More than 94% of global internet users made online purchases in the last year alone! Given the delivered-at-your-doorstep preferences rising rapidly during Covid times, we can only expect the numbers to rise considerably in the coming years. Is it any wonder that Ecommerce platforms in India are grappling to fulfill the rising consumer flux and change in expectations? Even small businesses are adapting to a digital model because they understand that’s where the customers are. Going digital is no longer a luxury, it is a NECESSITY.
Are you grappling with the rising number of factors to consider while making your business digital-ready? Do not worry! With this ready list of expenses that together make up your TCO, you can now plan better and even form accurate forecasts. Only after you have a comprehensive understanding of the factors affecting your TCO, you can figure out how to control it, and how to create a forecast based on the present metrics! How can you possibly assess or manage what you can’t measure, right? That’s why you need to have a thorough understanding of the following factors:
Starting with the basics is an age-old adage that is indeed foolproof. The basics of the Total Cost of Ownership for your Ecommerce platform includes:
While you are chalking out the basic TCO, it is important to note that factors such as licensing fee, implementation costs, and even resource management increase based on the online revenue generated. As your business grows, so does your expenditure and you need to consider that while building an effective strategy!
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Apart from these basic costs that determine your Total Cost of Ownership, which kind of platform you choose is also a considerable factor that affects your CTO. You can choose between on-premise platforms, Cloud platforms, and SaaS platforms. While ideal Ecommerce platforms in India give you the option to choose between these options, you need to consider the additional fees and maintenance costs that accompany each.
On-premise platforms are by far costlier than the other two. Therein, your platform is built in with the company’s hardware system, so the costs include price of infrastructure, maintenance and all-time support, higher licensing fee, etc. SaaS models on the other hand have third party hosts maintaining the solution.
While you are hitting the accelerator on the road to digital success, the TCO of your e-commerce platform is a critical metric to stay grounded and assess your strategy and success rate. Knowing right is the first step to doing right! So, it’s time to get cracking on those calculations!