5 Most Common Challenges Faced By eCommerce Businesses Today

19 November 2017

Over the years, a lot has changed in eCommerce due to the continuous development of technology. Competition is tough between online-based businesses and eCommerce sites that’s why they really have to fight a hard battle to gain customers.

E-commerce giants including Amazon and eBay make it even more difficult for start-ups to flourish. But this is not always the case, even small online-based businesses can become successful online. It all begins with understanding the difficulties they may face along the run.

5 Most Common Challenges Faced By eCommerce Businesses Today

If you are considering an online business, check out these five common challenges the eCommerce business faces today.

1. Right Products are not being prioritized

Setting up an eCommerce site is fast and easy and you can run your business in a matter of days. But of course, you have to take into consideration your inventory of products and also your consumer’s needs.

To do this, you can go beyond product personalization. Learn and study purchasing trends and provide your customers better options. You can even offer a wide selection of complementary products along with personalized messages. Entice your buyers with upcoming sales or coupons that will make them interested in buying more products from your store.

2. Digital Sales Platforms are disregarded

Most e-commerce sites focus on driving traffic sales through their main websites and not tapping into other platforms. When discussing digital platforms, this means using mobile phones, tablets, and apps. Not taking advantage of other digital platforms could affect their sales and visibility.

Using digital platforms contribute to more than 70% of eCommerce total sales.Explore other digital platforms to generate more sales. If you are already utilizing these platforms, opt for more enhancements like personalized mobile apps or faster loading speed.

3. Quality Check is not always being done

E-commerce websites unite different vendors offering assorted products to consumers worldwide. Buyers purchases products online and the website deals with all the issues.

Quality checks end up noticeably essential for non-branded products like those which are custom- made. To ensure quality products, make sure to check different manufacturing stages and also it’s better to work with reputable sellers.

4. There is not enough Payment Options

It doesn’t make a difference whether an eCommerce site works locally or all around the globe.Each eCommerce site should offer various payment options. Incorporating different e-wallets to the site is important.

It helps the business gain more additional income. Nowadays, most consumers choose the COD (Cash on Delivery) method as a mode of payment. This option could be impractical but providing wide selections of payment methods can increase cash flow.

5. Poor Customer Sales Support

When the buyer receives their purchased products, the selling process doesn’t end there. Truth is, it begins right when a customer signs onto an eCommerce site. Then it continues even after the purchaser gets the item they have obtained.

Almost 50% of online consumers need access to customer support before, during and after buying a product. Personalized support may not be possible to offer in all instances however a good way to deal with queries is providing detailed FAQs and good customer support channels.

Conclusion

Numerous e-commerce businesses invest a lot of time building up a perfect catalog which leaves them insufficient time to confront previously mentioned challenges. To perform well in your online eCommerce business, you have to have access to some punchout solutions that can make your job easier and smoother. You have to take professional services from industry experts to make sure all the technical aspects of your website done properly.

Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Lease Vs Buy: What’s Better For The USA Based Business

