09 February 2023Back to Blog
The Cost of Doing Nothing
The classic saying “don’t fix what isn’t broken” applies to many things, but not to eCommerce.
Many merchants don’t realise how investing in eCommerce can help benefit their business. Due to the current economic crisis, you may feel like upgrading your website is at the bottom of your priorities list. Although, there is definitely a cost to doing nothing for your eCommerce business.
Even if your eCommerce store is already successful, if you aren’t regularly optimising, analysing, and updating your online store you are potentially setting yourself up for failure. In terms of websites, operations, marketing, and even business objectives, too many online merchants rely on processes and avoid innovation.
But is not investing financially in your eCommerce site worth it? Or are you just settling for mediocre results…
We are about to share three critical things you could miss, how the cost of living crisis has impacted eCommerce and why upgrading or replatforming should be a vital part of your future business plans.
The Cost of Living Crisis and the Impact It Has on Ecommerce
Brexit, COVID, and inflation are all causing the UK’s economy to slow down. Due to the cost of living crisis, people have been spending less money on luxury items and more on necessities such as food, energy bills and mortgages.
Price rises have impacted many industries including eCommerce. The lack of demand for products and services has caused eCommerce service sales to drop by 25% of all UK retail sales in June 2022.
This is due to the rise in competition and living costs. Therefore it is essential to provide consumers with services that prioritise their values and are satisfactory to their needs.
As a merchant, you must consider the future and what steps to entail for your eCommerce business’s future interests despite the cost of services.
Reasons to Upgrade or Replatform
Loss of Customers
Not keeping up-to-date with the latest eCommerce trends? That might cause some problems. Consumers are expecting the latest and if needs are not met you may lose existing customers due to fierce competition. New customers may also be dissatisfied with the service and online shopping experience you provide.
Not updating system software means eCommerce sites could potentially suffer from more delivery errors and order glitches. Sources within the Aberdeen Group indicated that businesses that did not invest in technology had inventory management accuracy of only 88%, compared to 92% for companies that did. Thus, consumer loyalty will ultimately depend on keeping up to date and ensuring that they have the best customer experience.
You Lose Your Website Visibility
The less you invest in upgrading your website, the less visibility your website will have. When your eCommerce site lacks features, your competitors will have an easier time getting that organic position on the first page of Google. This is especially true if they have invested more time and money into driving traffic to their online store. Visiting an outdated site can be quite disheartening for consumers and cause them to move on to another website. Ultimately, this can result in you losing all the traffic that you worked hard to gain in the first place, as well as making a loss financially.
You’re Stuck on a Legacy Platform
Keeping your site on an old legacy platform can be costly. Not only does it mean upgrades are often manual and expensive to implement, features are generally poor and can affect the overall customer experience.
Staying on an old platform will cause several issues such as:
- Not gaining enough traffic
- Not making any conversions
- Not getting any sales due to the complicated checkout system
- Slow website
- Slow delivery and shipping times
- Shoppers abandoning their cart
Practically, when you feel that your online store is slow, costly, and does not allow you to improve customer experiences anymore, it is time to switch to another eCommerce platform with more advanced features.
Benefits of Replatforming
There are several advantages to replatforming, including its cost-effectiveness, upgraded speed and UX. It can improve the performance, security, and scalability of applications. By switching to a platform like BigCommerce, you can save money long-term, make upgrades easier, and make your business more cost-effective.
Take a look at how migrating to BigCommerce can be beneficial to your business:
- Improved page load speed
- Visually appealing (use of web themes)
- No abandoned carts
- Long-term reliability
- Provides more value to customers and investment in consumer experience
- Up-to-date with new features and functionalities in the industry
- Competitors have something to worry about
- Increase visibility, engagement and revenue
- Long-term savings instead of maintaining old functionalities.
No more delays or excuses – the time has come to invest in the latest, integrated eCommerce website to allow your business to thrive and grow. To stay relevant to consumers, it’s essential to adjust your approach and focus on the core elements that matter to customers. With excellent customer service, retail finance, and the payment options your customers desire, your business can thrive in these tough economic times.
Not sure how to start your replatforming journey? Don’t worry, we are here to relieve the pressure.
Replatforming an eCommerce site is an opportunity for retailers to enhance their site’s capabilities for longevity and sustainability.
If you’re ready to take on replatforming in 2023, you can chat with one of our eCommerce experts today. Whether you want to upgrade from a clunky platform to a more advanced one such as BigCommerce , or need some general advice our team can discuss your goals and help you find a way to get there.