10 Major Benefits Of E-commerce for Your Business in 2022
An online store is the latest necessity for any business. After the pandemic when people were locked inside their homes and weren’t allowed to step out, the needs obviously did not automatically disappear. As a result, they resorted to online shopping. Many businesses which did not have eCommerce websites previously, launched their websites. As for the businesses with existing websites, they became more attentive to their maintenance and upgrades. However, the websites continued to grow and sustain even after the lockdowns were lifted up across the world. It is because people realized the convenience eCommerce brings to them. Not just that, it is highly beneficial for the business as well. Let’s discuss the reasons for that.
Setting up an online store is much cheaper than a brick-and-mortar one. For an eCommerce store, you don’t need a physical store, the staff, or furniture. You don’t need to pay any rent or bills either. Moreover, the online portal is completely automated and computerized which saves a lot of costs as well. Lastly, the most important factor is that you don’t need a middle man for any type of dealings which cuts the overall cost by a huge percentage. The supply chain flow is quite smooth as well due to the direct connection between buyer and seller.
Flexible and fast
Online stores are far more convenient in terms of flexibility and speed. You can set up the eCommerce store in a matter of days or weeks. Whereas, in the case of a physical store, there are a lot of formalities that require plenty of time like commercial leasing, renovation, and theme decoration to match your brand image. Similarly, in the case of product display, anyone can update the website at any time. In the case of a physical staff, there needs to be careful preparations, adequate supplies, enough manpower, and most importantly suitable timings to set up the new products. Ecommerce stores most definitely outshine physical stores due to flexibility and speed.
Faster purchasing power
From a buyer’s perspective, eCommerce is much more convenient because they can buy stuff just as they need it. Previously buyers had to plan their shopping trips in advance according to their available timings, store opening timings, and all those formalities. However, none of it is an issue with an online store. The buyers can purchase from the comfort of their homes without suffering long commute hours and traffic. Similarly, an online store is open 24/7 and so the buyers can make a purchase anytime they want. Conclusively, the purchasing process gets much faster.
Detailed product display
Even though the products cannot be checked in person, it is still much more detailed and convenient for a buyer. They can properly go through the details of the product and analyze it according to their needs. Online stores also often provide the feature of checking other available options of a certain product for example different colors of a dress, or a cellphone. Additionally, since the details are listed in one place they can go through them such as the ingredients of any food item.
Diverse customer base
The customer base is much more vast for an online store as compared to a physical store. People from everywhere can surf through a website and make a purchase according to their needs, whereas at a physical store only the nearby people can be visited. Most often people from even a far-off area don’t prefer to go to a shop at a larger than usual distance. Similarly, people from a different city and country have absolutely no chance of purchasing from that store.
Customer behavior tracking
Tracking customer activity on the website is also much simpler and easier as compared to traditional stores. It helps in understanding their demand, needs, and behavior which then helps in modifying your products and services according to their demands. Hence, another reason why the demand-supply chain is smoother and more effective.
A website can be expanded as per your needs whenever you want whereas, it is quite not possible with a physical store. Understandably, a physical store requires proper planning and arrangements for expanding the provided services/products. Business owners would also require plenty of time to execute the ideas into a reality. Whereas, a website can be easily scaled to a larger platform with just a few tweaks and extra storage. In case of an influx of customers, the website can be adjusted to handle the flow much more efficiently. Whereas, a physical store cannot be expanded within a few hours.
Online platforms also provide the option of reviews and feedback which is beneficial for both businesses and the customers. The business can avail the benefit of positive reviews posted publicly online which every visitor would see. Secondly, potential customers can check the authenticity of the brand by going through the reviews and learning about other people’s experiences.
Bigger profit margin
Since, the cost is cut down a lot, the profit margin increases. There are no extra bills to pay or luxurious and aesthetic furniture to buy for the store which adds up to a bigger profit. Digital inbound marketing is also much cheaper and more effective than traditional marketing. Similarly, a huge team of staff is not required to manage a website as just 2-3 skilled people can easily handle all the operations.
At a physical store, you cannot choose your audience to target your ads. It is mostly a trial and error strategy that can also fail. Whereas, an eCommerce store has the complete option of targeted marketing. The paid ads are set for an audience that has interests similar to your products in order to convert the lead. This way the cost of marketing is also reduced and the result of the ads bring in greater revenue.
Ecommerce stores are now an essential part of running any business and rightfully so. It not only provides convenience to the customers but the business owners as well. We have discussed some of the most notable benefits of having an eCommerce store as compared to a traditional store.