Small business owners face numerous considerations when deciding whether to purchase or lease a business facility. Once a business owner identifies their specific facility requirements and successfully locates the ideal property, they encounter another crucial choice: Should they buy or rent the property? This decision arises in two distinct scenarios: First, when the owner of the desired property is open to either selling or leasing it, and second when you have multiple options, some available for purchase and others for lease. To make this decision confidently, it's essential to evaluate the financial aspects and the determining factors that influence the suitability of leasing versus buying a business facility. Comparing The Economics Of Leasing Vs. Buying What should you go for when it comes down to lease vs buy for business? In business decisions, few choices are as pivotal as determining whether to lease or buy assets. This holds for many assets, from real estate to equipment, vehicles, and more. This decision can have significant financial implications for business owners, and understanding the pros and cons of leasing versus buying is crucial for informed decision-making. Let’s explore the economics of these two options, exploring the advantages and disadvantages of each to help business owners make the right choice for their specific circumstances. The Economics Of Leasing Leasing, as a financial arrangement, is a concept that extends beyond the realm of property and includes various assets such as vehicles, equipment, and even software. At its core, leasing is a method of obtaining the use of an asset for a specified period while making regular payments to the asset's owner, whether it's a lessor or a financial institution. The economics of leasing involve several key factors that affect the decision to lease rather than purchase outright. One of the primary economic benefits of leasing is the conservation of capital. When you lease an asset, you avoid the substantial upfront cost of purchasing it. This is particularly advantageous for businesses, allowing them to allocate their capital to other essential operations or investments. For individuals, it means not having to deplete their savings to acquire a costly asset, whether it's a car, a piece of machinery, or even a home. Leasing often offers more predictable and manageable cash flows compared to outright ownership. Lease agreements typically involve fixed monthly payments over the lease term, making it easier to budget and plan for expenses. Tax benefits can also make leasing an economically attractive option. In some cases, lease payments are tax-deductible as a business expense. This can lead to significant tax savings for companies. However, tax benefits can vary depending on the asset being leased and the specific tax regulations in place. However, There Are Economic Drawbacks To Leasing As Well: Long-Term Costs: Over an extended period, leasing can be more expensive than buying, primarily due to the cumulative cost of lease payments. No Equity Buildup: When you lease, you do not build equity in the asset. It remains the property of the lessor. Limited Control: The lessee must adhere to the lessor's terms and conditions, which can be restrictive. The Economics Of Buying The decision to buy an asset, whether a property, a vehicle, or any significant investment, is a fundamental economic choice with both immediate and long-term financial implications. Understanding the economics of buying involves considering various factors that impact the purchase decision and how ownership affects one's financial situation. One of the central economic aspects of buying is the upfront cost. When you decide to buy an asset, you typically need to pay the full purchase price, which can be a substantial one-time expense. This upfront payment represents a significant commitment of financial resources and can affect your liquidity, especially for big-ticket items like real estate or high-end machinery. Buying an asset often means having complete control and decision-making authority over it. You can customize, modify, or use the asset as you see fit. This sense of ownership can be economically empowering, allowing you to tailor the asset to your specific needs or preferences. Mortgages and loans are common financial instruments for buying high-value assets like real estate or vehicles. These arrangements enable individuals to spread the cost of the asset over time. While loans may involve interest payments, they make the purchase more accessible and can be financially strategic. However, Buying Also Has Its Economic Downsides: Higher Initial Costs: Purchasing assets often requires a