E-commerce has transformed the retail network around the world. It has allowed small businesses to thrive in their field and even compete with larger enterprises. Research shows that approximately 1.92 billion people bought goods or services online in 2019. Last year, e-commerce traffic recorded a staggering 22 billion monthly visits as consumers switched to digital channels during the quarantine.
According to Alister Clare, Senior Advisor for Business Loans at Credit Capital, “The accessibility of e-commerce platforms has helped small businesses grow their businesses beyond expectations. Knowing that most consumers are dependent on the internet when shopping for goods and services, any business must have an e-commerce site.”
Let’s explore further how small businesses can benefit from e-commerce.
Reach More and Offer More
Having an e-commerce site that displays all your offerings, payment options, company details, and core values can create a massive difference in your sales volume. While many still prefer to shop at physical stores, they have to purchase online at some point. This is backed by data that shows 51% of consumers prefer shopping online.
An e-commerce site can be accessed anywhere, which helps businesses that can’t put up physical stores in various locations. The construction of physical stores includes engineers, architects, interior designers, workers, materials, permits etc. Expect it to be a bit more complicated if you’re setting up in a foreign land.
And unlike physical shelves, you can display more in an e-commerce site. You simply have to choose from a variety of templates.
Monitoring of Shopping Behaviour
One of the benefits of e-commerce is monitoring shopping behaviour: who shops more, where the orders come from, what time of the day has the most visits, etc. All of these pieces of information can be used in your next businesses decisions.
For example, you found out that many shoppers who purchased tents searched for iceboxes next. The wisest thing to do is probably display your iceboxes next to tents or sell them together at a discounted price.
Earn More Through Affiliate Sites
You can offer an affiliate program to other e-commerce sites, retail partners, and even bloggers. Many e-commerce platforms, such as Amazon, have already integrated this into their system.
This method gives you a chance to earn substantial passive income. Your affiliates will do the work in marketing, while you focus on product development, logistics, etc. Many small businesses have a strong collaboration with bloggers who helps them establish a social media presence.
E-commerce isn’t limited to retail. It can also be used by service providers, such as doctors, lawyers, tradespeople, etc.
Through your website, people can directly book an appointment. They don’t have to call you, and you don’t have to rummage through the calendar. Your customers can quickly check your availability.
Consider selling supplementary books to maximise your platform, such as books, training videos, and virtual classes.
It is predicted that e-commerce sales will surpass $740 billion by 2023 in the United States alone. As more and more people discover the joys of shopping online, it’s high time to put your e-commerce site. It’s a flexible and cost-effective way to expand your reach and explore more opportunities.
For personalised e-commerce solutions, contact Avid Brio now!