With the change in the market due to the outbreak of the COVID-19 pandemic, the demand for ecommerce has rapidly increased. Pandemic raised the growth of ecommerce from 14% in 2019 to 17% in 2020. Customers have been shifting to online shopping for their every need. At the same time, several businesses are transitioning to selling online.
While we are heading towards the post-COVID era, diversifying your business is the need of the hour. Thus, having more than one way to reach your customers and generate revenue will definitely benefit you for years to come.
In this blog, we will understand what is ecommerce and why it is beneficial for business owners to take their business online and switch to ecommerce.
The term ecommerce refers to the business model in which products and services are bought and sold over the internet. In simple terms, in ecommerce, business owners can sell their products online and deliver them to the customer’s doorstep.
Nowadays, ecommerce has drastically replaced the traditional ways of buying and selling products. These products are mainly sold on different type of platforms:
The benefits of switching from a traditional business model to ecommerce are as follows:
Unlike a traditional brick-and-mortar store, selling on an online store is much more budget-friendly. You don’t have to lease or rent a store, renovate it, or hire staff. Switching into ecommerce means you can open an online store digitally via your mobile, laptop or desktop—with minimal overhead costs.
A brick-and-mortar store is bound to a limited geographical area. Whereas, with an online store, you open your business up to the world. You are no longer restricted to a single physical location or sales channel. By switching to ecommerce, you gain the ability to meet new and existing customers anywhere—ultimately increasing your customer base and your sell-through rate.
Ecommerce allows business owners to operate their business from anywhere in the world. In contrast, in a brick and mortar store, you have to be physically present in your store to foresee and perform your day-to-day operations.
Brick-and-mortar stores are open for a specific time—meaning you are missing out on the chance to make sales while your store is closed. On the other hand, with an ecommerce store, you are free from the constraints of standard operating hours.
In brick-and-mortar retail, marketing is expensive! To build brand awareness and increase product visibility, you have to take the help of traditional marketing channels. These include displaying advertisements on billboards, print ads in newspapers and magazines, broadcasting on TV and radio, handing out flyers or brochures, and many more.
Whereas, ecommerce offers cost-effective marketing options. These include email marketing, content marketing, social media, SEO and many more. Thus, you can build brand awareness by adding detailed, SEO-friendly product descriptions, leveraging social media, sending emails and other cost-effective ways of digital marketing.
In a brick-and-mortar store, a customer walks in, looks at your merchandise, and buys it. The most you can do is be helpful, polite and professional while the customers are looking for what they need.
Well, ecommerce creates additional consumer touchpoints for your business. For example, you can capture customer data like contact information, birthdays, and brand preferences to tailor your messaging and recommendations. Moreover, you can use social media integrations, live chat, product suggestions and automated email campaigns to further engage with customers.
Ecommerce is driven by convenience. It provides customers with a convenient way of shopping from the comfort of their home, office or literally anywhere. Whereas, in a traditional business, customers have to walk or drive to your store despite rain, cold or heat if they want to purchase a product.
Moreover, with an ecommerce business, you can also delight your customers in several ways:
Ecommerce allows business owners to sell their products to customers across geographical boundaries and 24*7. It drives in more customers as compared to the traditional model of business. Moreover, the business owners who have suffered severe losses due to the pandemic have adopted the ecommerce model of business to rescue themselves—proving to be a new ray of hope. It helped them connect to a vast customer base virtually throughout the country. Ecommerce helps business owners to future-proof their business, grow indefinitely and eventually create their own loyal customer base. Thus, it is the most suitable way of selling, if you wish to expand your business in the longer run. In this journey, Eshopbox is your perfect companion that can help you sell on 29+ sales channels with seamless order fulfilment.