns you're likely to have on your thoughts as you're beginning to think about the ecommerce opportunities for your business.
The investment in tools that are made by home and collecting point solutions from third parties can only take your business so far. When do you know if you should consider investing in a full online shop?
For your convenience, here are some suggestions for both external and internal aspects to be considered before deciding whether an all-in-one eCommerce platform is right for your company.
The External Factors State of the Ecommerce Industry
Consumers are embracing digital commerce.
It is a great opportunity for businesses to profit in this rapidly increasing market. Success lies in focusing on the customer experiences.
The company must stay on top of current trends of the global consumer.
The popularity of cross-border commerce is growing. Forrester predicts that cross-border shopping is expected to comprise 20% of the overall e-commerce market by 2022 which will total 627 billion dollars. Most consumers aren't worried about the location of the company when it comes to making a purchase on the internet. They're incredibly confident in their experience shopping.
Their key to success in an increasingly globalized environment is the capability to accept international payments that offer localized prices as well as a variety of languages and keep local and international compliance with regulations and taxes. A good e-commerce platform allows localized shopping experiences every time for every customer all over the world.
Internal elements that influence your business
Costs rising through DIY or point solutions are making e-commerce experience disjointed.
On first look, it seems sensible to invest your own funds into creating an e-commerce platform that you have created yourself. Actually, a Nelio's customer Nelio, explored the homegrown option before opting for the full platform to run e-commerce. However, these internal systems typically consume a substantial period of time as well as funds to operate. The internal team you have could be better utilized for various other tasks, such as the creation of innovative products and services that can help in the expansion of your business.
On the other hand there is no way to limit to the number of different point solutions your business can acquire for controlling every element of the online user experience. However, these competing tools will cost more in the long run, as well as limiting your organization's ability to deliver the best online shopping experience customers are used to.
Insufficient conversion rates limit how much you earn.
When you experience low conversion rates the problem is usually with you, not the user. Are your visitors surprised by unexpected tax charges? Are they concerned about your security of their data and transaction? Are they unhappy with the lack of payment options?
There are numerous factors that cause low conversion rates on your website. A comprehensive e-commerce platform provides you with the most effective practices and standards within the field, which can boost confidence in the minds of the people that visit your website. If you're struggling to achieve the sales that you were hoping for, it may be the time to make the switch.
Inefficient checkout processes are interfering in scaling your business.
The pages of third-party hosted checkouts or cumbersome checkout procedures will not make the difference. Customers expect a smooth and branded experience during the entire process of checkout. If customers don't receive what they are expecting then they'll look for rivals. For example, relying on developers to keep your pages updated your products will cost you time and money.
Make sure you conduct an audit of your checkout procedure. Heatmaps can help you identify those areas where customers fall off their carts prior to buying. Use that information to combine it together with a top ecommerce service to help you develop modern shopping experiences that include the ability to pop up checkouts right from the page that displays your products along with the capability to offer discounts and promotions, along with cross-sells and up-sells. All this is done without needing to rely on the help of your developers!
Are some of the external and internal forces affecting your business close to home? You may want to move to an integrated platform for e-commerce that can manage every aspect of the online experience of your business. Schedule your custom demo today.
Chris Lueck Chris Lueck is an Executive Director of . Prior to joining , Lueck served as Co-Founder and Managing Partner for Pylon Capital, a privately-held firm that invests in ventures that are entrepreneurial as well as high-growth, technologically enabled service companies. Chris earned an undergraduate Master of Science Degree in Electrical Engineering at the University of Virginia and a Master of Business Administration Degree in business and finance from the University of Southern California. He is currently living in Santa Barbara, California.
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