E-commerce has transformed how people do businesses nowadays; it has evolved over the years to meet the fast-changing needs and wants of the buying force, and more importantly, to make online shopping a lot easier for the modern-day people. During the birth years of e-commerce, its capabilities were fairly limited, but with today’s technological advancements, e-commerce world is continuously revolutionizing and growing.
Technological advancements play a massive role on the growth and improvement of e-commerce industry, transforming the way consumers connect with different brands and companies, making them more empowered to shop more cost effectively. As a result of all these technological developments, e-commerce is now faster than ever and consumers can have anything they need and want at the tip of their fingers; consumers can now easily track their orders, look for the best deals, have a wide range of options, and even more beyond! While giving people the power to meet their purchasing needs with great ease, the e-commerce industry continues to grow and thrive.
The quick and easy access to online shopping made e-commerce the preferred way of doing business nowadays, as compared to physical stores, an extensive product database can be easily sifted through by customers without the need to leave their houses. With huge amounts of information readily available – including competitive prices, options, and even testimonials or reviews from other buyers; consumers who shop online have almost everything they need to make a buying decision. They can even make the purchase right away if they wish to and this is also driven by the convenience of having products delivered right at your doorstep, e-commerce has truly become an integral part of people’s everyday lives.
With the continuous growth of e-commerce industry, a lot of businesses have opted to take their products online; wherein both large and small organizations can take advantage of e-commerce to increase their exposure in the market, and to reach even international audiences through the web and different online platforms. Moreover, marketing and customer support through online platforms are cheaper, and better alternatives as compared to traditional paid advertising campaigns.
What has changed?
The COVID-19 pandemic has changed life as we all know it; it has accelerated a lot of trends – but the greatest among these trends may be e-commerce. As the pandemic continues to reshape the world, more consumers have begun shopping online in greater number and frequency; as a result, this accelerated the shift away from physical stores to digital shopping, aggressively. Back then, shopping online used to be a convenience and a luxury but with all the changes happening around the world – e-commerce is now a necessity.
Traditional retail sales have declined due to the lockdown in different countries around the world which gave way to the massive growth of e-commerce. The pandemic has really put e-commerce at the forefront of retail; which forced most of the brick-and-mortar stores to take their businesses online to survive this sudden shift in the buying habits of people around the world.
Should your business dive in to e-commerce?
The e-commerce industry is exploding and becoming increasingly competitive; with all the sudden change in how people live their lives, a lot of consumers have opted to do online shopping. And even the older generations are now forced to shop online for their needs due to the lockdown in different countries and areas in the world. Companies that have previously embraced the e-commerce trend have already experienced expansion even in the middle of a pandemic that have shrunk the traditional retail sales. And on the other hand, companies that do not have any online platforms to sell their products are struggling to survive the current situation the world faces. But it is never too late to dive in to e-commerce!
Let me give you four reasons why e-commerce is a must for your business:
1. It can broaden your brand
Now that e-commerce is growing so fast, it is an ideal way to take your brand into a whole new level. Through offering your products 24 hours a day along with online customer service, blogs, and social media, your business is no longer placed in a singular store. With online presence, your business can be expanded in ways you never expected through a traditional brick-and-mortar store.
2. It can increase your reach
Millions and millions of people across the globe can access your website anytime, anywhere; this is a big advantage for those wanting to expand their businesses and reach out to a bigger audience. If we will compare the amount of people you can reach out through a website to the amount you can have through a local store or local advertising, there is no reason you should not consider taking your business online if you really want to improve your reach.
3. It is a lot convenient
With the current pandemic situation, and even before this, people do not always have the time to go to physical stores to shop, instead, more and more people are hopping in to shop online to find the best deals that could satisfy their needs and wants. And if your business can cater to these needs of the customers, you are definitely bringing your brand a new level!
4. It is scalable
When your business is growing, it is very likely that you will want to grow your brand, product range, and your target audience. An e-commerce site will let your scale your business accordingly, allowing you to expand your horizons; add more products, add more payment options, and even add more countries where you can ship your products to. All of these are possible without worrying about having to change your location or moving to a bigger store.
Truly, e-commerce opens a lot of doors for business; a whole new range of opportunities, from marketing opportunities to increasing your products ranges to generating more sales. With an optimized and well-developed website, you can not only get these opportunities but you can also offer your customers around the globe a convenient way of living and at the same time can boost your business.
To start an e-commerce business is typically easy, low-risk, and low-cost, whether or not you already have a brick-and-mortar store. As long as you tailor your products wisely and have an appropriate effective business plan, there are a lot of potentials for passive income and high return on investment over the long run of your business.
Can e-commerce take you globally?
All the trends and advancements in the e-commerce industry, it is not impossible to take your business globally through e-commerce. You can take definitely expand your horizons without having the need to shell out additional cash or capital for the business to be established across the world. Going global through e-commerce, there is no need for building additional physical stores to new different locations, and as well as there will be no need for hiring additional staff to carry on with the business-as-usual operations of your business.
What are the benefits from going global?
1. Growing your business in ways you did not imagine; this will create a stronger foundation in tough economic times.
2. More potential customers mean more revenue to reinvest in your business; this will definitely strengthen your business cash flow.
3. There will be customer bases that you never even knew existed before; this will give you new revenue streams.
4. Going global can spark up new partnerships with investors that you did not have access with before; this will give you more exposure to foreign investment opportunities.
5. A larger audience means you have the opportunity to increase your brand awareness and create a strong reputation for your business; this will boost your company’s reputation.
Expanding your business into more countries across the globe will not just give you these benefits, but there are a lot more in store for you and your business. However, you should always keep in mind that as e-commerce industry is progressing, more and more people bring their businesses online, and so, the competition among different brands and products is getting tighter. You need to keep looking ahead to ensure the future success of your business.
E-commerce can be greatly beneficial for startups to huge companies as e-commerce trends right now will prove to you that e-commerce is not just rapidly growing because of all the technological advancement, or even the aftermath of the pandemic, or the sudden shift to online shopping of people including the older generations; e-commerce is the future of retail and it is here to stay.