5 Signs You Need to Upgrade Your E-commerce Platform ASAP
Are you leveraging the best returns from your e-commerce platform? Does your site offer an impressive shopping experience?
Unless your answer is ‘Yes’ without the hint of doubt, it is crucial to upgrade your e-commerce platform.
The E-commerce sector is embracing new peaks in 2021. And it will surpass $740 billion in revenue by 2023.
Moreover, the significant decline in offline shopping in the previous months has promoted the online retail sector. And the competition in the e-commerce sector is also proliferating in tandem with its global revenue.
Therefore, it is crucial than ever to future-proof your e-commerce business with the right e-commerce platform.
Some important considerations:
- 52% of consumers are not likely to buy from a site that fails to deliver a good m-commerce experience.
- Inefficient and long checkout processes lead to an increased cart abandonment rate.
- E-commerce sites that cannot be integrated with personalization lose a significant amount of sales. Especially today, when at least 74% of shoppers do not prefer to buy from a brand’s site that lacks personalization.
- E-commerce platforms that lack automation capabilities generally have a higher operations cost.
- A dull shopping experience and e-commerce design will off put a minimum of 38% of your traffic.
By now, you would know that the choice of your e-commerce platform has a crucial impetus on your overall sales and revenue.
So, here we bring you 5 Signs that Indicate You Need to Upgrade Your E-commerce Platform
1. Your E-commerce Platform Offers a Dull Shopping Experience
Time and again we hear about the importance of the design of a website.
Your site design and its user experience remain the crucial parameters that decide your bounce traffic. And this is accompanied by a ‘shopping experience’ in the case of an e-commerce site.
As per some stats:
- 32% of businesses invest actively in customer experience to improve customer satisfaction.
- 33% of businesses invest in customer experience for increasing customer retention and repeat sales.
With that said, if your e-commerce platform doesn’t allow you to offer a seamless customer experience, it is time to switch to a better e-commerce platform.
Some of the most common inefficiencies with traditional e-commerce platforms:
- Many e-commerce platforms offer limited design customization. This limits your brand’s distinctiveness and may fade the first impression of your brand.
- The platform doesn’t allow a one-click ordering process. It leads to an increase in cart abandonment
- The platform does not support new (and popular) payment gateways. Thus, hindering the shopping experience for the consumers.
- The platform isn’t compatible with 3rd party upsell and cross-sell tools. This will significantly reduce your conversion potential.
- The e-commerce platforms don’t allow you to customize the user journey along with the site.
- The overall performance of the e-commerce site is not impressive. This significantly affects the user metrics and conversions.
If your e-commerce platform offers similar limitations, you must consider to upgrade your e-commerce platform. Or you might lose a significant amount of potential sales.
2. Reluctant Integration with Personalization
E-commerce competition is at its peak, and every consumer that abandons your site is a qualified lead for your competitor.
Moreover, shoppers are not willing to settle down for makeshift e-commerce arrangements. Especially when advanced e-commerce marketplaces are dominating the retail sector.
With that said, a personalized shopping experience is a must-have feature in 2021.
74% of shoppers are highly reluctant to buy from brands that lack content personalization. And 91% of shoppers said they would prefer to purchase from a site that aligns well with their interests.
It definitely means that if your platform does not allow personalization, you are losing significant sales.
- 50% of e-commerce businesses generate over 300% returns by implementing personalization.
- And, 40% of shoppers accepted personalized upsell & cross-sell offers in 2019.
One of the best ways to embrace and offer personalization for your e-commerce business is through tools. Advance e-commerce platforms allow you seamless integration with smart content tools. These tools allow you to automate smart content for your e-commerce site or app. Thus, offering content personalization and growing your e-commerce sales.
With this, many advanced e-commerce platforms allow seamless integration with AI-based upsell & cross-sell tools. These tools use AI to promote personalized upsell & cross-sell offers to the visitors in real-time. This improves the average order value, reduces cart abandonment, and grows overall e-commerce sales.
So, if your current e-commerce software lacks support for automated personalization, you must consider upgrading it.
3. Your Platform Lacks Superior Backend Technology
An issue that many e-commerce businesses fail to scrutinize is the increased cost of backend operations.
Many e-commerce platforms offer less to no support for backend technology. And this translates into inefficient backend operations, which as a result increases the e-commerce management cost. If such is the case, you must upgrade your e-commerce platform.
An e-commerce research report from Capgemini says that 97% of e-commerce retailers feel it is highly challenging for them to offer free shipping. And they can only sustain it by decreasing the shipping/delivery management cost in some way.
Another report says that 43% of supply chain management executives believe that the increased shipping cost is a result of the inefficiencies in the traditional shipment process.
A significant ratio of B2B staff also considers e-commerce integration crucial for efficient B2B operations.
Considering all the above factors, it is advisable to employ e-commerce software that offers backend operations support.
Some of the common backend operations that your e-commerce solution must offer:
- Seamless Inventory management
- Order processing management
- Delivery management and integration with last-mile delivery
- Prompt Order tracking and shipment management
- Customer KYC and Onboarding Management
- Payment Management and Order Return Requests
If your current e-commerce platform fails to offer active support or integration with these backend tasks, you need to employ an advanced e-commerce platform.
