Like much of the business world in general, the online retail space is filled with buzzwords. Companies rush to implement the latest trend, fearing that they’ll miss out on opportunities if they don’t enact the latest thing everyone is talking about.
The truth is that growing a successful digitally native vertical business is all about using an ecommerce platform that provides you the best tools and solutions so you can sell better than anyone else. Read on to learn more about how the right ecommerce platform can help secure your business while making more money.
Data is everything in online retail, so you need to pick a platform that provides you an insight into your store data with powerful analytics. There are platforms out there with over 20 different dashboards, which clearly present every aspect of your business and customer lifecycles to you with easy to understand visuals. This line of sight allows you to make good business decisions.
Get a separate dashboard for subscriptions, affiliate analysis, order analysis, P-&-L, and more. You should be able to filter through each analytics dashboard based on traffic source, channels, verticals, campaigns, or whatever custom Smart Tags help you reach your business growth goals.
Leveraging this type of data is what informs the platform’s algorithm so that your ecommerce store can cross-sell and up-sell products more effectively. How can you know what related products they want to buy, if you don’t truly know your customer?
Safe Transactions, Fewer Chargebacks
Online retail businesses don’t have a security guard, a CCTV camera or alarms — ecommerce businesses need robust digital security that verifies that buyers are real, and security which safeguards all company and customer data.
Only consider ecommerce platforms that have their own anti-fraud specialists and features. It is even better if they partner with industry leaders to provide multiple layers of protection. When you get industry-leading identity verification, it’ll mitigate chargeback risk for your business and shift the liability from you to the issuing bank. Chargebacks should go down on average 20% when you use a real industry-leading platform.
Investing in security is essential: not only do the transactions themselves need to be secure, but consumers need to feel the perception of security so they make purchases without making even the slightest hesitation.
Reduce Cart Abandonment
One of the pitfalls of ecommerce is cart abandonment, a term for when consumers put something into their cart but close the window before the sale is complete. Many ecommerce businesses are offering subscription-based services, as a way to keep sales constant and revenue predictable.
The cart abandonment rate is a shocking 70%, but there are ecommerce platforms that specialize in revenue maximization. They make it easy to manage your company’s shopping cart experience, so consumers face no hurdles to clear when they make purchases.
Ecommerce is thriving, and it evolves quickly and can be quite complex. When it comes time to choose an ecommerce platform to grow your digitally native vertical business, don’t get too focused on any one trend. Find the platform that lets you understand your customer and your business, so you can protect both while generating more sales for your company.