eCommerce, also known as electronic commerce, is a business model that involves transactions taking place on the internet. Over 25 percent of the world’s population is set to buy products online this year! It is the fastest-growing retail market projected to hit $4.135 trillion in sales in 2020 which makes e-commerce a growing and profitable industry to be in.
It has been around since 1994, when Phil Brandenberger purchased the first product online – ‘Ten Summoner’s Tales” by Sting. Over 15 percent of sales are expected to take place online. Amazon.com is one of the most popular online stores in the eCommerce industry.
Taking these statistics seriously we predict the real growth of the market itself but the number of customers too. So, being a part of such an enormous universe called modernization is a really big deal. That is the reason why we choose to discover something more about it and to offer some solutions and prepositions as a result.
What is the importance of eCommerce and the main benefits of creating one?
Everyone shop from everywhere
Going from a local customer base to a global market is one of the greatest advantages of trading online. In 2018, 11.9% of global retail sales came from online purchases and this is only set to increase year on year. The location of the shop can be sometimes a limitation. Imagine you can have potential customers from all over the world? It was impossible to have that kind of convenience before but today, having the shop on the internet enables you to be visible and available to anyone from anywhere. That means enhancing the probability of buying your product.
It is always open
Remember that time when you are running from work just to arrive on time and then you see sign “closed” hanging on the door? We can all agree that is a lot easier just sitting on your couch at home and with one click to buy whatever you want. So, if you decide to create your online shop, you can count on your buyers they will be there even in the middle of the night, even though you are sleeping. Unrestricted by the working hours, eCommerce businesses can serve customers 24/7/365.
Reduced costs, more profit
If you rather choose a brick-and-mortar location just remember what it takes to make it alive and steady. You must pay the rent for a location then you must hire sales staff and pay them too. But with eCommerce, there’s no need to maintain a physical storefront. The major costs go only to warehousing and product storage. eCommerce businesses automate their inventory management by using electronic tools to accelerate ordering, delivery, and payment procedures. It’s saving businesses billions in operational and inventory costs and they can offer better deals and discounts to their customers.
Keep an eye on customer buying habits
Once someone buys something from you and becomes satisfied there is a high chance to stay your long term customer too. So, it is important to carefully adapt your site to their needs and try hard to shape a better-tailored experience. Valuable metrics about what they left in their cart and how much the average purchase was, allows you to have insight into their interests. Also, you can collect customer information to connect with them later. Make time to create a useful newsletter, invitation, announcement, or just a quick update and send them weekly. That way you put your business on top of their mind.
No office, no strict working hours
Besides satisfaction and comfort for your clients, you will feel relief when you realize your business is on your laptop and your office can be anywhere you go. You don’t need to suffer through commute day-in and day-out but you succeed to manage the business. The eCommerce industry will continue growing and that’s the good news for those looking to start online stores as sales will only continue to go up.
Virtev is here to help you with that. From zero to excellence we create recognizable eCommerce shops. Innovative design, professional content, additional options for easier use, and so on. Creating your online store sets you apart from the rest. There’s no need to wait. Take the initiative now and tap into this ever-growing market.