As a retail businessman, are you wondering how to expand sales globally? Are you hesitant to break into e-commerce because of security requirements, or simply a lack of understanding about that element of business? You should get an understanding of the benefits of e-commerce.
The impositions brought upon by COVID-19 have introduced a large shift in consumer behavior. Although the market, which has not been so familiar with shopping online in the past, quickly adapted to e-commerce due to the stricter lockdown and stay-at-home measures. So, If you are in any kind of retail or are thinking of it, this is the best time to gain a better understanding of what it takes to sustain an e-commerce business.
- Lowering costs
E-commerce trends to carry lower costs than brick-and-mortar setups. Adding an online component to your existing business does not need to be a high-risk investment. In fact, in most cases, it would be a far better choice than opening another storefront.
It’s inexpensive to set up an e-commerce operation thanks to low-cost platforms. These services make it easy for entrepreneurs to start an online store with everything from an attractive, mobile-friendly site to taking payments to manage inventory and shipping. They can also integrate sales and inventory management between your online and bricks-and-mortar operations.
As you become more successful, you can ramp up your spending to increase your product offerings, do more targeted advertising, create content and eventually build a custom site.
The three founders of From Rachel, a Montreal company that sells funky, high-quality stockings and leggings, used a WordPress platform to launch their online store in 2014. As a result of their cool branding and highly personalized service, partners Carolyne Parent, Alyeska Guillaud, and Mélanie Heyberger have tripled sales every year and are now exploring the U.S. market.
- Better targeting and staying competitive
According to Entrepreneur, plenty of people will continue to shop in-store, and this market is still far larger than online shoppers. Online shopping is expected to grow at a great pace; In the United States is the most likely demographics to make online purchases.
It is important that you learn about e-commerce as soon as you can. Because it (especially mobile e-commerce) has grown by 300% over the last few years with revenue of $700 billion in the US just last year. It is expected to make up 17.5% of global retail sales by 2021, and sales are predicted to hit $4,878 billion in the next few years.
Digital marketing and selling models such as those that use e-commerce may allow you to gather, analyze and use customer information and data more easily than traditional channels. This is especially the case when you consider activities like customer loyalty programs for holding customers. Then, you can track their buying habits more carefully which offers the opportunity to target marketing and promotional efforts in a more accurate way.
- Going global
Due to the internet’s accessibility, millions of people across the world can view your website at any time, meaning that for those looking to expand their businesses and reach out to a larger audience; you have many more opportunities to do so.
Brick-and-mortar setups are bound by location, and depending on your product or service, this could be key to your revenue. But even if you think that your business ‘needs’ to stay local, expanding globally could allow you to expand into new facets of your business.
For example, if your business is primarily service-based, you may want to complement your local offerings with products that people can purchase online from you, such as a designer offering specialty accessories. It may also be that you can tap into the travel and tourism market more easily if you gain towards online selling.
- Sales on advertising
Digital advertising is inexpensive compared to traditional channels and can be more easily adjusted to fit various budgets. You can use a blend of traditional and digital to market your entire operation, or even switch to primarily digital and save a lot of money in promotion.
Email is just one example of a simple digital tool that remains a cost-effective and simple way to send information to segmented markets. There are simple tools like MailChimp if you are looking to get started on email marketing.
- Save on staff
You do not need to pay for a large number of the staff and in fact, could consider integrating something like a chatbot into your social media and customer service activities instead of living help. You may also suitable hire only an overseas virtual assistant or marketing specialist if you are looking for people to handle customer service or other activities on a 24-hour day.
- Can broaden your brand
E-commerce is a significant way you can take your brand from a traditional brick and mortar store to an innovative, well-loved brand. By offering great products 24 hours a day along with online customer service, blogs, and social media, no longer is your business one singular store, with an online presence your business can be the home of your products/services and the general home of your business, allowing you to fully expand your product /service ranges without having to worry about moving locations or worrying about not being able to expand your business in the market.
- More convenient
An online store is available all day; every day meaning your customers can visit your store at all times, no matter what their schedule might be. These days people don’t always have the time to physically go shopping, instead, more and more people are choosing to shop online to find the products /services they want or need and if your business can offer this for your customers there’s no you should not appeal to a wider range of customers all looking for a convenient and flexible experience.
- Gives you marketing opportunities
Your website is one of the best marketing options your business has, not only can the use of SEO when building your site lead to more chances of your business getting found in search engines, but a huge number of marketing techniques can also work alongside your website, including pay per click advertising, your social media marketing, and your email marketing, all of which can include links back to your website.
As your business expands you will likely want to grow your product range and your target audience, as well as develop your business for customer requirements and consumer demand. An e-commerce site lets you scale your business accordingly, allowing you to add more lines, add more payment options, and even grow when you choose to ship to, without having to worry about changing your location or moving to larger premises as you might with a brick and mortar store.
E-commerce allows a business a whole range of opportunities, from marketing opportunities to increase your product ranges to generating more sales, and with an optimized and well-developed website you can not only achieve these targets but also offer your customers around the clock, convenient service, that can boost your business.
- Improve your customer experience
An ever-growing number of consumers are shopping online, but many also want an in-store experience. The ability to touch and try merchandise while getting advice from your staff is a significant feature in your service. An e-commerce site gives customers the best.
Your site will give customers the convenience of 24/7 shopping from anywhere. You can make the experience even better with apps that offer customers the to examine your merchandise up close and chat with your staff.
At the same time, you can use your e-commerce capability to improve your in-store experience by arming your employees with smartphones or tablets and also personal computers. They can show shoppers products /services online as they accompany them through your store and even take orders right on the spot.
Empire Sports, a fast-growing chain of a skateboard, snowboard, and clothing stores, caters to customers both online and at its 10 bricks-and-mortar locations across Quebec.