Since its inception, global ecommerce has been increasing year after year. People prefer shopping online to shopping in a physical store because it is more convenient and simple. Amazon and Flipkart are examples of how ecommerce is transforming and disrupting the industry. Consider the following major benefits of ecommerce and start selling online.
If you have ever purchased anything online via your computer or mobile phone, you have reaped the benefit of the convince that e-commerce offers customers. According to InvestoWords, e-commerce is defined as the buying and selling of products over the internet. It is an easier and quicker way of making purchases online without the hassles of visiting a physical store or office. It also help save you the stress of going to store to the main store in a far distance away from your house.
Here is how it e-commerce works: A customer makes an order on your online store and pays using credit or debit card or opts for a pay on delivery option. On the other end, the payment reflects in the bank account of the seller. E-commerce payment options can easily be integrated into your website. So, you may need to discuss with your web designer or bank manager on options for collecting payments online. This is important.
In more developed countries, e-commerce has paved the way for seamless and smooth business transactions outside the physical office location, in Nigeria, however, it still a growing trend, although it is becoming widely accepted at a fast rate. The major reason e-commerce is developing slowly in this part of the world is because we still grapple with the issue of trust and less access to internet connection.
Business owners running online stores face the problem of building credibility and encouraging customers to trust that they are genuine especially with the prevalence of scammers online. However, with a comprehensive marketing plan in place to boost your business presence and commitment to delivering superior value at all times, a business owner can enjoy the great benefits of running an online store anywhere in the world .
If you are yet to be convinced about the benefits of e-commerce to your business, especially if the business is more products than service-based, here are reasons you should consider running an online store that will guarantee you your investment:
More Customers: An e-commerce allows case of payment no matter where you are, your business can thrive in the digital space thereby attracting more online customers. Many business owners have directed traffic through their social media pages like Facebook, Instagram and Twitter to their online store, thus increasing their customer-base and increase their sales.
To enjoy this benefit more, take advantage of digital marketing and advertising to grow your customer base. With a great landing page, customers can be directed to your online store with just a click of a button where they can make instant purchase.
More Sales: With more customers attracted to your online store, your business is bound to enjoy more sales and profits. This is where you want to take this benefit a notch further by retaining old customers and gaining new referrals. Try offering incentive to new or old customers such as periodic discounts or a free item for every new customer that is referred to your online store. Also ensure that your online customer service is functional so that complaints and queries are treated immediately. There is nothing as frustrating and damaging to your brand as having poor customer service online.
Wider Reach: E-commerce is not bound by location. Hence, purchases can be made anywhere in the world. This is especially beneficial to business owners with exportable products or e-goods, including. E-books and other documents, as e-commerce allow anyone, no matter where they are, to make payments while allowing the business owner to cash easily. is it that easy! Yes of course.
Reduced overhead costs: Running an e-commerce store is a lot more cost-effective than running a physical store. You don’t have to rent commercial real estate — instead, you can pay an affordable fee for web hosting. You don’t have to invest in security for your commercial property, plus you don’t have to worry about paying rent for a warehouse or hiring employees. With an e-commerce store, typical costs include your domain name, your web hosting, and the cost of building your website, as well as your inventory. That being said, most e-commerce websites spend some money on marketing as well.
No need for a physical storefront: There are so many difficult aspects to running a physical storefront and using e-commerce means you don’t have to face most of those obstacles. Renting a commercial property can be expensive, especially if you’re in a big city. You also have to pay for electricity, water, and internet to ensure your space is up to code and can handle your business. There’s also security to consider; if you want your physical storefront to be secure, you’ll need to invest in cameras and other surveillance equipment. With an e-commerce store, you can simply build your website and start selling your products online without worrying about setting up a physical storefront and spending as much money.
Flexible Work Hours: If you’ve heard the term ‘make money while sleep’, this is obtainable when you take your store online. Unlike physical locations that are open particular hours of the day, your online store can be open 24 hours a day, seven days a week. No matter the time, whether you are online or offline or your business is closed for the day, or you are away, customers can place their orders and you can act on them when you open business the next day. That is the good thing about e-commerce business. Note though that the quicker you act on orders the more satisfied your customers will be.
Faster Buying Process: Previously, a customer had to schedule his shopping trip in advance, even though he desired to purchase a single item. This will include rearranging his schedule and making the purchase at the store. Another vital advantage of ecommerce is that it expedites the purchasing process.
A trip to the outlet that is approximately two to three hours away from your home is no longer required. Simply sit back in the comfort of your own home or workplace, conduct a product search, and complete the order.
Additionally, online stores are open 24 hours a day, seven days a week, allowing you to shop at your leisure. By providing many options, ecommerce enables the consumer to purchase a specific product without wasting time conveniently. Additionally, you save travel time by having the product shipped to the destination of your choosing.
Product Catalogue: Customers are looking for a detailed overview of the items they wish to purchase, which is a critical aspect of ecommerce. An e-commerce platform provides its customers with a product catalogue that includes data sheets that detail all of the company’s products and services.
The characteristics, utility, and specifications are comprehensive. Even the colours of certain items, such as cell phones, are defined so that you can make your selection based on personal preference. Customers can learn about the ingredients in edible items and gather additional knowledge that is not available in retail stores.
With expertise at their fingertips, customers can more easily purchase the products they want. Additionally, online websites provide reviews and consumer feedback that inform consumers about a product’s marketability. The portal provides warranty information and other product-related terms and conditions that may prove helpful to a customer.
No Physical Store: E-commerce allows the small business owner to skip the process of purchasing a physical location, thereby saving costs for rent. You can work out your inventory from your living room as long as you deliver goods to your customers on time. All you need to work out is delivery logistic.
Many clothing and jewellery stores have taken advantage of this especially in Lagos. These stores charge a token for delivery and as soon as you pay. They have their delivery person send purchased goods at a particular day of the week which saves costs as well.
Whatever works work for your online store, ensure that you never give customers reason to mistrust you as a bad reputation can be damaging to your brand and bottom line.
In conclusion, e-commerce has come to stay and with the bank policies that have been rolled out recently, it is inevitable that more businesses will automatically embrace e-commerce in the next one year or two. Businesses that decide to start now to build an online reputation for their brands stand to enjoy the benefits listed above. Most importantly, build credibility for your online business by taking advantage of your social media pages to promote your online store.
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