Ecommerce became popular due to the convenience it provided customers, but given the current state of the world, it has become more of a necessity. In this read, we are going to take a look at some of the benefits Ecommerce provides both businesses and consumers.
Shopping online eliminates the need for a physical store, which translates to lower fixed costs for business. Given that most Ecommerce processes are automated, companies require fewer employees than they would otherwise. Also, marketing a business using Facebook advertising or Google Adwords, for example, is way more cost-effective compared to the traditional offline means. All these cost-savings translate to reduced prices for the consumers and ultimately, more sales for the company. This is, without a doubt, one of the best things about Ecommerce.
Larger Consumer Base
Geographical boundaries are eliminated when a business adopts Ecommerce. You are no longer limited to shoppers near you and can sell to people across the country or even the world.
For Zena Fares, owner of Bargain Bins, she says that creating an Ecommerce store has helped to grow his business twofold. “Before COVID hit, it was quite hard to grow because we were located in basically one spot. But making the shift to include an Ecommerce store has allowed us to grow and reach people in spots that were previously very difficult. It’s definitely vital for any business owner who is looking to increase their revenue streams.
Also, Ecommerce helps take your retail store to varying niche audiences that you wouldn’t otherwise have access to. With so many platforms, you can access consumers from every angle by going where they are. Some of these touchpoints include Google search, social media, and forums.
Another benefit of doing business online is that it gives you access to a goldmine of consumer data that you wouldn’t otherwise have access to. Online shoppers provide important information such as name, phone number, and address when registering a site, making them potential leads. Ideally, they provide demographic data and consumer behavior, which can be accessed through tools like Google Analytics. This data is important as it helps you tweak your business in a manner that suits your audience more.
Australian air conditioning entrepreneur Karl Ammoun says that learning as much as you can about your client base is the gold mine for information. “Knowing the age range of your customers, their gender, their location, all of that stuff, it means that you can accurately build up a picture of your target market and what it truly looks like. Targeting your advertising towards that can only help your business to bring in more customers.”
By running an Ecommerce business, you’re also able to nurture and retarget customers precisely. For instance, with data insights, you can email potential consumers who have abandoned their carts, reminding and motivating them to check out their purchase. You can also use retargeting advertising to nurture potential customers.
Easier to Scale Up
Growing or scaling up a physical store calls for additional space and staff members, which means additional expenses. However, scaling up an online store does not call for much, a benefit that’s not particularly evident to many business owners.
Daniel Halse, owner of ACT Shades, notes the simplicity of having an Ecommerce store for making sales. “Selling things online just makes life that much easier. People can do it from the comfort of their own bed honestly, and I don’t need a ton of staff to oversee the purchases.”
All you need is a few digital tweaks, more storage space, and inventory. This is far less costly compared to expanding a physical store. Also, running a business online eradicates the need for opening another store in a different location as you already have access to the global market.
When you run a business online, you can have it open round the clock. Even when sleeping or off for holidays, the automation that comes with Ecommerce ascertains that the remaining sales process is always ongoing and people can access your products or services any time they wish.