Consumers have shifted their focus from traditional retail to online purchasing using eCommerce for many years now. An eCommerce platform allows consumers to search for products online and purchase physical and digital products and services (subscriptions). Of course, this trend is nothing new, but the pandemic has accelerated it, and as we recover from it, eCommerce will continue to thrive. Companies that hop on this trend in time have the opportunity to boost their business, and those who choose to wait will most likely struggle to keep up. So why should your business invest in eCommerce?
It saves you money
When you have an eCommerce store, you don’t have to have a huge inventory of things in your warehouse or physical space to show to your customers. Many businesses only show their offer through their eCommerce stores. What does that mean for your budget? You don’t need to rent expensive space for your company or pay for utilities, staff, and cleaning. And if you want to have a brick-and-mortar location, it can be much smaller. The increase in profit margins is guaranteed.
It boosts the availability of your products.
There’s no such thing as work hours, closing times, or holidays with eCommerce. Customers can visit your online store day and night, browse your inventory, and schedule purchases. When people don’t necessarily have time to go shopping, online shopping is an excellent alternative in this day and age. If your business can provide customers with an easy, practical, and fast way to shop, they will be attracted by your flexibility and give you their business.
It allows access to the international market.
The fact that you don’t have to have a physical location for your business allows you to sell your products worldwide—people don’t have to travel to you to browse and make purchases. Any physical store is limited by geography and allows you to service only a limited number of people. On the other hand, eCommerce platforms boost your outreach and enable you to penetrate international markets, which undoubtedly improves your sales. You can reach your target audience no matter what you’re selling, from clothing and software to food. For instance, consumers today can access online markets that sell Balkan food online and ship products worldwide. Consumers don’t have to feel nostalgic for authentic Balkan products anymore, and manufacturers can improve their business—it’s a win-win situation.
It removes barriers
With eCommerce, there are no barriers when it comes to language either because eCommerce websites automatically translate to fit users’ preferences, which allows easy communication with customers and easy purchases. And if your eCommerce store is optimized for mobile use, every user with access to the internet can potentially become your customer.
It provides new marketing opportunities.
Your eCommerce marketplace cannot only provide easy access to your offer of goods and services for all internet users, but it can also be a secondary source of income. For instance, you can include all sorts of online marketing strategies on your website like paid content, pay-per-click advertising, social media marketing, and email marketing. These can link to your website or allow you to enjoy affiliate marketing payoffs.
It allows easy scalability.
As your company grows and thrives, you might wish to increase your product range to reach a larger number of buyers. With physical stores, this includes expanding premises, more storage spaces, and more staff, which can be very expensive. But with eCommerce, it’s easy, fast, and cheap to add more lines, payment options, shipping destinations, etc., without worrying about relocation, expanding, and hiring more people. The same goes the other way if you’re forced to scale down your business.
It provides insight into consumer data.
Every successful business relies on data to adjust its sales strategies and product placement. And with eCommerce, access to important data has never been easier. Through eCommerce, it’s possible to get insight into purchasing patterns and trends, focus on important points and user journeys, and be more specific in your advertising. It’s also possible to get fast consumer feedback through research, surveys, and grading systems or answer questions through chatbots.
Any company that wants not only to expand their reach but also to make their business more cost-effective and accessible to consumers should think about eCommerce. This path is the future of commerce, and you don’t want to be left behind.