Comparison shopping is another one of the top benefits of e-commerce to consumers, who can easily compare products, brands, and websites with even side-by-side comparison possible.
Many comparison shopping sites exist with the sole purpose of enabling consumers to compare products side-by-side based on price and discount metrics. In an age where time is a rare commodity, shopping online provides massive time savings to the consumer. No need to head out, shop in-store, wait in line, and then journey back home when you can access a greater product variety at a lower price from the comfort of home.
Going online eradicates the need for a physical storefront, meaning lower fixed costs for the business. Also, since most e-commerce is automated, fewer staff members are required. Marketing an e-commerce store, using Google Adwords, e-commerce Facebook advertising , and social media marketing, for example, is much more cost-effective than promoting offline These cost savings translate to lower prices for the consumer and more sales for the business.
This is one of the key benefits of e-commerce for businesses. Selling online gives the retailer access to a goldmine of customer data that is just not accessible through brick-and-mortar retailing. Not only do online consumers typically provide their name, email address, and phone number when checking out or registering on a site, but they also provide a wealth of consumer behavior and demographic data, available through Google Analytics, that can help online retailers optimize the consumer journey and market more effectively and accurately.
E-tailers are also able to nurture and retarget consumers precisely, based on their stage in the journey. For example, using data insights, an online retailer can email potential customers who have abandoned their carts, motivating and reminding them to check out their purchase, and can even use retargeting advertising to nurture leads that have not yet purchased. Going online with e-commerce sites makes geographical boundaries become inconsequential.
You could sell your products to online shoppers across the country or even across the globe. By using multiple online touchpoints, you can access customers from all angles by going where they already are, such as social media, forums, and Google search. Even though your customer support may be sleeping, automation ensures that the rest of the sales process is always flowing and consumers can buy on any day, at any time.
Scaling up or growing a physical store requires more floor space and the expense that comes with it! All you need is more inventory, a few digital tweaks, and possibly more storage space, which is far less costly than storefront space. Lastly, merchants should be strategic in what systems they decide to use, beyond just their eCommerce platform.
Click the link below to download the guide. Get advice and best practices about eCommerce, multichannel, retail, and more, delivered right to your inbox, every Monday. Start your work week with us. Frustrating at best and devastating at…. This post was last published on May 17, This post was last published on October 23rd, B2B eCommerce is estimated….
If you need support with your nChannel implementation, send us an email at: help nchannel. We're here to help! Share :. What is eCommerce? Before you can dive headfirst into an eCommerce business, you should know what it includes. Low Cost In many cases, it costs less to start an eCommerce business. Shoppers Start Online The use of digital channels keeps increasing. Customer Data Insights One advantage of online selling you might not have thought of is how easy it makes it to collect, measure, and act on customer data.
Reach New Customers As mentioned above, eCommerce selling can take on many different formats. Content Marketing Strategy An online presence allows you to provide more information about your products and services to your customers.
Serve Niche Markets eCommerce makes serving niche markets even easier. More eCommerce Resources Are you convinced yet that you should sell online? Subscribe: Get advice and best practices about eCommerce, multichannel, retail, and more, delivered right to your inbox, every Monday. Sign up for Multichannel Insights! Tags eCommerce. Frustrating at best and devastating at… view article. B2B eCommerce is estimated… view article. Learn more about nChannel! Are you hesitant to break into e-commerce because of security concerns, or simply a lack of understanding about that element of business?
According to Entrepreneur , plenty of people will continue to shop in-store, and this market is still far larger than online shoppers. It is expected to make up It goes without saying that brick-and-mortar setups are bound by location, and depending on your product or service, this could be key to your revenue. But even if you think that your business 'needs' to stay local, expanding globally could allow you to expand into new facets of your business.
For instance, if your business is primarily service-based, you may want to complement your local offerings with products that people can purchase online from you, such as a hairdresser offering specialty accessories. It may also be that you are able to tap into the travel and tourism market more easily if you move towards online selling. Digital advertising is inexpensive compared to traditional channels and can be more easily adjusted to fit varying budgets.
You can use a blend of traditional and digital to market your entire operation, or even switch to primarily digital and save a lot of money. You may also want to hire an overseas virtual assistant or marketing specialist if you are looking for people to handle customer service or other activities on a hour basis. There will be some initial costs to do with web setup and maintenance — for instance, integrating a Shopify account into your current website, or even doing an overhaul.
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