Summary: It won’t be long before everyone is selling their products and services online. There are several challenges these newcomers will face when selling online such as managing inventory, fraud and marketing.
Very soon everyone that has a product will sell it online. Whether it’s a physical product or a service, it will be available online. However, just because you set up an online store, does not mean that the work stops there. The hard part is just starting. Here are some of the challenges of running a web shopping cart:
The more products you sell, the harder it becomes to maintain inventory. There has to be a synchronization between the shopping online shopping cart software and your local point of sales system. Some organizations avoid this by separating the inventory for the physical store from the online store. When a product sells out online, and there is additional demand, inventory comes from the physical store.
There will be some element of fraud. Credit card and other attempts at fraud are not uncommon. Part this burden will fall to your payment provider, but a lot of additional work will fall to you. The worst case scenario is a disabled account, but most often it will involve a little bit of extra paperwork. The level of fraud will depend on the product or service you offer and its potential for abuse. For example, products like eBooks and other virtual goods are much more likely to be the targets of fraud.
When it comes to e-commerce, marketing is a little more complicated. Once the store is running for a few days, there is data to back up your marketing plans. You will need to constantly test the efficacy of marketing tactics with A/B testing, offers, and coupons and see what works.