A marketing analyst from Maxfunding, Shane Perry says, “Over recent years, consumers have increasingly changed the manner they want to shop, and marketers are trying to satisfy that demand. Shoppers fluidly research, do comparisons, and purchase from online sites, social sites, physical stores, mobile apps, marketplaces. With innovative tech holding their arm, consumers are searching for amazing experiences across these physical and digital touchpoints with brands.”
She recommends, “This is a great time to expand your business’ reach and venture out the internet. You will get new customers in no time.”
Regardless if you’re a start-up or are looking to grow your brick and mortar enterprise, e-commerce selling presents several benefits for a long-term strategy to reel in customers. Direct-to-consumer brands are shaking up the marketing landscape by designing digital-first approaches to develop a loyal following. As per research from 2018, it is estimated that 81% of shoppers plan to buy direct-to-consumer brands in the coming five years.
Where do these brands base their enterprises? Online.
If you analyse the recent trends, whatever market niche or type you’re diving into, online purchases can only go up. It is continually increasing with an estimated growth rate of 19% from 2018-2022.
If you’re thinking about selling online, consider looking at the top benefits of e-commerce selling.
In most scenarios, it actually costs less to begin an e-commerce business. This is how:
When you are just beginning, e-commerce enables you to steer clear of various significant, upfront investments that conventional retail incurs – such as a physical storefront, payroll, or inventory. By creating an online store, you can gradually grow your business as sales increase.
The entire sales system for your online business is automated. This way, you’ll be saving on wages, staff, and other business expenses, which are usually costs that involve things like rent, electricity, and heating costs. The cash you have pocketed can be channelled back into the business to grow your e-commerce site and brand range further than where it currently is.
E-commerce sites are effective when it comes to helping you determine the products that are selling successfully, to make sure these products’ stock levels are increased. Moreover, how these particular products can get diversified to create a more extensive product range for selling using the website.
This will enable you to develop your business in terms of profits, customer base, and sales. The online shopping website, Amazon, has grown massively due to scaling their product line and analysing what’s selling with customers. This has subsequently enabled them to diversify their products dramatically into various sectors.
There has been an increase in the usage of digital channels. 87% of shoppers start searching for products on digital platforms, up from 71% from 2017. Even if they buy from a physical store at the end of it all, shoppers are likely to begin their search online, particularly on marketplaces such as eBay and Amazon.
There is a myriad of reasons why shoppers research online; compare brands, compare prices, review inventory levels, search customer reviews, and so on. The only way you can guarantee prospective shoppers will find your products is by having a digital presence. It’s integral that customers get the information they want even if it’s the location or checking store hours. You want to be where the clientele is, and all roads point to online.
There has been a surge in the eCommerce industry in Australia with an accelerated rate, reaching about 10% of total retail at the end of 2018. This just proves that more and more consumers are taking interest in doing their purchases online.
When your e-commerce site is up and running, you shouldn’t invest too much of your time or energy into running it. You should know that the entire process for customers making payments and orders will be triggered through the online system. This will give you the time you are looking to focus on what type of products you want to sell, offers you’re thinking about launching, and tracking your sales’ success. You’ll also establish trends with regard to which products are successfully selling.
Not to forget the increase in sales that e-commerce sites bring to the table. The brand awareness gained by using e-commerce sites means your business can lure new leads at any time.
If your enterprise is in the trade industry field, an e-commerce site will enable you to sell at higher profit margins. This will, in turn, make the turnaround on your products increase. The payment options and shopping cart on these sites means you’ll get a 100% payment from the client immediately.
This will help in improving your cash flow, especially when clients offer you payments in multiple instalments.
There are other reliable payment options you can have for your e-commerce site, including; WorldPay, Sage Payment Solutions, Google Checkout, Paypal, and many more. This will make sure all your transactions are successfully processed, so your business gets the payments promptly.
Integrating e-commerce to your business brings with it an array of advantages, but the top ones would be the low cost it takes to launch and maintain the business, the market range up for grabs, the convenience it offers for you and your clients which will then lead to increased income and cash flow.
The advancements in technology in the 21st century has shown to be growing at a breakneck speed. You have to ensure that you keep up and ride this flow if you want to continue receiving traction. With e-commerce, you can relax as you see your business soar to greater heights.
Now, everything is online, you should be too!
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Chloe Harris is an Australian writer and a Business Administration student living in Sydney. She has extensive knowledge of financial data and project management topics. Chloe has a passion for photography and when she’s not studying or writing, you’ll find her outdoors chasing the perfect shot.