substantial initial investment, burdening businesses with limited capital. Risk of Depreciation: Some assets, like vehicles and certain equipment, can depreciate over time, impacting their resale value. Maintenance Costs: Owners are responsible for maintenance and repairs, which can be costly. Reduced Flexibility: Selling owned assets can be time-consuming and might not be feasible in rapidly changing business environments. Factors To Consider When Making The Lease Or Buy Decision The lease vs. buy decision is critical and can significantly impact a business's financial health and long-term prospects. To make an informed decision, business owners must weigh several important factors. Here are key considerations to keep in mind: Financial Considerations The financial aspect is often the cornerstone of the lease or buy decision. One of the initial considerations is the upfront costs. Buying a property typically involves a substantial financial commitment, including a down payment, closing costs, and potential expenses for renovations or furnishing. On the other hand, leasing usually requires a security deposit and the first month's rent, which are notably lower than the upfront costs of buying. Another critical financial factor is the monthly expenses associated with each option. While leasing tends to result in lower monthly costs than buying, owning a property often entails higher mortgage payments. However, these payments contribute to building equity in the property. Additionally, the potential for property appreciation is a financial consideration, as owning a property allows you to benefit from the property's value increase over time. Conversely, leasing may increase annual rent, impacting your financial planning. Lastly, the tax implications are significant. Property ownership can provide tax benefits, such as deductions for mortgage interest. In contrast, leasing does not offer these tax advantages but may simplify financial management. Long-Term Goals Your long-term objectives play a pivotal role in the lease or buy decision. Buying might be the more suitable choice if you are interested in benefiting from property appreciation and potentially selling the property for a profit. On the other hand, if flexibility is a priority, such as the ability to relocate or change your living situation without the responsibilities of property ownership, leasing provides greater adaptability. Understanding your long-term goals is crucial in deciding to align with your aspirations. Responsibilities and Maintenance The responsibilities and maintenance associated with each option are essential factors to consider. Property maintenance costs, such as repairs and upkeep, are the responsibility of property owners. Leasing, however, often shifts these responsibilities to the landlord responsible for maintaining the property. Moreover, property ownership allows for customization and renovation, allowing you to modify the property to your preferences. In contrast, leasing may come with limitations on modifying the property, as any alterations typically require landlord approval. These factors highlight the practical aspects of the lease or buy decision and the degree of responsibility you are willing to undertake. Market Conditions The state of the real estate market at the time of your decision is a critical external factor. It can significantly influence the cost-effectiveness of leasing or buying. Buying may be more advantageous in a buyer's market, characterized by lower property prices and favorable interest rates. In contrast, leasing might be the more prudent choice in a seller's market with rising property prices, as property prices may be inflated, making buying less cost-effective. Duration of Stay Your anticipated duration of stay in the property is a key factor. For a short-term stay, leasing is often a more practical option. Buying may not provide enough time to build equity and recover the upfront costs of property ownership. Conversely, plan to stay in the property for an extended period. Buying can be financially advantageous in the long run, allowing you to benefit from property appreciation and build equity over time. Making The Decision The decision to lease or buy should be based on your business's unique needs, financial situation, and long-term goals. Conducting a thorough cost-benefit analysis, factoring in your specific circumstances, and considering how the economics of leasing or buying align with your business strategy is advisable. Read Also: How Business Owners Can Better Utilize Freelance Work 5 Office Organization Tips Every New Business Owners Must Know Alternative Business Financing – What Is It And How Do You Do It?

