17 March 2018

6 Major Benefits of an Ecommerce Store

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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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