Are you running a business in the e-commerce industry? If so, then it's important to be aware of the challenges that you can face in this sector.
The problems that e-commerce companies face are not the same as other businesses. They can also be quite difficult to correct but the good news is that there are steps that you can take here.
So, let's explore some of the common issues, along with their solutions to your E-commerce company.
The problems that e-commerce companies face are not the same as other businesses. #ecommerce Click To Tweet
Late Payments One of the Troubles of an E-commerce company
First, you might find that you are struggling with the issue of late payments. Late payments could cripple your business because you won't have the money that you need in your account to pay your suppliers and cover the costs of your company.
This will ultimately lead to your business being dragged into debt. As the debt increases, your business model will become more unstable.
So, the trick here is to make sure that you are staying up to date with your invoices. You can do this with an automated service.
With an automated solution, it's easy to guarantee that your invoices are paid on time each day. You will also know exactly who hasn't paid you yet and this provides you with the option of chasing them up.
Essentially, you can avoid a dire situation with your invoices.
So, the trick here is to make sure that you are staying up to date with your invoices. You can do this with an automated service. #InspireToThrive Click To Tweet
Match List
Have you ever landed on the match list as a merchant? If you have never heard of the match list then you are one of the lucky ones.
The match list is a data set formulated by Mastercard to pinpoint merchants that they consider to be dangerous or high risk. To get off the match list, you'll need to make sure that you understand why you ended up there in the first place.
There are countless reasons why this can happen including a basic mistake. but if it does it could cripple your company.
Low Traffic Another One of the Troubles of an E-commerce Company
It is possible that you are seeing low traffic to your E-commerce business. To rectify this issue, we do recommend that you think about getting more active on social media. Increasing your social media presence will boost engagement and this, in turn, could generate more traffic to your website.
You might also want to think about improving your site. It's possible that your site is seeing a high level of traffic but an even greater bounce rate. One of the easiest ways to fix a high bounce rate would be by speeding up the site.
If the site is fast, then it gives customers less of a chance to click away and explore other options that might be quite similar. You could also consider the structure of the website too.
A lot of customers struggle to find what they are searching for on your website.
If the site is fast, then it gives customers less of a chance to click away and explore other options that might be quite similar. #websites #ecommerce Click To Tweet
Deliveries Can Be One of the Troubles of an E-commerce Company
Customers order online for convenience and speed. They like to see their shipments come within 2-3 days. Shoppers have been spoiled by quick Amazon deliveries. But that's been changing lately with so many orders online and by lack of people to deliver the goods.
One thing you can do is to NOT promise when you can deliver or underpromise. Mark your shopping cart that deliveries can take 7-10 days or even longer if you know you can't deliver by the terms. It is much better to under-promise and over-deliver!
Your e-commerce business can follow up on deliveries.
Moreso, let customers know where deliveries are and when they can expect them to be at their home or office.
That was one of my biggest troubles of running an E-commerce company when I ran a medical scrub site years ago. Late deliveries make customers upset!
Let it be known on your shopping cart that deliveries can take 7-10 days or even longer if you know you can't deliver by the terms. It is much better to under-promise and over-deliver! #ecommerce Click To Tweet
Returns Can Be Costly
Another trouble of running an e-commerce business is the returns. When customers send something back to be exchanged it costs your business money.
Whether you have the products in stock yourself or via a drop shipper, it will cost you more. Your profits will drop. However, you can change drop shippers if one disappoints your company.
The best way to overcome this hurdle is to ensure your products state specifically the sizes, colors, fabric, etc. Be very clear on the products page.
Furthermore, be sure every page of your E-commerce company webpage has a return policy stated. The deadline and instructions should be stated very clearly.
When customers send something back to be exchanged it costs your business money. #ecommerce Click To Tweet
Your Turn
I hope this helps you understand everything that you need to know about the challenges that you could face when you are running an E-commerce company.
If you take the right steps here, then you should have no issues getting your business back on the right track.
What other troubles are you encountering on your E-commerce website? I'd love to know more in the comments below.