Ecommerce Tips 101: Get the Right Platform

OlufisayoOctober 18, 201901,307 views

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The internet has changed the way the world works very quickly. Can you imagine trying to explain to someone decades ago that one day people could pay for things on their phone, and that the product would arrive at their door?

The online world changes quickly, especially the eCommerce landscape. One of the new ways businesses are developing a consistent, reliable stream of revenue is offering subscription-based products and services.

This could mean having your favorite product that you consume regularly appear weekly or monthly at your door in a box, or perhaps it’s in publishing and what you’re subscribing to is articles. Either way, if you have a subscription-based e-commerce business, you need the right underlying platform if you want to really drive sales and maintain security.

Smart Tools Boost Sales

The internet age is all about converting the sheer bulk of data in the world into sales. Online stores rely on cross-selling and up-selling to grow revenues exponentially, and this requires the right data so you can highlight and feature the most complementary products.

When consumers are shown related products that might interest them — either higher-grade versions of what they’re buying or a related product — it’s a crucial chance to add to the sale that can’t go to waste.

The eCommerce platform you choose should help you get the most out of your business data with high-level dashboards powered by advanced cohorting and segmentation logic. These kinds of insights will help you understand trends like Churn or Recurring Rate. You can learn more at LimeLight about all the other ways that industry leaders have of using analytics to drive cross-selling and up-selling, so as to boost revenue.

Reduce Cart Abandonment

The bane of any eCommerce business is cart abandonment, the term for when a consumer places something in their cart but then closes the window before the sale is complete. One study showed that the cart abandonment rate is an astronomical 70%!

Subscription-based businesses don’t face this problem the same way. They specialize in revenue maximization and have many tools to solve the reasons why cart abandonment takes place, such as the checkout process being too long or complicated.

World-Class Security

As brick and mortar stores have locks and security cameras to keep protected, digitally native vertical businesses require world-class security to keep transactions and all sensitive data safe. Fraudulent transactions are rampant in e-commerce, and they can be a serious detriment to eCommerce companies.

Businesses need a platform which has its own anti-fraud services but also pairs up with industry leaders to give the best security possible. Knowing that your sales are real sales makes all the difference, and pairing with the right eCommerce platform can reduce your chargebacks and representments by an average of 20%. Ecommerce relies on not just having fundamentally secure transactions, but on consumers perceiving and expecting that their transactions and data will never be at risk.

The modern business climate is an exciting place where things change dramatically and quickly. Keep up with the pace of change with the right eCommerce platform for your subscription-based business.

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