In 2023, online shopping constituted over 19 percent of all store sales worldwide. This figure for digital purchases isn’t merely a passing trend, as forecasts indicate that 23 percent of all retail purchases will occur online.
As fewer consumers shop in physical stores, boosting your digital presence and offering customers a convenient option to shop online is imperative. Your choice of eCommerce platform plays an immense role in building a solid web presence and attracting more interested shoppers.
It can differentiate your online store from competitors. Below, we’ll discuss specific pointers to help you select the eCommerce platform to power your online retail sales.
Assess What Your Business Needs
Understanding your business requirements for an eCommerce platform is crucial for building a successful presence online. Your success will depend on the online platform you choose to host your site. Before delving into the selection process, take the time to evaluate your business requirements.
A significant part of that is understanding your target customers. Remember that each business has specific requirements for its online store, and not all platforms suit every type of customer. It will further guide you in finding a platform to accommodate your goals and customers.
Top 5 eCommerce Platforms To Consider for Your Business
An eCommerce platform helps you handle online assets, sell products, automate services, and conduct marketing activities in a single location. Below are the top five eCommerce platforms worth exploring for your business.
1. WooCommerce
WooCommerce is a flexible eCommerce solution designed specifically for WordPress websites. It gives you the flexibility and scalability necessary to expand your online store. You can easily set up displays, handle orders, and accept payments with WooCommerce, making it easier to manage your online shop.
Some say this platform can’t scale or handle big stores. However, according to Rodney Brazil of EasyWP, “WooCommerce is remarkably scalable, making it perfect for businesses of all sizes.” It offers affordable options to accommodate your business’s expansion.
Its ability to grow without compromising performance and user experience are two aspects you must not overlook. This is especially applicable if you want to increase your revenue.
With its wide selection of plugins and themes, you can customize your eCommerce store to match your store’s unique requirements as it expands. WooCommerce is open-source, meaning you retain permanent and total ownership and control over your online store’s content and data.
2. Shopify
Shopify is a user-friendly eCommerce platform suitable for businesses of all sizes. Its interface is straightforward and composed of many useful features. For instance, this platform equips you with built-in marketing tools and secure payment alternatives, making it a solid choice for creating and running an online store.
Shopify streamlines how your online shop operates by putting all the product info, customer data, and tasks in a single location. It also works well with all your sales channels, helping you manage everything in one system.
3. BigCommerce
BigCommerce is a platform designed for businesses focused on rapid growth. It provides robust features such as advanced SEO capabilities and the option to sell on multiple different channels. This further empowers you to expand your online presence and easily reach more customers.
With BigCommerce, you don’t have to worry about compromising performance or flexibility as you scale your business quickly. You can be sure that your online shop remains fast and reliable, giving your customers a seamless shopping experience.
4. Squarespace
Squarespace is an excellent option for beginners in web design who want a straightforward experience. Its drag-and-drop interface and ready-made templates allow you to create a stunning online store and attractive product displays without coding knowledge.
This platform also provides advanced eCommerce features and a robust inventory system. It’s an ideal fit for small to medium-sized businesses aiming to quickly set up an online presence and launch an online shop without the complexity of more advanced systems.
5. Magento
Magento is an open-source platform created for complex and large-scale operations. It’s made for developers, giving them the tools to build and manage online stores. Hence, setting up and managing this platform requires technical expertise.
The architecture of this platform is designed to support the growth of businesses across different scales. It offers versions that accommodate the needs of small, medium, and enterprise-level companies.
Explore the Pros and Cons of Each eCommerce Platform
The right platform for your business will depend on your specific goals and objectives. Hence, it’s essential to understand the pros and cons of different eCommerce platforms. Let’s explore the top five options.
Pros of WooCommerce
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- The source code is open and free to use.
- It gives access to many functionalities and hassle-free setup of online stores.
- It has highly customizable open-source software, allowing you to design your website however you want.
- It comes with thousands of third-party integrations, letting you add features such as different payment methods, shipping options, memberships, and subscriptions.
- You can sell and market all physical or digital products.
- It won’t require you to enter into lengthy and expensive contracts.
Cons of WooCommerce
- Its steep learning curve makes it unsuitable for beginners or less tech-savvy website builders.
- It’s not compatible with websites that are not based on WordPress.
- You must invest in hosting services separately since it’s designed to work exclusively with a self-hosted WordPress website.
- It doesn’t offer email or phone support.
- You’ll be responsible for frequent updates and some security aspects.
Pros of Shopify
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- It provides 24/7 customer service daily through email, live chat, and phone.
- It comes with easy-to-use features and integration with over 6,000 third-party apps.
- You can get competitive shipping rates with up to 88 percent discounts.
- It includes an abandoned cart recovery feature that helps remind users they have items in their cart.
- You can sell products online through your Shopify store and other digital channels or in person at retail shops.
Cons of Shopify
- Free themes are limited to less than 20, and access to 90 paid themes can cost $180 or more.
- It comes with high transaction fees ranging from 0.5 to 2 percent if you use a third-party payment provider.
