Understanding the ongoing requirements that a website needs is crucial for growing your business and customer base. We’ve identified the six key areas that you should be considering regularly to ensure you get maximum value from it.

Monitoring customer journey
Understanding how your customers move through and interact with your website should be considered essential. It can help you understand where you’re losing customers in the sales funnel to devise improved strategies. It can also identify where your efforts can be focused in terms of product development and marketing, allowing you to yield better results.

Seek feedback
Do you currently seek feedback from your customers? Trends and technology change rapidly, feedback helps you assess where you need to make changes across your website to reflect this. Request feedback on various aspects of your businesses to inform how your website looks and operates. Listening to your customers can help take your business to the next level by helping you provide solutions.

Keep security up to date
Security is a huge issue within the eCommerce market and security updates should be performed as part of your routine tasks. Ensuring that you stay on top of security challenges not only improves your business in terms of reducing risks, it can give consumers the confidence to make a purchase by offering safe payment options.

Ensure you have a SSL
As part of your security updates, make sure that you have a valid SSL certificate. It’s the standard technology for encrypting data and should be considered a fundamental part of your eCommerce maintenance procedures.

Monitor your website speed and accessibility
Consumers today expect speed. If your website takes too long to load, they’ll simply head somewhere else. Poor speeds can be caused by several different web design aspects. If your website is taking longer than a few seconds to load, it’s to look at the reasons behind it, such as images that are not optimised, inefficient sever hardware, or code. Make checking your speeds one of your regular activities.

Use Google Analytics
Google’s algorithms are continuously being developed and how you perform on these indicators has a direct impact on your business and website traffic. Staying up to date with the latest SEO trends and investing time and resources into implementing them across your site is a critical eCommerce maintenance step.

There’s no better tool for encouraging online shoppers to open their wallets for an unfamiliar brand than a positive review.

According to Forbes, 90% of online consumers read online reviews, which affect the purchasing decisions of 67% of them.

It’s human nature to want to know what other people have experienced and use it as a basis for your next move.

Nice words and five-star ratings on a product signify it’s good value for money, while an ugly feedback is a signal that you should go to the next option.

A report from the Competition and Markets Authority (CMA) shows an estimated £23 billion of annual consumer spending in the UK is influenced by online reviews.

Unfortunately, fake reviews are rampant these days that it’s difficult to tell them apart from those coming from genuine customers.

What’s even worse is that identifying the person or entity behind each fake review is like looking for a needle in a haystack.

Who could the possible culprit be?

Well, we have two suspects:

A frustrated competitor who wants to gain the lead
A bitter customer who wanted something you failed to provide
Bogus information deprives consumers of the real deal and puts online retailers in a bad light.
It’s completely all right to leave a negative review so long as it’s based on one’s personal experience.

To address this long-standing issue, the British Standards Institution (BSI) published a new international standard for online consumer reviews and called it ISO 20488.

What’s stipulated by ISO 20488?
The new voluntary standard requires anyone who posts a product review online to provide their contact details so that retailers can check whether they’re a genuine customer or not.

Reviewers can, of course, still post anonymously so long as they furnish their contact details.

An inappropriate or fake review can be flagged by an online retailer, while the person who posted it has the right to respond.

ISO 201488 is certainly going to produce a win-win result as it allows every eCommerce business to screen reviews, while leaving customers to honestly share information on a product they’ve purchased.

David Fatscher, head of sustainability and services at BSI, further explained:

“Millions of us depend on consumer reviews to guide our purchases, and they are a valuable tool to build trust in ecommerce. “ISO 20488 is an answer to the current thorny issue of online reviews, where a lack of standardized guidance has left consumers in the dark as to the accuracy of a review.”

Plus, it can keep competitors, who want to gain the lead by painting a bad picture of your business, at bay. Don’t you think?

Even more startling: 10% of advice was found to leave investors in an even worse financial position.

Through a “vertically integrated business model”, Commonwealth Bank, National Australia Bank, Westpac, ANZ and AMP offer ‘in house’ financial advice, and collectively, control more than half of Australia’s financial planners.

It’s no surprise ASIC’s review found advisers at these banks favoured financial products that connected to their parent company, with 68% of client’s funds invested in ‘in house’ products as oppose to external products that may have been on the firms list.

Why the banks integrated financial advice model is flawed

It’s hard to believe the banks can keep a straight face and say they can abide by the duty for advisers to act absolutely in the best interests of a client.

Under the integrated financial advice model, there are layers of different fees including adviser fees, platform fees and investment management fees adding up to 2.5-3.5%

The typical breakdown of fees is usually as follows: an adviser charge of 0.8% to 1.1%, a platform fee of between 0.4% and 0.8%, and a managed fund fee of between 0.7% and 2.1%. These fees are not only opaque, but are sufficiently high to limit the ability of the client to quickly earn real rates of return.

Layers of fees placed into the business model used by the banks means there is not necessarily an incentive for the financial advice arm to make a profit, because the profits can be made in the upstream parts of the supply chain through the banks promoting their own products.

This business model, however, is flawed, and cannot survive in a world where people are demanding greater accountability for their investments, increased transparency in relation to fees and increased control over their investments.

It is noteworthy that the truly independent financial advisory firms in Australia that offer separately managed accounts have done everything in their power to avoid using managed funds and keep fee’s competitive.

