The Top Advantages
B2C – B2B – D2C
E-Commerce is taking the world by storm. This fast-growing sector is projected to see 6.54 trillion dollars (US) in revenue in 2022, according to Statista. Not surprisingly, it is considered a necessity for businesses in order to remain competitive today. Here are the key advantages of online retail.
1. Global Reach
Unlike traditional brick-and-mortar stores that rely heavily on location, e-commerce businesses can enjoy the benefits of a global presence. Brands have the ability to expand their target market and reach an international audience.
2. Lower Costs
Online retail has a huge cost advantage over physical stores because you don’t need to spend resources on real estate, store design, store inventory, operational and transactional equipment, and adequate staffing at every location.
E-commerce businesses can hire remote staff and choose drop-shipping options which won’t require a huge inventory. Advertising and marketing costs are also reduced. As a result, you can often offer more competitive prices to customers.
3. Tracking & Retargeting
Data and analytics are powerful tools to drive online sales. The ability to track consumer purchase behaviour, search behaviour, and preferences is something that couldn’t be done with traditional point-of-sales.
Brands can utilize these consumer insights to target customers who have visited their page, abandoned their cart, clicked an ad without purchasing, and more.
5. Readily Available Information
Consumers are increasingly savvy with their ability and desire to make informed purchase decisions. Comparing different brands and spending time evaluating alternatives is an important step in the buyer decision-making process. Online brands can make getting answers easy by having it all in one place, readily available any time someone makes a search.
7. Always Open & Always Near
Unlike physical stores that can only perform transactions during opening hours, online shopping can take place at all times of the day, no matter what time zone a customer is in.
This way, you never miss an opportunity to make a sale. Customers also don’t need to travel to reach your store, which eliminates another barrier that can prevent them from choosing you.
And there it is – the very best that e-commerce has to offer. Are you convinced that your business could benefit from going online? Connect with us and we’d love to help you launch!