With the rise of electronic commerce – the term e-commerce was introduced. In simple terms, buying and selling of goods through the communication of data is termed e-commerce. With the growing era, this industry has started selling goods in different ways.
In the COVID-19 pandemic, there was an increment in e-commerce sales by 25% (in March 2020 only). Ecommerce has developed to make products easily available. It allows customers to purchase through online sellers and various marketplaces.
Whether it is a Small business, or a large corporation all have earned benefits from the eCommerce industry, which allows them to showcase their goods and services at a scale that was not so possible with the traditional way of selling.
Today also e-commerce is infusing everyday life with important growth opportunities for small, medium, and large businesses. You can estimate the potential of eCommerce. Amazon, for example, which set the bar high for user-friendly websites as well as a slant supply chain, is selling items over 4000, in a minute from Small and medium businesses.
The reason behind e-commerce growth
1. Lower Prices:
Maintaining an online store is much cheaper than an offline store occupying so much physical space. The owner doesn’t need much staff to manage an online store. Web-based management systems help owners to automate products management. E-commerce business owners can manage to share operational cost savings on to consumers in the form of discounts, which will not only raise your goodwill but customer base too. Also, sharing the saving in the form of discounts with customers won’t affect the seller’s margin. Moreover, with the eCommerce websites, customers have more transparency with consideration to prices that are offered at offline stores.
2. Wider Choice:
Due to the variety of products, there is a rise in online shopping. It won’t be wrong to say that today customer has an almost endless choice of brands and products to choose from. Customers are not restricted by the availability of particular products in their local area, city, or country. Orders are placed and shipped globally. Surprisingly, in a study, it was observed that customers are actually getting irritated by e-commerce stores that provide too much choice. It is completely up to the way you look at it though, more variety has probably been a positive thing in the long term.
3. Faster buying process:
If we say about offline stores, customers are supposed to spend time visiting the stores and then buying the products of their choice. But now, customers can order their choice with a single click and shop for what they want. They can simply browse a variety of items at a time and shop as per their choice.
When customers can’t find products in their nearby physical stores or in their locality. This is where eCommerce helps many shoppers. They directly browse online whatever they are looking for, get a rapid response from the webmaster, and can place the order quickly. Benefits of e-business include offering a wide range of items, get the order delivered too on or before the assigned date. Looking for an item, checking the description, adding to cart, and completing the checkout process– all steps can be done in no time at all. At last, the customer is happy because he has the place the order as per his choice and also, he didn’t travel too far for it.
4. Affordable advertising and marketing:
In the eCommerce industry, it is not necessary for sellers to spend a big amount on advertising their products. The space of e-commerce has different inexpensive, quick ways to advertise the product online. Ecommerce websites are visual platforms where sellers can really showcase their products. You can consider Amazon as an example. Here sellers can use marketing tools to add videos, infographics, high-resolution product pictures. You can attract customers by adding relevant content, and clear images of your offering. Ecommerce platforms also provide customer insight tools through which you can analyze customers. Basically, this is a page that provides you the complete data related to all orders – pending, unshipped, sent, canceled, returns.
5. Personalized customer service:
Customers like to purchase from a business where they can get personalized service, and many people find personalized messages captivating. The users who have an interest in personalization also have a higher probability to become the brand’s most valuable customers. This shows how much providing personalized customer service can result in speeding up a brand’s sales and reputation.