Are you wondering how to expand your retail business globally? Is the security concern of eCommerce or a simple lack of understanding on that front that is holding you back?
If you are in retail business or planning to get into one, there has never been a better time to get into the eCommerce business. With time, customer behaviors are changing and so is how and where they shop.
Technological advancements have supported and accelerated this change. Shoppers are now hunting for products, their alternatives, and checking prices on various shopping applications and business websites. They are seeking enough information before making purchasing decisions.
eCommerce gives your retail business innumerable ways of tapping into these online shoppers conveniently. It allows you to spread your “wings” globally irrespective of your physical location.
Okay, but What Are the Benefits?
Let’s run down the biggest pros of opening up your very own online store:
Easier Access to a New Market
Among the many benefits of an eCommerce website first among them is accessibility. Did you know in the US alone there are over 280 million internet users and over 4.2 billion globally?
Source: Internet world stats
This means that there are all these people looking for products and services on the web. Will they see your business there?
The benefits of marketing on the internet are immense. People get to access your business and the services you offer at a convenient time. It gives your business the exposure and leads conversations as people shop from the comfort of their houses.
Quick Sales
In sharp contrast to the in-store shopping experience, basic eCommerce allows customers to purchase in just a few clicks. Additionally, making an online store is pretty much just as easy thanks to website builders like Zyro that offer templates to help you design your online store to help you sell quickly.
The platform looks after the maintenance, PCI compliance and hosting. They help set up your site as they believe your efforts should go into improving service delivery.
A Website Improves Productivity
Your eCommerce website improves productivity as you spend fewer resources explaining what you offer to the customers. The products and services are well-articulated in the site for the customers.
Technological advancements allow everyone to keep their eyes on the end-goal and not be consumed by the tedious work it takes to get that goal.
Customer Data Insights
eCommerce allows you to easily collect data and make sense out of it. Selling online allows for first-hand data on how the customers interact with your site and products and their changing behavior over time.
If well utilized, this data can offer you invaluable insights on how to improve the customer experience and boost conversations on your website. Tracking customer interaction on your website offers the perfect feedback loop for any actionable insights.
With customer preferences ever-changing, enhancing customer experience couldn’t be more important. And eCommerce websites offer this platform.
You can integrate platforms like Google Analytics to better understand each page’s bounce rate, conversion rate, and tons more.
It is important to ensure this data collection is done ethically within the limits of the law.
The Perfect Strategy for Content Marketing
Your branded website offers you the perfect platform to provide your customers with key content on new and old products. Customers are seeking concrete information on pricing, comparison to other products and product description.
There isn’t a better way to provide all this in a detailed manner than your branded website. It is this information that informs the purchasing decisions of your customers. Websites provide for blog posts and videos that can provide helpful content on your products and services.
Cost-Cutting
eCommerce offers the perfect opportunity to capitalize on revenue while cutting on your operational costs. You won’t have to pay several in-person personnel as you could even integrate a chatbot into your website for customer service.
Also, it allows you to save on rent as you need a relatively lesser space to store your inventory. For businesses, especially small businesses, operational costs could be the difference between staying afloat and going under. As such, it is vital to embrace eCommerce.
Reputation Is Everything
Did you know that more than 90% of potential customers check the online review before making purchasing decisions? Having a website provides your customers with a platform to give reviews and boost your reputation. Something that can expand your market reach. You can only build a reputation on what you are doing, not what you are going to do.
Round the Clock Operations
Reaching a global audience means not being bound by time or time zones. You get to keep your online shop open 24/7 which creates great income streams. Your revenue is not dependent on opening hours or salespeople.
You and your clientele are no longer limited by operational logistics. Your revenue can only take an upward trajectory.
Easier to Manage and Maintain
Running your eCommerce business means that you are not bound by office hours or a physical location. All it takes is a good internet connection and a laptop to get going. This has offered most entrepreneurs to travel and experience various cultures while they run their business from anywhere in the world.
Maintaining an eCommerce is not hard. It is easier than it seems. With low overhead costs and fewer human resources required, eCommerce does not just benefit your customers, it also makes your operations easier.
Recession, What Recession?
Resilience lives and thrives in eCommerce. With the latest unprecedented Covid-19 pandemic, most traditional patterns are now being driven by eCommerce. There has never been a better time to set up an eCommerce website for your business.
This transition from traditional to new trends has created an increase in both revenue and customer shopping experience – perfect for your business.
Concluding
When set right, the ease of shopping and purchasing outweigh the shipping cost. With features such as overseas outsourcing for live chat available, customer service is smooth and efficient across the globe. This not only offers flexibility but also a personalized experience for your clients all from the comfort of their homes.
In short, setting up an eCommerce website is simpler than you thought. With a great business plan, the ROI, in the long run, are immense. The best time to get started is right now, and the world is ready for your business.