One of the biggest risks when starting an online business is underestimating your competitors marketing budgets.
In Canada the cost of running an eCommerce website likely involves companies like Shopify or Magento, but the real costs appear on the road toward critical mass. Considerations for merchant payment platforms, e-commerce domain hosting, analytics tracking, and the cost of development are all considerations when building an eCommerce website. A common misconception is that you just click and forget about the website. The truth is that every business investing in digital marketing requires ongoing maintenance, including monitoring product performance across an online store.
The essential costs in no particular order
- Custom Design vs. Template, which can be a quick solution but lead to broader issues down the road
- Data imports & standardization, especially if you need database integrations between services
- ERP Integration, automating day-to-day communication between sales and inventory departments
- Hosting and Server maintenance costs, often overlooked but one of the best tools to enhance SEO performance
- SEO & Marketing Costs, using enhanced mark up or search optimization strategies to improve visibility.
Ecommerce sales in the U.S. alone gross $130 billion per quarter, while in Canada eCommerce sales have grown 18 percent during the pandemic. While no one knows exactly what the future holds, the trend indicates that the growth of online products and services is not slowing down any time soon.
When building an eCommerce business you will definitely need technical SEO. Beyond that, expect to design some unique product offering or experience, great content to support that experience, site architecture to easily navigate the elements of that experience, and product mapping to convert users into customers.