Selling products and services online is a multi-billion-dollar industry. In fact, it’s a 427-billion-dollar industry in the US alone. Worldwide 1.61 billion people purchased goods and services online. However, many seasoned businesses are struggling to find significant returns on their eCommerce investments. An article in BIG Commerce states that many retailers are struggling to capitalize on their digital sales channels. Today eCommerce competition is fierce. Whether you’re competing directly with the giant eCommerce retailers like Amazon, eBay, and Walmart, or you’re struggling to get your unique new product found in the sea of online sales sites, today you must be strategic and have all your eCommerce ducks in a row. If your web pages don’t have all their T’s crossed and I’s dotted, people will simply go to your competitor and buy from them instead. In this episode of Working the Web to Win, we will cover all the important aspects needed to produce your secret sauce to create a successful eCommerce website business. So, keep reading and learn how to make your eCommerce dream a reality.
Understanding the Cost
If you’re a startup or even a seasoned company, understand that you must keep your eCommerce business efficient. There are lots of hidden costs to doing business online. There are labor costs for setting up and maintaining the website, Costs for processing orders and shipping. Return costs, credit card transaction and banking fees. If you’re using one or more of the giant retail aggregators like Amazon, eBay or Wal-Mart, you will also pay a commission on all sales. Finally, you will have marketing fees, lots of them. Don’t get me wrong; I’m not trying to discourage anyone. I’m just trying to make sure you understand that you must account for all these costs when you create your business model and projections. Other fundamentals you must adhere to are: providing the highest quality content for consumers. Consumer expectations are high, and you can no longer get away with substandard products, customer service or websites that underperform or are poorly designed.
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