ECommerce has transitioned from convenience to becoming indispensable. The concept of shopping online has been around for more than 20 years. As technology evolved and the Internet grew in popularity, so did the demand for eCommerce businesses. In fact, e-commerce has been identified as the chief catalyst for the “Retail Apocalypse”.
In 2010, several big-name retail chains such as JC Penney, Neiman Marcus, and Toys ‘R’ Us, closed several stores in the US and abroad to streamline costs as sales figures plummeted.
These retail giants were slowly becoming extinct because they continued to deny the influence digital technology had on consumers. The Retail Apocalypse embodied the classic Darwin Theory of Evolution – evolve or die.
In this article, we’ll discuss why eCommerce is the future of retail, why it’s a good business development strategy, and how to go about setting up an eCommerce platform for your business.
The Future Of ECommerce In 2023 And Beyond
The growth of eCommerce doesn’t mean brick-and-mortar businesses will soon be wiped out. Retail chains that were initially affected by the Retail Apocalypse like Walmart and Target eventually opened eCommerce websites to keep their businesses afloat.
Likewise, pioneers of eCommerce such as Amazon, opened their own brick-and-mortar outlets to act as options for shopping and as points of origin for shipping and delivery.
Thus, we can confidently say that eCommerce has transformed the retail landscape. This isn’t surprising as the industry has consistently been on an upward trajectory over the last decade.
However, the jump-off point that confirmed eCommerce’s role in the growth of business was 2020 – the year of the pandemic. From 2019 to 2021, the eCommerce industry grew by 56%. In 2026, eCommerce is projected to become a US$8.1 Trillion industry.
The pandemic exposed the flaw of just having a brick-and-mortar location for your business. An eCommerce website provided a new stream of revenue and protected a business from uncertainties and unforeseen events.
7 Benefits Of ECommerce For The Consumer
Economies around the world have opened up. Businesses that are located in commercial districts and malls have resumed normal operations. But it’s obvious that in some parts of the globe, business isn’t back to normal.
In some countries, facemasks are no longer mandated. Mall visitors aren’t asked to show their vaccine cards or passports. The number of satellite vaccination satellites in commercial areas has dwindled to almost zero.
Yet, consumers continue to prefer shopping on the Internet.
Here are 7 reasons why eCommerce appeals more to consumers:
- Ease and convenience; no more wading through traffic, driving in circles looking for parking and waiting in long lines.
- Save money; no expenses for gas and parking.
- Better productive time; you can shop from the office and not disrupt your work.
- More people are working remotely or from home.
- More time with family; shop from home with your mobile phone and still have a movie night with the family.
- Continued protection from the coronavirus; the threat of getting infected is still in the air as the virus evolves.
- More informed decision-making; you can search for customer reviews or product comparisons before buying the item.
There are no signs of eCommerce slowing down. As the population grows, the lure of driving to malls and commercial centers becomes less attractive.
9 Benefits Of ECommerce For Your Business
Thankfully, traditional brick-and-mortar retailers acknowledged that eCommerce wasn’t a fad and joined the race. ECommerce has become a lucrative niche market and is the future of retail.
Whether you’re selling products or services, eCommerce is an avenue that you should consider to grow your business.
Here are 9 known benefits of eCommerce for your business.
1. Create a new stream of revenue for your business
Not everyone wants to order online. Some consumers still prefer going to a physical location just for a different experience and to see new surroundings.
Imagine an employee who can’t leave the workplace because of a tight schedule but he needs to order supplies for the office. To remain productive, he’ll place the order at an online supply store. Chances are he’ll pay extra to avail of same-day delivery.
Having an eCommerce platform addresses the needs of both types of customers and opens up an additional stream of revenue for your business.
2. ECommerce allows your business to run 24/7, 365 days a year
Whether you’re leasing or own the premises where your business is located, you can’t keep it open 24/7, 365 days a year. The costs of maintaining a 24/7 operation – electricity, security, and personnel – are too high.
