Don't make this big mistake e-commerce companies often make
It’s a great time to sell online. Last year, many people didn’t want to venture out of their homes to shop at physical stores. That’s why they used online stores to get their essentials.
Statista studies found over 2 billion people bought goods or services online in 2020. Not only that, but sellers made 4.2 trillion U.S. dollars in e-retail sales worldwide. Good news: The online shopping gold rush is nowhere near stopping.
In fact, Oberlo data says there will be around 2.14 billion global digital buyers in 2021. Imagine all the customers you can reel in — and all the profits, too. That’s why many business owners are taking advantage of high-quality eCommerce solutions; they help you focus on the money while they take care of the processing work in the background.
Before you can daydream about your future revenue, ask yourself this critical question
Whenever you’re shopping for a fancy eCommerce solution for your business, it’s easy to be swept away by commercial promises. But before you bite the bullet and click the order button, ask yourself this: “How much does it cost?”
It’s a tricky question with a lot of factors, like:
- Implementation
- Transaction fees
- Integration
- Hosting fees
- Licensing
- Support costs
- Apps
- Extensions
The price for licensing alone can be as low as $30 per month. On the other hand, it could even be around $1,800 per month (or higher).
A new study from Oracle NetSuite says that a business with $10 million in yearly online sales could spend as much as $75,000 for licensing annually. And remember, that’s just for licensing. Think of all the other costs that pile up over time.
Do the math, and you’ll realize eCommerce gobbles up an enormous chunk of your bottom line.
Don’t make this mistake, though
Many business owners want things to be free. Instead of hiring a professional or using a high-quality program, they may just use homegrown spreadsheets and processes. Unfortunately, that can add up to a lot of expensive mistakes.
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