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E-commerce plays a significant role in the marketplace, both nationally and internationally. With more people making purchases online rather than at traditional retail stores, it is becoming a fast-growing area of business and one to strongly consider as you plan your career.
E-commerce, also known as “electronic commerce,” is the buying and selling of goods or services electronically on the internet. It can also refer to other online activities like online auctions, ticketing, and banking. E-commerce is an essential part of many businesses that rely on the sale of physical products or services online.
1. Sell without borders
Location is often one of the biggest drawbacks of running a brick-and-mortar store, but that isn’t the case with an eCommerce business. You can even run your business from home and sell to shoppers somewhere across the globe. The limits for selling with an eCommerce store would be your resources and your intentions for how big you want to expand.
2. Start with lower cost
Ecommerce helps you to avoid the large, upfront investments of operating traditional stores, such as rent, design, and inventory,.. to name a few. Ecommerce businesses can avoid most of these costs when running a retail website. The time for setup is commonly shorter for an eCommerce website as well.
Of course, it’s not free to start an eCommerce store. The upfront costs for an online business would be web hosting, eCommerce software, and a domain name, those are the bare minimum. If your store is small, you can run it all by yourself.
You also need to have the bases like taxes and laws covered (usually by hiring a lawyer) and pay for activities like marketing. But the total expenses for implementing all these activities still cost far less than for a physical store.
3. Access to a wider customer base
Thanks to the growth of eCommerce, you can now sell to more customers via different methods. Selling online can be processed through different channels – a website, a mobile app, marketplaces like Amazon and eBay, or social media like Facebook Marketplace and Instagram Shoppable Ads. You can now reach out to new customers without waiting for them to visit your store like the traditional way.
4. Available around the clock
How many hours a day does a store usually open? For a brick-and-mortar store, their close time may equal the loss of some customers. Yet that’s not an issue with eCommerce businesses. A customer can go to an online shop, purchase a product, and have the order processed quickly, regardless of the time. Online shops can have their items purchased at 1 AM or 10 PM, and all the orders are recorded in their system automatically. This reduces the case of losing customers for businesses.
5. Space for product showcase
With a product page, you can input as much information about your product as you like. Moreover, online websites have plenty of space to showcase product diversity, from colors to details, sizes, and materials, all of which are quite challenging to execute for physical stores.
Not only that, eCommerce businesses can share products on their social media, where customers may find inspiration from other buyers and feel more connected to a brand.
6. Shop for convenience
Customers shop online for the main reason of convenience. So it’s crucial that businesses can offer a seamless shopping experience through their website. This covers many aspects of when a person reacts with an eCommerce website – whether it’s easy for them to find a product or information, interact with page elements, compare items, and checkout. With the rich features of current eCommerce platforms, businesses can satisfy their customers as long as they have a well-structured website.
The growth of online shopping also paves the way for m-commerce, when customers can shop right on their phones. Marketers predict that by 2021, m-commerce’s share in eCommerce will reach 72.9% globally. Shops that allow buyers to shop on multiple devices can achieve higher sales.
7. Personalized customer service
A survey conducted by Epsilon shows that 80% of customers are likely to purchase from a business if they can provide personalized service, and 90% find personalized messages appealing. Those who show interest in personalization also have a higher tendency to be the brand’s most valuable customers. These results show how much offering personalized customer service can aid to accelerate a brand’s sales and reputation.
Some common types of personalization include discounts/promotions, loyalty programs, customized communications, or recommendations.
8. Targeted marketing
Digital marketing allows eCommerce businesses to reach a broader range of customers, and focus on the characteristics of each group at the same time. By understanding who your customers are, you can offer products that would interest them the most. For example, a business selling sports equipment wants to push its bike sales. They can set up their bike ads to appear only in front of those who are looking to purchase one.
E-commerce is a huge part of the economy and is vital to businesses that sell their products or services online. E-commerce gives businesses the ability to reach more customers than traditional retail. With so many people making their purchases online, it is the fastest-growing retail market.
Statistics show that 85% of Ghanaians with access to the internet have made a purchase online. E-commerce offers consumers a more convenient way to shop for the products or services they need without having to visit a retailer’s physical location to make a purchase.
E-commerce is the next big thing, don’t miss out on this millennial opportunity, Digital Prime is aware that it is more important than it has ever been to have an eCommerce website for your store. We are happy to make that a reality.
We provide affordable e-commerce websites and online marketing services.