But the Internet doesn’t have closing – or opening – hours. It’s open all the time and accessible to anybody with an Internet connection.
Customers can book their orders from your website, send inquiries via your contact forms, or resolve issues with your customer service team through chat support.
A potential client from another part of the world might come across your eCommerce website, likes what he sees, and makes a purchase or offers a strategic partnership with his company.
With eCommerce, your business can earn money while you sleep!
3. Reduce the cost of running a business
Yes, you have to spend to set up an eCommerce website. But other than the web hosting fees and monthly subscriptions for Internet service and business software, setting up an eCommerce website is a one-time fee to the website design agency.
If you also have a physical location, having an eCommerce website gives you the opportunity to streamline expenses.
For example, you can assign 50% of your team to work remotely and reduce the size of your rental space. By downsizing, you also cut down Internet, phone, and office supply expenses.
4. Build your business brand
Technology is there to make life and work easier. Everyday, technology introduces innovations that you can use to run businesses efficiently and give customers a better experience.
Investing in eCommerce shows your customers that you care about them. They’ll view your business as updated, modern, and prepared to accommodate future challenges.
If you embrace innovation and you’re willing to invest in the latest technology for the benefit of your customers, they will recognize your brand as trustworthy and reliable.
5. Establish a one-stop shop or central hub for everything your customer needs
This is another reason why an eCommerce version of your business will save you money.
Customers can do everything on one site – on their own.
No need for cashiers, assistants, and salespeople. For customer service, a chatbot with default questions and contact forms will do.
Customers can also do research on your eCommerce site. You can include links to third-party reviews and post testimonials. If you have a blog page, well-written and optimized blogs can validate you as a reputable resource.
6. Protect your business from uncertainty
It won’t take another global pandemic to shut down your business. Natural disasters like tornadoes, floodings, and earthquakes can keep customers away from your physical location.
Political and social unrest can paralyze an economy for days or weeks. If for some reason, businesses are held at a standstill, an eCommerce platform will keep your business running.
7. Expand the reach and coverage of your business
All it takes is an Internet connection to transact in eCommerce. Of the nearly 8 billion people in the world, 5.07 billion are on the Internet daily. That’s a staggering 64% of the global population.
Essentially, your eCommerce portal can be accessed anywhere in the world!
Even if logistics prevent some regions from buying, high quality content that’s published on your eCommerce website will give your brand and reputation a boost and followers from all over the world.
8. Improve the value proposition of your business
A good strategy to add a premium to your value proposition is to offer special products and services on your eCommerce website.
For example, limited quantity products and personalized services such as one-on-one consultations are understandable add-ons. You could use eCommerce to test demand for these products while consultation lends a personalized touch.
9. Stay on top of business performance
A website has the unique advantage of having onsite analytics that track business performance. You can pull out data that will tell you how your business is doing.
Key metrics will show you which strategies are working and which ones aren’t. You’ll know the demographic segments that frequently patronize your business, where they come from, and how they access your website.
You can streamline your marketing budget by identifying which types of content are generating solid ROI.
Conclusion: How To Setup An ECommerce Website For Your Business
Simple – give us a call or drop us an email!
We’ve helped hundreds of entrepreneurs, startups, and longtime businesses setup an eCommerce website that delivers results.
Our eCommerce website checks off the most important boxes:
- Mobile responsiveness
- Fast download speed
- Easy to navigate
- Complete product descriptions
- Content is optimized for search engines
- Smooth checkout experience
- Simple yet elegant design without distracting elements
- Complete contact details
- Easy to understand and fillout contact forms
- Customizable to handle your desired features
Although the eCommerce train has left the station and is charging down the tracks, you can still catch up and safely jump on board.
But you have to get started NOW because your competitors have had a head start!
If you enjoyed this article, you’re most welcome to share it with other friends who are thinking of starting an eCommerce business.