– Did you know last year Chinas online retails sales crossed $650 Billion plus?
– Did you know online retail via mobile devices grow with an average CAGR of 15.6%.
– Did you know that India alone would account for $120 Billion sales through e-commerce channel by 2020?
– Do you know what the E-commerce sales figure was last year in India?
Well, a massive $16 Billion. Souce: Central Statistics Organisation (CSO) and International Monetary Fund (IMF)With the rise in demand for an E-commerce industry, businesses world over are venturing into having online stores where they can sell their products and services. It offers an exhaustive bundle of benefits to retailers and merchants. E-commerce, as we all know, deals with buying and selling of goods and services through electronic media like computer networks and the internet.In the present era of modernization and technological advancement, E-commerce is becoming a vital option for many businesses as there are lots of companies that are interested in opening their own online stores. Today, E-commerce has transformed the way companies are doing business. Now, consumers can purchase almost anything online 24*7 a day and get ultimate shopping experience at the comfort of a “Click”
Let’s look at numerous benefits e-commerce has to offer.
Convenience and ease:For many people around the world, e-commerce has become one of the preferred ways of shopping, thanks to the convenience it offers. They enjoy buying products and services anywhere, be it home or office at any time of day or night. The best thing of e-shopping is buying options that are quick, convenient and user-friendly with the ability of transacting funds online. This allows consumers to save a lot of time and money as well.
Well Categorized SKUs that makes buying easyConsumers can easily filt their product of choice based on several criterias like Budget, Popularity, Brands, Features etc. and get details of product from online product catalog . Unlike physical store that runs its operations between 9AM to 9 PM, e-commerce allows you to showcase all the offerings irrespective of times.
Generate more traffic and convert them to our customerAs we all know that physical stores or retail works on branding and relationship. But online retail is driven by traffic that comes from search engines. Generating traffic through Social Media, Search Engine Rankings (SEO) is cost-effective than heavy promotion and advertising cost incurred while promoting physical outlets. Hence, e-commerce become yet another billable channel for your businesses at a much lesser investment.
Analytics help you gauge consumers behaviourThe best part of e-commerce marketing is that the retailers can keep a track of the consumers buying habits and interests to tailor their offer suits to consumer’s requirements This can be used by understanding user flow, acquisition, referrals and tree-maps that any standard or free analytics platform can provide. By satisfying their demands properly, you can improve your branding and constantly bring them back to your brand.
Cost-effective than physical outletsFor effective businesses transactions, e-commerce is an efficient and competent method. Setting up cost is too low as compared to expanding or setting up physical store (brick and mortar stores). Besides, very few licences and permits are required to start up an online business than a physical store. E-commerce also offers significant savings on operational costs like hiring employees to perform operations like billing customers, managing inventory and more.
Endorse your products with honest reviewsIf customers are happy with your products and services, they are bound to give your product good reviews and ratings.These reviews and ratings adds more credibility to your brands and is one of the decider factors whether your prospects will buy from you or not. Always ensure your product pages have client’s testimonials, reviews and product ratings as such things could influence your new prospects to buy your products.
Attract global customers and sell globallyPhysical stores are limited to the proximity of your geographical location, but with an e-commerce websites, you can sell your products and services globally. The entire world could be your playground where you can sell your entire range of products and services without setting up an offshore store.
Cut on your operations costs:One of the major advantages of e-commerce business is that you can reduce the operational and marketing cost of your business. Below are some of the costs that you can reduce by opting for e-commerce.
Save on Promotional CostBy opting for e-commerce, the retailers can minimize the amount of money spent on heavy promotional activities including advertising, PR, Tradeshows and BTL marketing. In contrast, organic search engine traffic, social- media traffic and pay per click appears to be more viable as they allow you to measure the performance and are much cheaper.
Personnel:Automation of check-out, billing, inventory management and payments online allows businesses to cut down on labour costs and operational cost
Cut down on warehouse costE-commerce allows businesses to reduce cost of maintaining a warehouse to store inventories as the products are on display online.
E-commerce experience is much more informedAnother advantage that e-commerce offers to customers is that the customers get more information than they would have gotten in a physical store. This allows them to make informed buying decisions. With e-commerce all the necessary information is provided by vendors so that their customers find it easy to know about the products
With Content you can competitor with HeavyweightsOne of the most crucial benefits e-commerce allows businesses is that a newly launched brand can compete with well established brands without having to wait for years to build their reputations and spending millions of dollars on advertising. All you need is a good product, good content, good reviews and better post purchase services.
Now, that you know major benefits of E-commerce, it’s time you go the E-commerce way. We can help you develop a solid E-commerce platform that will allow to zoom your sales.