5 Reasons Why Having Software for Your Business Matters

Are you running a business on your own? If yes, chances are you may face many hurdles along the way, especially if things get too busy in your shop. You have to look out for numerous aspects to make sure that your business will grow and every operation will run as smoothly as possible. Businesses flourish not only because of the customers buying their goods but also because the operations inside are also well-controlled and tracked, thanks to various business software that makes the hardest tasks easier! As a business owner, you must be wise in making decisions and taking rightful actions to smooth sailing sales. This is why having software for your business matters because it could make complex things simpler. Also, get a chance to save a lot of money too! You may check out the information stated below about reasons why having software matters in running a business. Reduces Workload If you have a fast-growing business, it is not a shock to encounter complex and numerous customer demands. Not to mention, trends change from time to time, which adds to the workload you have to face. To better handle these kinds of situations, business software could make the challenging and most time-consuming jobs finish faster than manually. So, if you're one of those starters who can't afford to hire new employees, having the right kind of software could help your company's progress. Additionally, you could significantly cut costs of your business and allow your employees to focus on other, more important priorities. Helps Improve the Company's Customer Service If you want to build a good and long-lasting relationship with your customers, getting business software could help. As technology gets better over time, connecting with a wide audience is also more accessible and faster. Software specializing in phone systems like Weave VOIP phones could help you track your customer's requests and easily respond to them right away. In this way, you could also build a better business image. Additionally, having great software makes it easier for you to reach out to your customers and respond to numerous requests, even if you have a long list of notifications. You could manage, organize, and be reminded through the software about your urgent schedule with it. Makes Scheduling Easier and Faster Time management is vital in running a business. There's no time you could waste, and employees should be productive in their work. In helping you improve in this aspect of your business operations, scheduling business software could help promote better workflow and prevent misunderstandings. Not to mention, it gives a better work-life balance and cuts down on labor costs and the overtime employees. As your business grows, you will also deal with training new staff, adding time shifts, handling orders, and the good thing is that software will take charge of your scheduling needs. It could also remind you of your important tasks and projects to help you keep track of your progress. If you could execute professional scheduling in your business, you will see positive changes. Good and Reliable Tracking In having a better run business, you must have a backup wherein you could keep the important information of your customers using the software. The software will make things easier for you and help in organizing them too. For instance, if you have a customer that you have not gotten into contact with for a couple of months, your chosen software could help you identify who they are and give you valuable information about the history of the relationship you have with them. Through this, you could establish a better response to them. Eliminate Space for Mistakes Everyone is indeed capable of committing mistakes. That is something that we all cannot deny. Committing an error is a natural part of life. Still, with the help of software, it could significantly reduce the usual human errors that are usually the roots of losing customers and business profit. Technology has grown better over time, and obviously, more people are now dependent on gadgets and various advancements. Thus, it has been very beneficial to business owners who use software to reduce human error since technologies are accurate and well-trusted. Some of the common mistakes that software could help solve are misunderstandings, forgetfulness, proper standardization, and more. But, you have to remember that you must not be frustrated when something goes wrong. Mistakes are made for people to learn and improve, and fortunately, the software is one of the best ways to reduce its likelihood of occurring. Takeaway There are many more ways on how good business software could help create better and faster operations. Having software is proven to help in management, sales, tracking, and many more. If you wish to have business software in handling some of your business needs, this could be the right time. You may check out the reasons, as mentioned earlier, why it's good to have one! Read Also: The Value of Business Systems Try These Mac Screen Recording Software For Your Next Webinar Tips to Choose the Best Inventory Management Software

