When it comes to physical business, there are two important things: reaching new customers and communicating with existing customers. If you have a brick and mortar store, you know that this can be a daunting task. Building an e-commerce that sells online is one of the primary methods you can use to promote both sides. The world is changing, and businesses that do not change are at risk of disappearing or even disappearing. By the way, the benefits of e-commerce are far-reaching and benefit both businesses and consumers.
What is an ecommerce?
Electronic commerce or electronic commerce refers to the buying and selling of products and services over the Internet. It basically includes all business-related financial transactions that require digital information exchange. Electronic commerce can be conducted through various online mediums. These include marketplaces such as Amazon, eBay, and Etsy. company-owned websites; mobile apps as well. E-commerce is also on the rise using social media platforms such as Instagram and Facebook. The growth of e-commerce over the past decade has been staggering to say the least, and there's no reason for this pattern to reverse anytime soon. Ecommerce stats compiled by Oberlo and Kinsta.
What numbers say
- 81% of consumers make online purchases after doing good research using the internet.
- 43% of people who shop online are in bed, 20% while driving or on the toilet, and 23% at the office.
- Over 218 million American consumers will shop online by 2023. By 2023, e-commerce sales will account for 28% of global retail sales.
- By 2040, 95% of all purchases will be made online.
- 28% of US consumers use their smartphones to compare prices, check product reviews and search for discounts when shopping in stores.
The benefits of ecommerce to business
Businesses that start selling online through their own e-commerce website or marketplace have a great opportunity to reach more users. An e-commerce website offers businesses the opportunity to build a professional online presence, while the features and benefits it offers help increase sales and maximize profits. From a business perspective, e-commerce has several advantages.
Reach more customers
If your store is located in a low-traffic area, building an e-commerce website to sell online will level the playing field for your business. Working with the right e-commerce web development and marketing team will give you a highly ranked website and expect more traffic than a brick and mortar store. Also, the investment required for e-commerce is significantly less than that required to set up a physical store.
Increase online visibility
With so many businesses running promotions they want to sell, there's no better way than the Internet. Today, most people find information online. That means your business needs to be where people are looking. It's easy to promote your deals and offers on your e-commerce website. As your online presence grows, so does your traffic to your brick and mortar stores. This comes in the form of people preferring to shop in physical stores.
They are also more likely to collect e-mail addresses and other types of customer data using e-commerce websites. Collecting this information may be difficult in a brick-and-mortar store, but it's easier online, where consumers simply fill out a simple form.
As part of increasing your brand's online presence, you can choose to sell your products and services worldwide. While brick-and-mortar stores are bound by physical limitations, e-commerce offers an easy way to reach users around the world. If at some point you feel that your product is in high demand in a particular country or region, you may consider offering your website in another language. The fact that many reputable companies offer global fulfillment and shipping services helps simplify the process.
Faster time to market
Whether you set up your ecommerce store through a platform like Shopify, Magento, or WooCommerce, you'll get faster time to market than setting up a brick and mortar store. Online marketplaces like eBay and Amazon let you start selling by simply creating an account. However, if you wish to avoid sharing your interests with third parties, we encourage you to set up your own custom e-commerce website. Again, this is faster than opening a physical store.
After launching your ecommerce platform, if you already have an online presence and social media following, you can get started quickly. By relying on various digital marketing strategies, you can launch your ecommerce website in a reasonable timeframe. You can also direct traffic to Cost reduction
One of the biggest benefits of e-commerce is that it allows businesses to reduce costs to varying degrees. For example, many businesses spend a lot of money running their brick-and-mortar stores and need to account for costs related to rent, employees, inventory, and repairs. By turning to e-commerce, businesses have the opportunity to cut spending on brick-and-mortar stores, and may choose to downsize physically.
E-commerce also provides opportunities for small and individual sellers who do not have sufficient funds to set up a physical store and sell their products/services cheaply.