An advanced e-commerce solution integrated seamlessly with backend operations and offers perks like:
- Increased operation efficiency and decreased labour dependency
- Increased efficiency helps in reducing the operations and e-commerce management cost
- Efficient shipment and delivery management, allows businesses to offer Free Delivery
- We can witness an increase in accuracy with the elimination of paperwork processes
- Integration with automation helps cutting down on management cost
Also Read: Ways to Future-proof On-demand Retail
4. Less Support for M-commerce
One of the main motivations to upgrade your e-commerce solution is to embrace m-commerce. Many e-commerce platforms offer less support for mobile commerce, and it significantly affects your sales.
Moreover, websites built on some e-commerce platforms are not responsive and offer a dull experience on mobile platforms. This can be significantly off-putting for online shoppers. And they are most likely to abandon your brand.
In the first quarter of 2021, 54.8% of global website traffic came through mobile devices (excluding tablets). This explains the importance of a mobile-friendly e-commerce site.
So, if your e-commerce platform doesn’t help you build particularly responsive e-commerce sites, it is time to switch to an advanced e-commerce solution.
On the other end, the global m-commerce share is expected to exceed 72.9% in 2021. However, some e-commerce platforms do not offer active support for creating mobile app versions. And this directly affects the e-commerce revenue.
Here are some stats that showcase the importance and popularity of mobile commerce:
- 85% of online shoppers prefer to shop via an e-commerce mobile app instead of an e-commerce mobile site.
- We are most likely to witness the m-commerce industry transcend the $3.56 trillion mark in 2021.
- The conversion rate for e-commerce mobile apps is 157% higher than e-commerce websites.
M-commerce contributes to a significant portion of e-commerce sales, and you cannot ignore it. So, if your e-commerce platform doesn’t support building a mobile version of your app, it is time to employ a new feature-rich e-commerce solution.
5. Limited Customization and Scalability
Except for the above signs, several other important considerations are:
- Does the platform allow an appreciable amount of customization?
- Is the e-commerce solution scalable to support growing business requirements?
- Are the e-commerce websites produced on this platform SEO-semantic?
- Does this e-commerce platform offer impressive performance?
Your answer to these questions will dictate your need for an advanced e-commerce solution.
We are witnessing rapid transformations in the e-commerce sector, and it hints at the need for rapid customization support. In simpler words, your e-commerce platform must offer a suitable degree of customization.
This might include customizing the user journey, theme customization, custom design support, custom checkout process, etc. Each of these customizations will help you with:
- Creating a distinctive brand image
- Embracing the newest e-commerce trends with ease
- Adding features to improve the shopping experience on the site or app
- Customizing the user journey to improve the conversion rate on the site
Customization support is crucial for growing your e-commerce sales.
Moreover, many businesses feel the need for an upgrade when their current e-commerce platforms limit their business growth. Many e-commerce platforms fall short on the scalability parameter. And when the business grows, there arises a need for platform switch and e-commerce migration.
However, it is better to prepare early than rushing on the eleventh hour. A business must make sure that the e-commerce platform it employs offer high salability to support future requirements.
And so, if your e-commerce solution is likely to hinder your growth in the future, you must upgrade your e-commerce platform before you are compelled to cross that bridge.
Another crucial consideration that you cannot afford to miss is the SEO compatibility of your e-commerce website.
With that said, the website you create from your e-commerce platform must be SEO-semantic. However, many theme-based e-commerce solutions offer less support for SEO implementation.
And therefore, it is necessary to upgrade your e-commerce platform.
A common issue witnessed by some e-commerce platforms is faded site performance.
46% of shoppers wouldn’t consider revisiting a site that delivers poor performance.
25% of visitors would abandon your e-commerce site if it takes more than 4 seconds to load.
Every 1-second delay in your load time results in a 16% reduction in your customer’s shopping experience.
The above factors hint at the quintessence of superior site performance for an e-commerce business. And if faded site performance is capable of reducing a substantial amount of sales.
Thus, the sure way to lead is by switching to an upgraded e-commerce platform that displays superior site performance.
Nevertheless, the above signs indicate some of the most common inefficiencies with the traditional e-commerce platform. There are several other signs you must also look out for. These include:
- The maintenance complexity of your e-commerce solution
The e-commerce platform might require frequent support services and the maintenance cost can be high. The downtime losses on the platform might translate into a loss in sales. If you relate to this factor, it is better to upgrade your e-commerce platform. And you must employ an efficient e-commerce solution.
- Complex back-end functions
In some cases, your e-commerce solution has complex back-end functionality. And so, you might require regular technical assistance for even small back-end operations. This is most likely to increase your overall operations cost.
The preferred alternative is to employ an advanced e-commerce solution that offers intuitive back-end functionality to manage your app.
- Slower integration with latest e-commerce trends
As aforementioned, we are amidst some rapid transformations in the e-commerce sector. New e-commerce trends are knocking on our door almost every weekend. And therefore, if your e-commerce platform is reluctant in adapting to the new trends. And you have to wait quite long before you can utilize a new e-commerce trend, you must consider to upgrade your e-commerce platform.
- Lack of Important Features
Lack of features is a sign that stands out from a mile. However, many times businesses are reluctant in analysing the inefficiencies in their e-commerce platform. And this can lead to reduced e-commerce revenue and missing out on potential sales.
As I draw the conclusion to this article, I would advise e-commerce businesses to consider and scrutinize each of the above signals. Moreover, the choice of your e-commerce platform significantly affects your sales.
Further, our experts can help you audit your current e-commerce platform. And you can also take a look at the features of our advanced e-commerce solution.