It was considered accepted folk wisdom that there was one skill called “selling,” and people either had talent in it or they didn’t. This might have been true when sales were primarily face-to-face when skills involved required reading people and getting them to believe in your pitch.
But in eCommerce, sales are the result of the consumer interacting with a company’s website. For digitally native vertical businesses (DNVBs), traditional skills in sales aren’t enough: they need an eCommerce platform that provides the best tools and solutions to keep sales strong and secure.
Read on to learn more about how the right Content Management Platform gives your eCommerce business the tools it needs.
Data has always meant the world to businesses, and it’s only truer in eCommerce. There are eCommerce platforms like LimeLight which give you as many as 20 different dashboard views, clearly presenting each aspect of your business and customer lifecycles so you can make informed business decisions.
You need to be able to see a custom dashboard for subscriptions, affiliate analysis, P-&-L, order analysis, and other dimensions of your company. Additionally, you should be able to filter through each analytics dashboard based on criteria which help your business to grow, such as channels, verticals, traffic source, campaigns, and other custom Smart Tags.
The type of data embedded in your platform’s algorithm will help determine how effectively your eCommerce store can cross-sell and up-sell products. Whereas brick and mortar stores rely on trained sales associates, eCommerce needs smart analytics.
Secure Transactions Leads to Fewer Chargebacks
Ecommerce companies can’t rely on traditional mechanisms stores use for protection, like alarm systems, locks or CCTV cameras. Robust digital security means verifying that consumers are who they say they are, and ensuring all sensitive data stays protected and confidential.
There are business-facing eCommerce platforms which not only have their own anti-fraud specialists, but partnerships with industry leaders to offer multiple layers of protection. Identity verification mitigates chargeback risk and transfers the liability from you to the issuing bank.
The difference in chargebacks will be substantial when you use an industry-leading platform for chargeback protection, even as high as 20%. Online security, and the expectation of online security, is absolutely required for customers to make purchases without hesitation.
Lower Cart Abandonment
“Cart abandonment,” or consumers putting a product into a cart but closing the window before completing the sale, is a major obstacle for eCommerce businesses – it occurs at the alarming rate of 70%! Using a subscription model is one way eCommerce companies reduce cart abandonment, but your business doesn’t need to change the way it’s structured to operate more effectively.
Getting a platform which specializes in revenue maximization eases pain-points surrounding the shopping cart experience, reducing hurdles so that making purchases is easier and more comfortable. For example, rebill rates are improved dramatically when card data is accurate before a rebill cycle – that’s why great platforms can update this information automatically.
Ecommerce is the direction retail is heading in the future, but it evolves quickly. No matter how the eCommerce landscape changes, companies need the right business-facing eCommerce platform to grow sales and keep their company secure.