Another important advantage of e-commerce for businesses is that they do not have to spend a lot of money on TV and newspaper advertisements to promote their products and services. For example, you don't have to invest in a printed catalog. A website serves its purpose better. You can also use various other digital marketing tools to increase your brand exposure. This includes Search Engine Optimization (SEO), Search Engine Marketing (SEM), Email Marketing, Social Media Marketing, Mobile Marketing, Video Marketing, and Influencer Marketing.
Benefits of e-commerce for consumers
According to data released by Google, 59% of his shoppers use Google to research a planned online or in-store purchase. Turning to e-commerce makes it easier for your target audience to access the information they are looking for about your brand and its products/services. Consumers can also expect other benefits of e-commerce.
Customers get the freedom they want
We live in an era where more and more consumers are shopping from the comfort of their home or on the go. You can now purchase with just a few clicks. Internet-enabled devices and online connectivity enable consumers to buy almost anything, anytime, anywhere. Giving your target audience this option makes it easier for them to interact with you.
The main reason many people are drawn to online shopping through e-commerce sites is because they don't like the hassle of shopping in physical stores. Among other inconveniences, traffic jams waste time. Another reason is that the e-commerce platform is open for him 24/7. This means customers can shop from your business even when your brick-and-mortar store is closed. As a result, your business grows and your profits increase.
Safety and comfort
One of the key benefits of e-commerce during the COVID-19 pandemic is that it provided a safe way for consumers to make purchases without worrying about catching the virus. In addition, online shopping eliminates the need to travel in bad weather, wait in long lines, or deal with unavailability of products. Not surprisingly, many people who switched to online shopping during the pandemic-related lockdown continue to shop through various e-commerce platforms.
Another key benefit of e-commerce for consumers is the expected low prices. In some cases, the absence of middlemen in e-commerce, where businesses sell directly to consumers, helps reduce costs. Also, due to the high competition in most sectors, it is common for companies to offer their products/services at low or discounted prices. Consumers can take advantage of various promotional offers found on the internet. Many companies offer special benefits to their members/subscribers. Consumers can also benefit from free shipping, but businesses usually offer this for minimum orders.
E-commerce has paved the way for consumers to take advantage of technological advances. For example, buying an e-book is usually cheaper than buying a print version. This is also true when comparing digital music purchases to CDs and records.
A key aspect of e-commerce is the ability of consumers to access a wide range of products and services from almost any category from which they can choose. For example, if you search online to hire a private girlfriend jet, you will still see many options. Consumers can also filter out-of-stock items by choosing to be notified when the item is back in stock.
Clearly, the online world offers more options than traditional brick-and-mortar stores where space is limited. Also, the fact that consumers can take their time making purchasing decisions certainly helps.
Means of Comparison
When consumers go online, they have a simple tool to make detailed comparisons. While most companies do their best to provide detailed information about their products and services, some websites specialize in comparing the offerings of different companies in different areas. I'm here. This gives you the opportunity to compare brands and products. Consumers can also use e-commerce platforms to compare prices. In some cases, the same product may be sold at different prices.
Ecommerce website cost
It's hard to know exactly how much your ecommerce site will cost without considering your needs. The cost generally depends on the breadth of the platform you're looking for and the customer experience you want to provide. You can get a professionally built e-commerce website for around INR 25,000-100,000, but the number can be significantly higher depending on your specific needs.
The costs you may incur when setting up a new e-commerce website also depend on the expertise of his web agency you use. In some ways, setting up a new website is like buying a new car. The cost depends on the features you want, but it also influences which company you choose. You need a website that works the same for your business and your audience, regardless of design or budget. Luckily, finding a good ecommerce website development company may be easier than you think.
Businesses in all industries need to recognize that more and more consumers are turning to e-commerce platforms to learn about and purchase products/services. People usually have multiple payment methods to choose from, which simplifies the process and the options offered certainly help. E-commerce benefits consumers in several ways, but it also benefits businesses in many ways.
Despite all the benefits of e-commerce for businesses, you should do your homework before jumping on the bandwagon. You should pay attention to various aspects such as: For example, to gain insight into your target audience, plan your website design, monitor its development, and then market it through various online channels. Given the wide scope of work involved, working with a digital agency that specializes in e-commerce may be a good idea.