Business Insurance Covering Tree Trimmers: Insurance Policies You Need To Know

After the pandemic was under control, one business industry started flourishing, the Tree Trimming business. But, unfortunately, the trees and other plants that were left to grow during these past eighteen months have now started causing problems for people. A few entrepreneurs were able to see this marketing surfacing up and started planning to launch a tree trimming business. However, you must understand that this business is different from the other businesses and needs extra care to succeed. While starting the tree trimming business, there is an area where you need to invest more of your time. We are talking about service insurance policies. The tree trimming business is a different kind of business and potentially one of the dangerous jobs there. Hence, you must select the right business insurance policy to protect your business from any catastrophic event. What Are Business Insurance Policies? A business insurance policy is a way to guard your business against any uncertain losses. Of course, the losses we are talking about here are not the business losses but the losses that accrue during the regular course of business. There are different types of insurance policies. Depending on your business structure, different policies might be applicable to your business. This insurance covers property damage, equipment damage, legal battle, and employees oriented risks. Types Of Tree Trimmer Insurance Policies There are multiple business insurance policies. Depending on what type of business you have, the policies integrated with your business might vary. To understand which tree-trimmer-insurance is the best for your tree trimming business, work with your insurance agent. Here are a few insurance coverage options that your agent might recommend to you. 1. Professional Liability Insurance Professional liability insurance is commonly known as Errors And Omissions. This insurance protects the business from any false claims against your services. If you are going to have a tree trimming business, this business insurance policy is important to have. Professional Liability insurance will cover the damages that might be accrued during your work. This really helps you work at ease, knowing that any damages sustained will be recovered. 2. Commercial General Liability Insurance General liability insurance is the most basic insurance policy; almost every business has this insurance policy. However, if you really want to protect your business, you must have commercial general liability insurance. In fact, this type of coverage policy is significant if you're dealing with the customers. The Sad truth of today’s society is that you cannot trust anyone. Hence, having this insurance coverage protects your business from any unnecessary lawsuits. General liability coverage is designed to protect your tree trimming business from my thyroid-party claims. For instances: Property damage. Damaging the job site. 3. Commercial Auto Insurance Commercial auto insurance acts as your personal car insurance. This ensures that if your vehicle is damaged while offering your services, you can claim the damage from the insurance coverage. However, this insurance policy covers only commercial vehicles, such as cars, trucks, vans, and other motor vehicles used in the tree trimming business. However, there are some instances where the personal car also gets covered while they are used during the business process. Therefore, commercial auto policies are written higher than personal policies assuming that the damage accrued will be more than normal. 4. Commercial Property Insurance A property insurance policy safeguards your business from any damage done to the building while offering services. The insurance also covers the loss of income and even increases the expenses that result from property damage. Any damage to the business property would not be covered under the general liability. This is where the Commercial property insurance policy helps you. It gives protection to all physical parts of your business. 5. Worker’s Compensation Insurance Worker’s compensation insurance intends to protect the business and business owners from the employee's claims. This usually happens when the employees are injured, dividing the business hours and want compensation from the employer. All states require worker’s compensation insurance policies from the businesses, but the requirements might vary depending on which start you carry on your tree trimming business. For instance, some estates ask the businesses to mandate the worker’s compensation policy, while others give the owner discretion not to have until a set number of employees is reached. Considering the risk associated with the tree trimming business, we recommend that you carry worker’s compensation insurance for your business. FAQs (Frequently Asked Questions) We understand that no matter how much we talk about the business insurance policies, there will always be some unanswered questions. Therefore, we have taken this opportunity to curate those questions and answer them all. Q1: Are Insurance Important Before Starting The Business? Yes, you should invest in coverage policies before you can interact with your customer. Although the cost of business insurance might seem high, it is the best way to protect your business in the long run. After all, you cannot buy insurance to cover up all the damages after the event has taken place. Q2: Will Business Insurance Protect Your Business From Everything? Business insurances are ways to protect your business from the social lament of society. But, it doesn’t completely protect your business from everything. There are certain exceptions that might directly be written in the policy. However, do that only after consulting your business lawyers and policy in-depth to avoid any blind spots. Q3: Difference Between Business Insurance & General Liability? The difference between the two is clear as day. One is an umbrella term used for all types of business insurance, while one is a type of business insurance. Business Insurance is a generic term used to define all types of insurance coverages a business needs. In comparison, General Liability is a specific type of coverage a business needs to protect its assets. Take Away It is important to find the right insurance professional to help you guide through the complexity. You must understand that you might be an expert in business operation, but insurance policies are different. To learn more about tree trimming business insurance requirements and the cost associated with the services, reach out to us today. Read Also: Why You Need Classic Car Insurance? Four Different Types of Insurance Everyone Needs Steps to Take After Being Involved in a Ridesharing Accident

5 Most Common Challenges Faced By eCommerce Businesses Today

5 Most Common Challenges Faced By eCommerce Businesses Today

1. Right Products are not being prioritized

2. Digital Sales Platforms are disregarded

3. Quality Check is not always being done

4. There is not enough Payment Options

5. Poor Customer Sales Support

Conclusion

Best Office Design Trends for 2018

5 Ways To Reduce The Packaging Cost In Your Business

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Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Related

Lease Vs Buy: What’s Better For The USA Based Business

5 Reasons Why Having Software for Your Business Matters

Business Insurance Covering Tree Trimmers: Insurance Policies You Need To Know

5 Most Common Challenges Faced By eCommerce Businesses Today

5 Most Common Challenges Faced By eCommerce Businesses Today

1. Right Products are not being prioritized

2. Digital Sales Platforms are disregarded

3. Quality Check is not always being done

4. There is not enough Payment Options

5. Poor Customer Sales Support

Conclusion

Share this Article

Best Office Design Trends for 2018

5 Ways To Reduce The Packaging Cost In Your Business

Tags

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

Leave a Reply Cancel reply

Popular

Follow Us

Recent

Related