top of page

Why your business must have a website?

We all are aware of the eCommerce sector. The majority of us have done online shopping and some of us might be selling online as well.


So, since Amazon set up the market, E-commerce has made its way to the future. It performed well till date and showed the advantages of online business. But now it is in demand more than ever before. Amid Covid, the outside world has changed a lot. It now becomes a place of uncertainty, precautions, and social distancing. E-commerce offers some specific freedoms when it comes to doing safe business, it is beneficial for both businesses and consumers.


Increasing use of mobile and internet, advanced shipping, m-commerce sales, and payment options, exciting offers and discounts, and the rush into new international markets by e-businesses are some of the major factors causing this unbelievable growth.


Here in this article, we will discuss perks of online businesses, and what future it holds. Now, let's start...!!


What is eCommerce?

Image Source: pixels.com

Before you dive straight into an eCommerce business, you must know what it includes. eCommerce includes any commercial transaction that involves the transfer of information across the internet.

E-commerce can take many different formats. It can include a mobile app, branded website.


While there are many ways to sell to consumers over the internet, online selling is the main advantage of selling to consumers anytime.


You can meet the customer anywhere and anytime they’re shopping. It doesn’t matter if they’re sitting at home, on their lunch break at work, or even using your app in a physical store they can complete an online purchase.


E-commerce Stats:

Well, E-commerce was growing rapidly. Although amid COVID-19 it showed an amazing boost, the industry’s growth accelerated by 4-6 years...!! The pandemic unleashed many advantages of the E-commerce sector, particularly that of convenience. During May alone, during the lockdown, global e-commerce sales shot up to $82.5 billion and showed 77% growth compared to the previous year.

According to a Deloitte report, 85% of retail sales were through physical stores up until 2019. Then came COVID-19, which caused traditional retailers to move their business online and the e-commerce sector saw a boom. The biggest shift in the US has been in the grocery shopping market.

A report (GeekWire, 2020) states, In March 2020, 42% of US consumers chose to shop groceries online at least once a week compared to just 22% in 2018. According to experts, this is not going to be a short-term fix for Covid concerns, it is predicted that this scenario will continue even after the pandemic ends.


Coronavirus served as a spur, redirected consumers to the online shopping world, and that’s going to continue. More than 50% of online grocery consumers said that they’re going to shop online post-pandemic as well.


Ecommerce Statistics

Following are some stats by 99firms, which shows the potential of online business

  • E-retail totalled over $4.2 trillion in 2020.

  • Cross-border e-commerce sales worldwide grew by over 20% in 2020.

  • US e-commerce increased by over 40% in 2020.

  • Amazon's net profit boosted by over 80% in 2020.

  • Over half of consumers are smartphone users.

  • Over 3.4 billion e-commerce users worldwide.

  • China is the world leader in e-commerce.

  • Germany and the UK are the most significant European e-commerce markets.

Online Store vs Physical Store

Online shopping as the name stats is done over the internet and thus you do not need to stand in line or go anywhere from your home to purchase or sell the stuff you like, whereas in physical shopping if you will have to go nearby mall or shop and then purchase the item you like from there

Well, there is no debate on which one is better. Both have certain advantages and disadvantages. Although, online business does have some specific advantages over physical stores. So, here we are going to talk about why online stores are in demand over physical stores.


Advantages of Online Stores


Online Stores are Much Cheaper to Start With

In current times, having a shop is the second thing, while availability is the main concern as there is a shortage of sufficient stores and costs are high. In this condition, online stores elements both the concerns.


Opening an online store for business is much cheaper than a retail store. Unlike a retail store, you don’t have to pay rent or other utility bills directly related to the store. Also, it eliminates the need to spend money on additional store-related things such as decorating the inside of the store, purchasing inside and outside signage or display units. As you can manage the work yourself, you do not need to hire additional employees.

Image Source: pixels.com

Here, your costs are directly related to your website, shipping, and accepting online payments. You will have to pay for your desired domain name and may pay to develop your website and e-commerce web app, which can be expensive, but it is still less expensive than opening a retail storefront.

