Do you believe it's appropriate to have an All-in-One Ecommerce solution? -
No matter if you're selling an app as a digital product, digital content or software, there'll always come a point at which you need think about what you can do to generate money off your product or service in order to increase the size of your business.
Subscription? One-time payment? Is my service or product going to be available around the world? What will the buying experience be similar to? What would be the method to collect payments? There are infinite number of thoughts that will be at your fingertips when you start thinking about the potential for e-commerce in your enterprise.
The expense of purchasing tools that are homegrown as well as collecting point solutions from third parties will only get your company to a certain point. But, how do you determine when it's the right time to purchase the complete solution for ecommerce?
To help you out, here are some of the external and internal things to take into consideration in deciding if an integrated eCommerce solution is suitable for your business.
The External Factorsand the State of the Ecommerce Industry
Digital commerce is becoming a popular choice for consumers.
It is possible for companies to gain from the market that is increasing. Success lies in customer experience.
Businesses must pay attention to trends in global consumption.
E-commerce that is cross-border is growing. Forrester believes that the international trade is predicted to make up 20 percent of all e-commerce sales until 2022. Then sales are expected to reach $627 billion. Consumers are no longer focused on the physical location of the business they're considering buy from on the internet. They are expecting the best from the shopping experience.
The key to success in a globalized world is to accept worldwide payments, which offer localized prices, various languages as well as maintain the worldwide and local compliance of taxation and regulations. An effective e-commerce system can manage localized purchasing experiences for every customer around the world.
Internal Factors; Your Company
Costs are rising due to DIY or point-based solutions is making e-commerce experience disjointed.
The idea may make sense investing your funds to create a DIY e-commerce solution. Actually, a customer, Nelio, tried the DIY option before choosing's the complete eCommerce platform. However, these internal products generally require a long period of time and funds to keep. Your internal teams could be better employed for better things like creating innovative services and products that aid in the growth of your business.
However, there is no way to restrict the number of points your business could purchase to cover every aspect of the online purchasing experience. But, the competing solutions will end up costing your business more in the end run, and will restrict your business's capacity to offer the ideal online shopping experience to customers that consumers have come to expect.
Insufficient conversion rates limit the revenue you can earn.
If you're experiencing poor rate of conversion, it's generally that you are the culprit, not the user. Are customers surprised by unexpected tax surprises? Are they worried regarding the security of their data and the transaction? Are they frustrated by the limited selection of payments?
Many factors contribute to lower conversion rates for your website. The all-in-one solution to eCommerce will provide you with the top practices and guidelines within the field that create confidence in your customers. If you're not achieving the sales volume you were looking for, it could be time to make the switch.
Processes for checking out that are not up in date could hinder the expansion of your business.
The checkout page hosted by a third party as well as clunky checkout experience will not make the experience any better. Consumers expect a seamless personalized experience during the checkout process. If they aren't getting what they want, they'll seek out companies. Relying on development resources for updates to the webpages of your products will cost you time and money.
Spend the time to conduct an audit of the check-out process. Heatmaps will help you find places where your customers have dropped off prior to making purchases. Combining that information with an online shopping platform of high-end quality, it allows you to create contemporary purchasing experiences with popup checkouts that are directly linked to your product page as well as the possibility of adding discounts that are exclusive in addition to offering cross-sells or sales. This is all without the need for help from developers!
Do you have some external and internal forces affecting your local business? Maybe it's the right time to shift towards an all-in-one eCommerce platform that can manage all aspects of the ecommerce experience for your business. Schedule your custom demo today.
Chris Lueck Chris Lueck is a member of the Board of . Prior to being appointed to , Lueck served as Co-Founder and Managing Partner of Pylon Capital, a privately-held business which invests in entrepreneurial ventures as well as high-growth and technology supported service companies. Chris earned a Bachelor of Science Degree in Electrical Engineering from the University of Virginia and a Master of Business Administration Degree in Finance and Entrepreneurship at the University of Southern California. Chris is currently living with his family living in Santa Barbara, California.
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