- It doesn’t offer email hosting, which can complicate your marketing efforts.
- Its blogging or content marketing functionality isn’t as robust as other platforms.
Pros of BigCommerce
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- It doesn’t charge transaction fees.
- It offers 24/7 one-on-one support through chat, email, and phone.
- It comes with a built-in blog feature across all of its pricing plans.
- There’s a wide range of SEO and marketing tools.
- Its drag-and-drop online store builder suits those with no coding or web developing experience.
Cons of BigCommerce
- It imposes restrictions on the number of sales you can make every year.
- It has a limited selection of free themes.
- Its custom product filtering is exclusive to upper-tier plans.
Pros of Squarespace
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- It comes with a drag-and-drop editor that simplifies the website build process.
- It offers fully integrated eCommerce functionality on most plans.
- It has free SSL included with all plans.
- You’ll get unlimited storage and bandwidth on all plans.
- You can easily add features with its highest-tiered plan, such as abandoned cart recovery or subscriptions.
Cons of Squarespace
- It doesn’t have phone support for immediate assistance.
- The platform limits you to one sub-navigation menu, which can be problematic for large sites.
- All plans have limitations on video storage.
- It doesn’t offer a free plan option.
- You need to rebuild the site to upgrade from the 7.0 to the 7.1 version.
Pros of Magento
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- It has built-in SEO functions like URLs, meta descriptions, and sitemaps.
- It offers virtually limitless customization that you can tailor to your business requirements.
- It can support 500k+ products on one server and process thousands of transactions per hour.
- It provides multiple currencies and payment methods.
Cons of Magento
- While the entry cost is free, the development cost of the platform is expensive.
- It has over 20,000 files and 200 database tables, which can be overwhelming even for skilled developers.
- The customization process is often time-consuming.
- You’ll have to handle domain registration, SSL security certificates, and hosting.
Should you use an existing marketplace or set up a store on your website?
A well-performing website that’s easy to use is vital to increase sales and attract more shoppers to your online shop. Whether you should use an existing marketplace or set up a store on your website is a significant choice that requires careful consideration.
Your decision should rely on the specific features and functions you want. It should match your business goals and resources. Likewise, you must research each option’s pros and cons to find the best fit for your online store.
Using an existing marketplace
Building everything from the bottom up is unnecessary if the existing marketplace’s predesigned features and functions fit your requirements. You simply install and use the system, fill in the necessary content and information, and your online store is ready.
This choice will save you time and money. The drawback is that it will be challenging to differentiate your store from competitors because of limited customization. These marketplaces also charge high transaction fees, reducing profit margins and increasing costs.
Setting up a store on your website
Meanwhile, setting up an eCommerce storefront on your website offers crucial opportunities. For instance, you can have much control over your online store using WooCommerce and cloud WordPress hosting like EasyWP.
These platforms let you customize your online system to match your preferences and needs. You can also avoid paying extra fees that third-party online marketplaces often require. With tested solutions, you won’t need to go through trial and error when building your store.
Determine How Much Each Platform Costs To Set Up
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Understanding the expenses involved in launching an online store is crucial in the selection process. This information helps you choose the platform that fits your budget and requirements.
The costs of eCommerce solutions can vary depending on their out-of-box features, the type of software they provide, and their level of service. Generally, setting up online stores can cost a few hundred dollars to tens of thousands or more.
One factor contributing to the cost of an eCommerce platform is web hosting. It provides the infrastructure necessary to run the site and store the data.
For instance, WordPress is free, but you’ll need dependable hosting for your website. The good thing is that EasyWP offers affordable plans with all the necessary tools for launching an online store. You can start without any cost and maintain an eCommerce store for only a few dollars every month.
Besides eCommerce software and hosting, other variables that can affect the total cost of setting up an online store include:
- eCommerce Software
- Website domain
- SSL certificate
- Payment processing fees
- Store theme and designs
- Additional features and extensions
More Tips on Choosing an eCommerce Platform
Many eCommerce platforms provide the same functionalities. This makes choosing the most suitable one for your business challenging.
Ensure you understand your business and customers’ needs to narrow your choices. Consider these additional tips when deciding on the eCommerce platform for your business:
- Test how the platform works and whether it aligns with your business needs using the vendors’ free trials or demos.
- Check positive and negative reviews from other users to get insights about its performance and reliability.
- Think about how the platform can support your future growth and adapt to changing market trends.
- Connect with fellow business owners, experts, and experienced professionals for valuable advice on selecting the right eCommerce platform for your business.
Power Your eCommerce Sales With the Right Platform
The myriad options of eCommerce platforms can make the selection process seem daunting. But taking this step is vital to powering your online retail sales. Your eCommerce platform choice can impact various areas in your business, from marketing to sales and operations.
Remember, getting started doesn’t have to be costly. You can set up your online store without breaking the bank. Make a wise and balanced decision by considering your growth, running costs, service, and customer engagement. Finally, seek assistance from experts to ensure you make an informed choice.