Many people are moving from physical stores to buy goods and services online. Ecommerce can simply be defined as the activity of doing business activities online, which involves buying and selling products and services through a website. Consumers are increasingly choosing this method of shopping because it is convenient.
Apart from the fact that an online store allows consumers to shop from the comfort of their own homes 24/7, unlike a brick and mortar store which is open for a set number of hours, there are many other benefits of having an eCommerce business. In collaboration with PayU, we have listed five of them below.
1. Build an online presence
Statistics show that more than 80% of the online population has used the internet to purchase something. We’re in an era where your customers expect your services to be available online. And if they aren’t, your audience will be searching for an alternative – who is your competitor – to make an online purchase.
2. Provide customers with comprehensive information
An eCommerce site allows you to provide shoppers with detailed information on products, which customers appreciate, as they can then make informed buying choices. From the product description to customer reviews and a returns policy, you can provide as much information as you want. Customers can view ingredients and get background information about the product’s manufacturers, which is difficult to do in physical stores.
3. Save on running costs
Operating an eCommerce business can actually save you money, as the overall cost of maintaining an online store is far less than that of a brick and mortar store. You can reduce labour, and cut down expenses in many other ways such as in overtime and supervision expenses. Ecommerce gives staff members time to concentrate on profit-generating activities.
4. Attract new customers
An immense number of people search the internet every day to find products that they want to buy. With a physical store, it’s next to impossible to reach such a huge market. However, with an eCommerce store you can easily reach these shoppers while also offering them the convenience of various online payment solutions to pay for their purchases. An online store enables a business to reach many more consumers than it would with physical stores.
5. Capture the buying habits of your customers
A website can capture the movements of each person who visits the site, including the items that a shopper viewed, the pages that were clicked, as well as all the products that were bought. This information can give you more insight into what your customers desire the most, so that you’re able to meet all your customers’ needs. As a result, they will be happy and keep coming back.
Without an online presence, you’re limiting the potential for growth; eCommerce is no longer an option for today’s businesses.