Learning ABCs of eCommerce
With no wonder, when we think of anything associated with the word digital, we always put ”E” to instate the name. For instance, eMails, eTickets, e-Chalan, and so the catchword eCommerce. Commerce means Selling or Buying products or services, while eCommerce is buying or selling online via a digital medium. A digital tool can be Web applications, Mobile applications, Websites, social media networks, or Online Marketplace(s).
This is a full-grown business post-Covid-19 pandemic. Every business owner is taking steps to introduce themselves by marking digital presence. The global traffic surpassed the holiday season in June 2020 by almost 22 billion visits, up from 16.07 billion global visits in January 2020.
Firstly, Let’s consider why shoppers and retailers adore eCommerce?
For shoppers, e-Purchase is safe, convenient, and comfortable. The fear of theft and security has vanished with a growing number of Tech-Savvy consumer behavior. Moreover, they have the benefit of paying the amount once they receive the delivery of the product. With search engines like Google being a vast marketplace, One can compare a different store’s price.
On the flip side, retailers are gaining momentum by making an online presence of their stores. They are stepping out from the former brick-and-mortar store to maximize their reach. With the expansion of the market reach, retailers can maximize the sale while lowering the maintenance cost. Of course, one need not pay high rents or electricity bills and other recurring costs to run the physical store. However, the margin is tighter to gain customers compared to the physical store.
eCommerce is not for the vast product market having a global presence, but with niche customer groups, one can intercept the high bars too!
Covid-19 pandemic has rolled out the cube of eCommerce drastically. Let’s see the statistics how it has impacted globally!
Covid-19 Pandemic influence
- With the adoption of the work-from-home lifestyle, 56% of consumers will purchase more to reflect the style.
- 64% of the consumers want contactless pickup or delivery
- 49% of the consumers are shopping online more than in pre-covid-19 pandemic
- The number of orders placed online and picked up at stores by customers surged 208%
- 14% of the consumers have admitted that they have purchased from a website they never visited before
- The global online traffic in the supermarket segment increased by 34.8%
With these touchpoints, one can see how covid-19 has altered consumer behavior and turned the table of online shopping.
Why is it becoming the buzzword?
Click and collect is the new normal nowadays. Consumers research online and direct their purchases based on reviews, influential buyers, and personalized buying experience. In today’s world, No one likes to go to the High streets for shopping; instead, purchasing at convenience makes eCommerce a more favorable platform for buyers and sellers.
If you are not selling products online, think no further and start making a move in this direction. ECommerce will open up a new market for your business. Moreover, if you are a small retailer, eCommerce will broaden your reach and gain customers who have not visited your site earlier.
If you are on the verge of making a move, make it happen with no second thought to open up new business, boundaries, and most importantly, reducing overhead cost while making growth.
Why does the retailer embrace this market?
Well, by now, you know the reason why every business has possibly diverted to eCommerce or aiming to take that diversion. Exploring the benefits of stepping into the eCommerce world will make you the conclusion.
- Boosted Sales: Convenience and ease to shop from home around the clock will have that advantage to attract customers. These shoppers will increase your overall sales.
- Increased Exposure: Like window shopping in Offline Marketplace, Online Marketplaces like search engines, Social media will become the same. By falling in Google’s search or social media wall, posts, or stories, your brand gets the exposure and eventually makes the conversion.
- Breaking the boundaries: By making an online presence, you can break through the geographical limits. Retailers can expand the reach by their wish and commands to whom they would like to sell, being a local or international brand.
- 24/7 availability: One should worry about serving like the offline business with limited hours of operation. Online stores are open all day, all season, providing jaw-dropping discounts to attract customers.
- Personalized shopping: Aiding your digital store, you can provide a customized shopping experience to your customers. Various third-party tools are available to help you with such a shopping experience and make the buying decision.
- Affordable cost: Yes, It is easy to start your digital store even if you have a small budget/business. First, be a part of a large marketplace and then move towards your own identity—no need to worry about offline store expenses or online setup and maintenance cost.
- Reduced Consumer Queries: Yes, by aiding FAQs, videos and chatbots, one can reduce the queries commonly faced by customers and accelerate the procedure.
- Continuous growth: For the past many years, eCommerce is a market that is progressing with double-digit and will continue to do so.
This is how eCommerce is beneficial for every business owner, whether small or big, large or niche market.
To summarise, eCommerce is an absolute cracker if you think of launching your digital store or own one! A fundamental business strategy is to expand means to increase your product range and audience. So the digital store allows you in fulfilling the expansion strategy by satisfying consumer requirements and demands. Check the ABCs of eCommerce and move forward to the ultimate growth! Go and ask for the best solution for your desired Digital Store!