Ecommerce is a business
model which involves buying and selling goods and services over the
internet. Referred to as an online
store, an E-commerce website is a convenient way for customers to browse for
products or services, add them to the cart, and purchase them at checkout.
According to Statista, current ecommerce
statistics show that 40% of worldwide internet users have purchased something online
via desktop and mobile devices. This means that over 1 billion people have
bought a good or service online. Moreover, based on a study created by Gulshan
Sirohi of SEOSolutionsIndia, 71% of the total
population of shoppers believe that they will get a better deal online than in
actual stores.
Evolving with technology,
ecommerce is constantly changing the purchasing habit of customers worldwide.
With its increasing demand, more companies have revolutionized their businesses
from regular brick and mortar stores to online shops. Before you jumpstart an ecommerce business,
take a better look at the major benefits you can enjoy with an E-commerce:
1.
Convenience
Many people prefer to shop
online because of convenience. Gone are the days of having to spend your time
waiting in lines or heading down to actual stores to catch good deals on
gadgets and clothes. The best thing about ecommerce is that you can buy
products from the comfort of your home at any time of the day. For this reason,
you will get more customers with an ecommerce website than without one.
2.
Competence
With ecommerce, you don’t
need to invest your money in an infrastructure or a physical store. The
transaction is online and computerized. An ecommerce website, such as those
readily available for purchase on ecommerce marketplaces like Exchange by Shopify, is an effective and
competent method of managing your business. In fact, it is often better to buy
an existing store and convert it to your branding than build one from scratch.
This way, there are already systems in place to monitor purchases, bill
customers, manage inventory, and maintain costs, and the domain will already
have SEO value.
3.
Comprehensive Product
Datasheets
A product data sheet
summarizes the description and performance of the products that you sell. Also
known as the product catalog, this provides thorough information of what the
customers need to know about the product they wish to buy. This contains
ratings or reviews given by verified customers. Equipped with this information,
customers can easily weigh their options and make a smart purchasing decision.
4.
Cost Management
Managing inventory costs
time and money. Ensuring that there should neither be too little purchases nor
too many is challenging. This may be tedious in a physical setting. However,
ecommerce uses a web-based system which can automate the inventory management
on your website. It only reduces operational costs but also save
you time, freeing you up to focus on marketing your business.
5.
Increased Brand Awareness
and Search Engine Visibility
All entrepreneurs should
be aware of the importance of winning new prospects. According to Invesp, it is seven times more
expensive to acquire a new customer than to retain an existing one. It would be
challenging to reach a larger market in a physical store as it means you need
to cultivate in-person relationships and possibly open additional
locations.efforts of branding and relationship. However, it is highly feasible
in an online store because ecommerce is driven by traffic that comes from
search engines and social media ads. Millions of people are using search
engines and social media every day to look for products and services. You can
sell your products across the globe. This will boost your brand awareness. The
chances of getting new customers are considerably higher and cheaper, thus
creating more revenue opportunities for your business.
Final thoughts
Over the years, ecommerce
has changed how consumers buy and sell online. The birth of internet and
technological devices make it easier for customers to browse products and goods
without going to physical stores. Statistical data from Statista predicts a 246.15%
increase in worldwide ecommerce sales from 2014 to 2021. Considering this
percentage, ecommerce has a lot to offer for retailers and merchants because of
its significant benefits. With the increasing demand for purchasing online, it
is a wise decision for businesses to switch their physical stores to online
shops, providing consumers with a superior shopping experience.
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