10 Reasons Why Your Business Needs An Ecommerce Store
If there is one rule in business, it is that you have to be innovative to stay competitive. To stay competitive, you have to be up to date with whatever is going on in your market and what possibly might happen in the future. While the essence of doing business remains the same, which is the exchange of goods and services, the medium of this exchange has undergone a complete transformation.
In today’s world, the way of doing business has changed drastically. The majority of the credit for this transition actually goes to eCommerce. It has democratized the whole process of doing business. Anyone, who has a product to sell can sell it easily using the simple concept of eCommerce. Along with this, eCommerce provides a wide range of benefits that a traditional brick and mortar store cannot give you.
One of the most essential steps to starting your eCommerce business is to start your own eCommerce store. While there are many different ways to go about it, it is imperative that you evaluate your choices and make an informed decision. One of the best ways to start is to partner with an eCommerce development agency that can provide you with a complete suite of solutions for your eCommerce needs. That being said, it is important to spend time finding out the best eCommerce development company.
Below, we will be talking about the range of benefits that you get if you have an eCommerce store:
This is perhaps the biggest selling point for the eCommerce business model. Every stakeholder in the process gets convenience. Be it the customer who can look for their favorite product from the convenience of their home or be it the business owner who can automate their selling process through their store.
Convenience is the commodity that every business is trying to sell right now and eCommerce has it figured out. What’s more, is that with improving technology, it’s easier to make the eCommerce stores more efficient and providing more convenience to everyone involved in the process.
Consumers are looking for products that make their lives easier and eCommerce makes buying those products even easier. It makes sense for you to sell your products on your eCommerce store.
● 24×7 availability
If you have a brick and mortar store for your business, one of the major problems is the downtime, that is the time for which your business does not stay operational. You might have to close your stores at the night and during the holiday season. This results in potential lost sales but that is certainly not the case with an eCommerce store.
With an eCommerce store, you can have 24×7 functionality, where customers can come any time and place their orders whenever they want. This allows you to tap into the customer segments which otherwise did not purchase from you, making it more profitable for you.
● Global Reach
Almost every business aspires to go global. In the traditional models of doing business, there are huge costs associated with expansion. You have to spend a lot of time understanding the culture of the country that you aspire to venture into, there are capital investments to be made, and changes to your products and services to go along with them.
What eCommerce allows you to do is that it removes these barriers. Since your eCommerce store is essentially a website, it is accessible throughout the world. All your potential customers need to do is type in the URL of your store and start purchasing from there. This can prove to be one of the cheapest ways to enter a foreign market.
Having an eCommerce store gives you global reach. People from all around the world can have access to your services and can avail them whenever they want. This translates to better sales and brand recognition.
● Better Conversion
Everyone who visits a store is looking for something. It’s important for the customer to be able to find what they are looking for, easily. This ease in not just finding the product but the whole purchase process improves the customer delight. When customers are happy, they tend to purchase more.
It’s difficult to keep changing the design of a physical store for every individual customer and no matter how efficient the billing system is, the customer almost always has to stand and wait in a queue.
Having an eCommerce store improves all of that. Every customer gets to see the products that are the best fit for them and there is no more waiting in the queue. This overall improved experience and convenience make the customers purchase and go through to the final checkout. Hence an improved conversion rate is a bonus that the eCommerce store provides.
Any physical business has numerous costs associated with it. There are capital costs, staffing costs, operation costs, etc. These costs are not necessarily to be incurred if you are running an eCommerce store. You save on so many avenues.
You do not have to have any salesperson to do the selling on a website. With the advent of chatbots, businesses can cut down on the cost of customer service, and instead of leasing an office space, you have to invest in server space, which is comparatively much cheaper when you compare that to the potential scale of your business operations.
● Personalized Experience
Data is the new oil. Every business is now using data to create personalized experiences for its customers. Giving your customers a personalized experience gives you a better conversion rate.
It is difficult to collect data about your customers when you are in a physical store and on top of that understanding their buying behavior is cumbersome. An eCommerce store makes it easy for you. You have a better understanding of what your customers want to buy and how do they buy it. Having this clarity gives you the opportunity to model the online store according to your customers and show them relevant recommendations to create a completely personalized experience for them.
● Attracting new customers
Advertising about your business is always tricky. It’s always cost-intensive and you never know the kind of returns that you might get. There is a lot of trial and error in the whole process. Also, when you have a physical store, your scope is limited. You can mostly advertise to the people who are local because they are expected to frequent your store. You can advertise to people who are far away but that brings in a lesser amount of business unless you have a presence in those regions.
An eCommerce store allows you to attract new customers much more effectively. Your customers have the option to share about their purchase on Social Media which can attract more potential customers. Digital Marketing is another way to attract customers to your eCommerce store.
What’s the best part is that you can run multiple campaigns simultaneously targeted at different customers and see which one works best and then continue improving upon that.
● Speedy Operations
A lot of the processes in physical stores are manual. They require a lot of oversight and take up time to complete. Be it loading the inventory in the store, billing, or customer service, these processes take time if done manually.
In the case of an eCommerce store, the concept of self-service is introduced. The customers do everything on their own according to their own preferences. Most of the systems in an eCommerce store are automated like the inventory management system, the billing and invoice generation, and the customer service as well. This automation reduces redundancy and human error and makes the overall process faster.
● Social Media Marketing
One of the biggest advantages of having an eCommerce store is that it is easier to advertise it on social media. You can run paid campaigns or just share about your store on social media and people will come to your store.
There are various ways to leverage this with User Generated Content, Hashtags, Social Media Campaigns, etc. All of your social media efforts improve the visibility of your brand and drive more traffic to your website.
● Comparing Products
One of the things that customers cannot do in a physical store is, compare products. Be it the price, or the quality, or the brand, customers want the best value for their money and time. In a physical store, you’d have to visit multiple stores and compare the products and then finally circle back to the one that you liked the most.
In the case of an eCommerce store, customers can compare different products with relative ease and decide to buy what is best for them. All that you have to do as a business owner is to position your product in a way that it looks the best as compared to the others.
In conclusion, there are a lot of merits to having an eCommerce store for your business. These were just some of the common ones across all the industries. Everything being said, you might be skeptical about the whole thing but investing in eCommerce does deserve to be thought about.
Ronak Meghani is a serial entrepreneur & Co-Founder of Magneto IT Solutions, a full service eCommerce Development and Digital Marketing service in USA, India & Bahrain. He has been closely working with eCommerce ventures since 2009