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An eCommerce platform is a tool that helps businesses sell online, handling everything from product listings to payments, making it easier, more cost-effective, and safer to reach customers worldwide When choosing one, consider budget, scalability, customer support, and ability to reach your target market.
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If you’re reading this blog, you’ve likely interacted with several eCommerce platforms. However, you probably did not call it that. Either way, eCommerce platforms are the holy grail of online customer shopping today. But what does the concept of eCommerce platforms mean?
eCommerce is more than just a virtual storefront, and we’ll show you why in this article. Keep reading as we share insights into what an eCommerce platform is and the advantages it offers.
An eCommerce platform is a software application or online-based service that facilitates the exchange of goods and services over the Internet. eCommerce platforms can be described as digital meeting points of transaction for buyers and sellers of goods and services to conduct their businesses online.
In essence, eCommerce platforms help provide businesses with the essential infrastructure to establish and operate their online presence, enabling them to reach a global audience of potential customers.
You’ll also find that these platforms offer a range of tools and features to facilitate the entire online shopping experience, from product catalog creation and website design to payment processing, inventory management, and order fulfillment.
With eCommerce platforms, you can generally enjoy higher productivity and profit margins without incurring many of the expenses, stress, and risks associated with physical stores.
Here are some more reasons you should invest in an eCommerce platform:
As a business owner, eCommerce gives your business global visibility. It enables you to access online customers beyond the shores of your local environment. By migrating your business to the cloud, you effectively expand your target customer market while increasing your potential for greater profits
In addition, an eCommerce platform will offer your business 24/7 accessibility, which can enhance your opportunities to increase revenue. Unlike traditional brick-and-mortar stores, your eCommerce platform does not have to close your business at the end of the working day. Instead, you get to meet your customers when and where they want to shop.
Businesses that are based on eCommerce platforms are cost-efficient and easier to run than physical stores. eCommerce enables you to save what you need to spend on rent, utilities, and repairs. Compared to the cost of maintaining physical stores, the hosting fee you pay for an eCommerce platform is much more pocket-friendly.
eCommerce platforms provide you with valuable consumer data that can help you make informed decisions on how to strategically evaluate your business performance.
There are certain features an ideal eCommerce platform must possess. Overall, these features help to guarantee ease of doing business and customer convenience:
Start with an eCommerce platform that is designed for B2B that integrates deeply with your ERP. This will enable you to provide buyers with real time stock availability, for example. If possible, look for a system that is low code/no code, where you can do at least some of the work without the need for professional developers.
A catalog management feature allows you to efficiently manage your products online, helping ensure that your page's product listings, descriptions, prices, and images are current.
With the order management feature, you can automatically process customer orders 24/7.
What's an eCommerce platform without a payment processor? After all, your customers have to be able to pay for the products they buy.
Payment processors automatically help to process payments from customers and verify them to reduce incidences of fraud. Automated payment processors on your eCommerce platform give a green light to your customers and make your business more credible.
Additionally, payment processors with various mediums of payment enhance customers' experience and reduce cart abandonment rates.
If there's one thing you should invest in when building your eCommerce platform, it's security. Security features protect your customers' data and fortify your organization against fraud. It gives your business credibility, builds brand reputation, and makes customers willing to patronize your business.
In addition, enhancing the security of your eCommerce platform helps maintain business continuity and prevent downtimes associated with data breaches.
It is also important that you integrate backup and data recovery features into your eCommerce platform. As a business, you will most likely have a need to store your product listings, order history, transaction history, and customer data. Backup and data recovery features protect your business from costly data loss.
These backup features also help you seamlessly, securely implement your cloud migration strategy from one platform to another.
No doubt, your business can realize significant benefits from moving to an eCommerce platform. But which one is right for your business? Let's explore some aspects of the available platforms:
Open source software refers to software that makes its source codes available for users to inspect, modify, enhance, and develop. Open source provides one of the best eCommerce platforms out there. Interestingly, they are mostly free, which makes them cost-effective.
Open source provides users with the means to inspect the source codes for security weaknesses and modify them to suit specific business and security needs. You’ll also get complete ownership and control of your eCommerce platform.
In addition to all these, open source permits business scalability and larger catalogs, giving you the perfect avenue for business growth. It can also integrate seamlessly with third-party platforms.
Software as a Service, or SaaS, refers to online-based services that you use online and purchase on a subscription basis from a cloud provider.
What makes it an ideal eCommerce platform for B2B is that SaaS software is uniquely designed for managing online business.
Since SaaS is cloud-based, it can save you from the cost of setting up and maintaining your server infrastructures. SaaS also invests heavily in security, with frequent updates to stay ahead of any trends and specialized teams to manage data privacy.
SaaS typically gives you access to inbuilt analytics and reporting tools that provide your business with valuable data on customer behavior that can help you improve customer satisfaction
Headless commerce refers to software that has its front end (the storefront and user experience) separated from its back end (your data and analytics). This flexibility makes it especially well-suited for B2B businesses.
Headless commerce has a fortified security system that makes it more difficult to hack, due to the differentiation of the front and back ends. It is also scalable, developer-friendly, and integrates easily into existing systems.
It's essential to balance the immediate needs of your business with your long-term operational goals and priorities. Here are a few things to keep in mind:
Consider selecting a cost-effective platform that won't break the bank for your business, taking into account likely expenditures for maintenance, hosting, and subscription fees. While doing this, ensure you are financially prepared for the journey ahead.
It is important that you go for platforms that have integrated SEO tools as well as social media and email marketing options, enabling you to reach your target market and drive sales.
Your platform should be flexible enough to tolerate business expansion and new sales channels, while also structured to handle growing traffic on your sales platform.
eCommerce platforms sometimes require integration and updates, so it's essential to choose a platform with strong user support capabilities.
Ultimately, the choice of an eCommerce platform depends on a business's specific needs, goals, and resources, but all aim to streamline the complexities of online retail, making it accessible to businesses of all sizes.
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