The banks have refused to admit their integrated approach to advice is fatally flawed. When the Australian Financial Review approached the Financial Services Council (FSC), a peak body that represents the ‘for-profit’ wealth managers, for a defence if the layered fee arrangements, a spokesman said no generalisations could be made.

There are fundamental flaws in the advice model, and it will be interesting to see what the upcoming royal commission into banking will do to change some of the contentious issues surround integrated financial advice.

Many financial commentators are calling for a separation of financial advice attached to banks, with obvious bias and failure to meet the best interests of clients becoming more apparent.

Chris Brycki, CEO of Stockspot, says “investors should receive fair and unbiased financial advice from experts who will act in the best interests of their client. What Australians currently get is product pushing from salespeople who are paid by the banks.”

Brycki is calling for structural reform to fix the problems caused by the dominant market power of the banks to ensure that consumers are protected, advisers are better educated and incentives are aligned.

1. Cost of Living: Some factors, determining, the Cost of Living, include: wages (and wage growth); prices, etc, and how wages, are, or, aren’t able, to keep – up, with the increase in costs, etc! Most realize, we have, in the past – few months, experienced, a huge, jump, in pricing, most – apparent, in the food stores, restaurants, and, nearly, everything, related – to, day – to – day, existence, etc!

2. Federal Reserve: In recent times, the near – historic – low, extended period, of interest rates, has, in addition, to the intended measures (helping businesses, and the economy, in trying – times), has caused a Real Estate, Sellers Market, and, a huge rise, in home prices, in most parts of this country! In addition, it created a surge, in consumer use of credit, because, borrowing, appeared, cheaper! However, most economists forecast, many of these supports, and maintaining, such low rates, will, gradually, be reduced (or minimized), probably, beginning, next year. What impact will that have, and will we see, the historic reaction, which has been, when rates rise, it helps reduce inflation, etc?

3. National economy/ conditions: Largely, because of a world – wide, supply – chain, set of obstacles/ challenged, many industries, have experienced, challenges, in terms of, getting sufficient amounts of needed materials, etc! Go into, nearly, any store, and you will see, more – sparse, shelves, than we have seen, in recent memory! In addition, building supplies, products, food, toys, cars and car parts, etc, are under – stress, because of this!

4. Worldwide economies/ economic conditions: Nearly, every nation, is experiencing, economic issues and challenges! The United Kingdom, because of worldwide, as well as specific national trends/ causes/ conditions, has been largely, impacted! Since, we live, largely, in a global economy, when there is any disruption, in the supply – chain, it affects, everyone!

5. Stock and Bond Markets: Because of several reasons/ factors, the United States Stock Market, has benefited, significantly, and experienced, significant increases, in the price of stocks. In addition to the obvious ones, because, interest rates, have been, so low, many investors, believed, stocks, were, nearly, the only game – in – town! When, if, interest rates, rise, bond rates, will rise, and existing, bond prices, will adjust, and drop!

6. Immediate, intermediate, longer – term ramifications/ impacts: The immediate impact of inflation, is, usually, rising prices, and, wages, which, usually, rise, at a far – lower rate! In the intermediate – period, we begin to see, weakening economic trends, and in the longer – term, depending on how long, it ensues, there are often, several, undesirable ramifications, and impacts!

Don’t take inflation, and its risks, for – granted! The more you know, and understand, the better prepared, you will be!

1. Bond prices and interest rates: The price of a bond, generally, is inversely – related to interest rates! When these rates go down, prices, rise, and when they go up, the inverse occurs! Bonds have, what is known, as, a par – value, which is the price, paid, at the end of the term. Markets usually set these at 100, which represents $1,000 per bond, at maturity. However, during the period, the pricing can rise or fall, which impacts, liquidity – related issues!

2. Mortgage rates: For the last few years, we have been witnessing and experiencing, record – low, mortgage interest rates, which have helped the overall, real estate/ housing market, especially, in terms of, pricing increases! In most areas of this country, we are seeing, home prices, at their highest levels, ever, by a significant, dramatic amount! When this rate, is low, a home buyer is able to buy, more – house – for – his – bucks, because, his monthly payments, are so low! Consider, however, what might be the potential ramifications, and impacts, when these rates, will, inevitably, rise?

3. Consumer credit: Low costs of borrowing, help the automobile industry, in terms of consumer financing, etc! Although, not as much as other vehicles, rates on credit card debt, are lower, and there are often, shorter – term, promotions, offering deals! However, since, most of these are variable, and based, on some index, etc, what happens, when there is an increase, in this?

4. Business borrowing: Another area affected, is business cost of borrowing! Presently, they have had access, to relatively, cheap – money, which helps in reducing the costs of borrowing, overall operations, purchasing inventory, etc. But, what happens, when this, ticks – up?

5. Impacts on stock market prices: For some time, because bonds have paid so little, in terms of dividends, etc, many have considered, the stock market, the only game, in – town! In addition, many corporations, have seemed, better – off, than they probably are, and we have witnessed, a higher, ratio of prices to profits, than in the past! How long will this last? How high can it go?

Many factors impact these issues, especially: actual and/ or, perceived inflation; consumer confidence; politics/ government actions/ the Federal Reserve, etc. The more you know, and understand, hopefully, the better – prepared, you will be!