It is economical to start an eCommerce business. See how:

  • eCommerce and marketplaces are free to sign-up or prices as low as $20/month

  • Marketplaces are free to sign-up and take a minor percentage fee for sold items

  • Use drop shipping to procure inventory without a large, upfront investment

  • Social media, organic search, and Google Adwords are cost-effective ways to market your business

  • Run and manage the business by yourself to eliminate costs of payroll


Customer Data Insights
Image Source: pixels.com

One advantage of online selling is how easy it makes it to measure, collect, and act on customer data. If you want to be focused on the customer experience, then you need to own your consumer data. Online selling allows you to collect hands-on data by tracking customer interactions. You’ll have a consistent feedback loop of actionable insights that will help you to continue improving your customer experience.


As always, it’s necessary to think about ethical ways to collect and act on consumer data. There are privacy laws like GDPR to consider. Also, if the data is sensitive, you must protect it too.


Content Marketing Strategy

Well, an online presence allows you to provide more information about your products and services to your customers. A branded site gives sellers a place to provide key content to customers.

Key product content consists of in-depth product comparisons, product descriptions, in-store inventory availability, and pricing. This information helps a customer make their decision while purchasing both in-store or online.


Image Source: pixels.com

Your eCommerce site can also provide more information about your business or how to use your products. Email marketing and Web Pages can be dedicated to your brand’s story and how your products are made. Blog posts, Articles, and Videos can be helpful to provide content about the use of your products or services. See how a content marketing strategy can increase sales online.


Reach New Customers
Image Source: pixels.com

As discussed above, eCommerce selling can take on many different formats. Each channel has its own specific audience that sellers can reach. Besides, social sites can reach new demographics. Marketplaces like Amazon offer the widest audience, but can also help you find niche markets. Some other marketplaces like Etsy, Newegg and Poshmark provide service to specific audiences looking for specific products.


Unlike physical stores, online businesses are not limited to who can physically visit your store. Even if you are just starting out or an existing seller, you can reach someone online that you couldn’t before.


Global Reach
Image Source: pixels.com

One of the main advantages of having an online business is that you break the physical barriers. You no longer depend on the people passing through your street or the number of brochures you have delivered. There will be no specific number of customers as you are open to a whole world. Unlike a physical store, your product and business become accessible to all over the world..

Furthermore, there is no recession most of the time as there are no holidays or closing times, your business is going to operate 365 days a year, 24 hours a day.


Shoppers Start Online
Image Source: pixels.com

Even if the customer is planning to purchase offline, they will search about the product online first. They'll compare prices, brands see reviews and variations. As per the report, 87% of shoppers searched on digital channels, up from 71% last year.


Thus, the only way to ensure potential shoppers find your products is to have an online presence. Even if it’s just to check store hours or locations, it’s important that customers have the information they’re looking for.


Serve Niche Markets

eCommerce makes serving niche markets even handy.. The ease and breadth of the internet make that search easy and smooth. If you serve a relevant market, it will be secure and safe to distribute your products online. You'll be able to open your business to a greater depth of consumers.


Future of E-commerce

If you’re unsure as to whether or not eCommerce is worth investing in, hopefully, these statistics will help you make a decision.


It’s estimated that by the year 2023 online purchases will rise from 14.1% to 22%. These predictions are highly optimistic and they show that e-commerce, as a business, is going to surpass the records. Mobile e-commerce sales are also expected to rise, it is estimated to cross approx $3.56 trillion in 2021, 22.3 percent more than 2020. Also, the worldwide m-commerce share in e-commerce is estimated to reach 72.9% globally by 2021.


And how about like 20 years from now? As we can't be much specific about the future but it is always great to have an idea. If you study the market and research regularly it will give you a proper overview. It is expected that by the year 2040, nearly 95% of all the purchases will be done online, which is definitely food for thought for all business owners.


After so many expectations and estimations, one thing you can tell is, the online business holds a stable potential to rule the market. So, after doing proper research regarding the selling process and other necessary steps, you can go ahead with it.


Conclusion:

So, here we discussed the advantages, potential, and future of online business. As we mentioned above, the e-commerce sector has boosted during the Covid, and those who weren't much into online shopping have now seen the good side of it. They have realised the ease of shopping through e-commerce apps and sites. That's why they are going to continue to choose it even after the pandemic ends.

In the current situation, it is already seeing a great boost and we can say now is the time to set up your online business. Although, there are certain things to consider before starting. Like, you'll have to study the market, prepare your strategy, set up your social media accounts, etc.


82 views0 comments

Recent Posts

See All

Comments


bottom of page