Ecommerce has been an option for merchants for years now but there has been an growing interest in ecommerce since early 2020. That is when merchants needed to pivot and discover how to reach their customers in this new, dramatic shift in the market. After all, people could not physically come to your store.
Although online shopping was a proven success and a viable option for customers before the COVID-19 pandemic, the immediate need for merchants to reach their customers virtually created an important and necessary step for them to take. For some, it became the only way for customers find and purchase their products.
As we get closer to the end of 2022, we here at Able Sense look into what merchants are looking to do in the new year. How are they going to grow their business and reach new customers? How are they going to succeed moving forward?
Ecommerce is estimated to continue to grow in 2023. In fact, eMarketer predicts that by 2023, ecommerce websites will make up 22.3% of total retail sales. That's a lot of business!
Knowing the value of ecommerce is nothing new and retailers understand that it will benefit them by increasing their sales. But ecommerce does more than provide an opportunity for increased sales. It can help your business in other ways and today we are going to take a look at four of the top reasons your business needs ecommerce for both yourself and your customers.
1. You Can Expand Your Market
The market opportunity of having your business online is no mystery. When you use services such as Shopify Markets Pro to expand your offerings globally you create an opportunity for your business to reach markets and attract a new customer base. As brick-and-mortar is cost prohibitive for many businesses or sometimes impossible for some retailers, expanding the business internationally online is a logical and cost-effective strategy for growth.
2. Lower Your Operating Costs
As mentioned above, brick-and-mortar can be cost prohibitive. It can be hundreds of thousands of dollars to open a physical location. Combine that with the staff that is needed to operate the location as well as running, monthly costs and you are looking at a substantial investment. Although there are upfront costs associated with ecommerce international expansion it will be substantially lower than opening a store in a new market.
3. You Learn More About Your Customers
When a customer purchases from your online store they are giving you much more than just the value of that sale. They are also giving you insight into their likes and wants, spending habits, and where they are coming from. It doesn't stop there as Shopify's analytics can provide a wealth of information to your business that will help you understand which marketing efforts are working for you and how you can continue to attract new and returning customers with new strategies.
4. It's Expected
Think of the last time you were looking for a product or service online. Have you ever found that perfect something and realized you did not have an option to purchase it online? Was it inconvenient? How did it make you feel?
If you are like most, being able to find and purchase online and have it shipped to your door is becoming the normal process of doing business. More and more people are finding comfort and satisfaction by shopping from home and as the general cost of living increases, customers are looking to save wherever they can. If they can save by having the product sent directly to them, they will strongly consider that option. The expectations are already there and merchants need to fulfill that customer expectation.
Ecommerce has evolved offering many advantages for businesses to learn more about their customers and grow their business and those customers are expecting to have an online option and an experience that works for them. All businesses should be looking to elevate their business to reach an expanding global market.