In today’s digital era where almost everything happens on the internet, sticking to traditional retail may not be the best option for every business there is. As technology changes rapidly, having a brick and mortar store alone won’t be enough to achieve business success. Your best defense: to switch to e-commerce.
Back in the days, online shopping was only considered as a form of luxury. A way to reward yourself for a stressful week or simply a way to kill boredom. Now, people around the globe have been obsessing over ecommerce sites. While some shop online to find their new pairs of limited edition shoes or the latest mobile phones, most people are taking advantage of this technology for their necessities. In most cases, people are using e-commerce to look for a reliable cleaning company or to find the official website of their favorite grocery store. Whatever their reasons are, one thing’s for sure: e-commerce has greatly influenced
What is E-commerce?
Electronic commerce or simply e-commerce defines any type of online transaction for goods or services. With the use of desktops, laptops, tablets or mobile phones, consumers can browse through a brand’s website or catalog. What makes it unique from traditional retail is that nearly everything you can think of can be found through e-commerce. From books, clothing, shoes, home essentials, food, hotel booking, plane tickets and even bank transactions, almost everything is now available online.
Who Should Start Their Own E-commerce Business?
The answer here is very simple: everyone is encouraged to start their own e-commerce business. Whether you own a small business or a huge company, building a unique and strong identity and maintaining an online presence is necessary.
For beginners, navigating the world of e-commerce can be an overwhelming task. Thus, it is best to hire a reliable digital marketing agency for easier, faster and effective online solutions.
Why Switch from Traditional Retail to E-commerce
As digitalisation and the existence of technological advancements, more and more businesses are gradually switching from traditional retail to e-commerce. Companies worldwide are now adopting IT processes and solutions to their businesses. These changes have greatly influenced the general market as well. Given the technological developments such as artificial intelligence and cashless transactions, consumer behavior has grown from what was before.
One of the biggest factors that made ecommerce a huge success is the increasing number of smartphone users. With consumers gradually becoming digitally literate, their buying behavior has changed as well. Since then, e-commerce has grown from just a mere concept to one of the biggest, most successful industries in the global market.
According to Statista, the total e-commerce sales worldwide have reached 3.53 US dollars in 2019 alone. With the rising trend in ecommerce, it’s safe to say that the number of online consumers will increase along with it as well. To support this statement, a statistic from Oberlo has noted that the number of digital consumers is expected to rise to up to 2.05 billion in 2020. This accounts for 26.28% of the total world population.
Key Advantages of E-commerce to Businesses
Whether you’re planning to expand your business, increase sales or boost brand awareness, there’s no better way than to switch to ecommerce.
To help convince you, here’s a list of the key advantages of e-commerce to businesses:
E-commerce is easier, faster and more convenient.
Most often than not, people are stuck with their busy schedules. Thus, the last thing they need is to spend their spare time visiting the mall for just a pair of socks. By creating an e-commerce website, you’ll make consumers’ lives a lot easier and more convenient.
E-commerce makes every product accessible to everyone, anytime they need it. With the help of online banking, e-commerce can help save your consumers’ time and effort, giving them the best buying experience.
E-commerce reduces costs.
Imagine the time, effort and resources needed to build an entire physical space. These are just some of the things you can avoid by simply marketing your business online. An e-commerce website reduces the cost associated with rental fees, manpower and all other factors required for a physical space.
The only thing you need to worry about is finding the right digital marketing company to help you along with your digital transformation journey.
E-commerce eliminates geographical limitations and time constraints.
To be known locally is an achievement but to succeed globally is a whole lot more. By marketing your business online means allowing your brand to reach a wider audience. Moreover, e-commerce eliminates geographical limitations and time constraints. This will also be a huge advantage to your prospect buyers from other cities as they will not have to travel to see what you have to offer. Through e-commerce, consumers can shop anywhere they are, providing a better option for people who prefer to shop on-the-go.
Going digital also provides you with a great possibility of expanding to the international market without the need for an overseas physical store. Furthermore, an e-commerce website provides your business around-the-clock exposure, eliminating time constraints that traditional retails stores are still dealing with.
E-commerce makes your business scalable.
As your business expands, you’ll probably realize the need to upgrade your product range to meet the needs of your consumers. Through e-commerce, you can easily scale your business, giving you the freedom to make adjustments whenever you need to. This allows you to add or change payment options and even lets you set up a pick-up location without the need to have an actual brick and mortar store.
E-commerce provides better and more efficient marketing opportunities.
Unlike in a traditional retail store where you still need to spend on marketing collateral or to hire a salesperson, an e-commerce website can work efficiently on its own. Through the help of email marketing, social media marketing, SEO and other digital marketing solutions, any business can now market their products and services online.
E-commerce improves your brand image.
Given the increasing popularity of online marketing platforms such as business websites and official Facebook pages, having your own should be your utmost priority. After all, people only trust brands once they feel satisfied with the products or services they see.
An efficient online platform helps improve your brand image, resulting in stronger business credibility. It will also keep your consumers up-to-date, allowing them to avail of your new products or services as soon as they see it on your platform.
E-commerce offers personalised shopping experience.
One of the biggest advantages of having an e-commerce website is that it allows you to monitor your consumer’s behavior without intimidating them. Compared with handling your business in a brick and mortar store where you need to ask them from time to time, e-commerce gives you a clearer view of your audience’s standpoint.
E-commerce enables the use of coupons, deals and group buying.
Although coupons, deals and group buying are also applicable in traditional retail stores, shopping online makes it a lot easier and more convenient. What’s more, there are online shops that allow the use of two discounts in one transaction, leading to a unique and worthwhile experience. In turn, it boosts your brand awareness and increases sales conversion.
E-commerce captures feedback instantly.
Have you ever thought of ways to capture authentic feedback from your consumers instantly? E-commerce can make it happen. Through online forms and direct messages, you can get a hold of the consumer’s perspective the easiest way possible. This will allow you to make the necessary improvements for the good of your business.
E-commerce offers maximum security.
According to Statista, approximately 90% of the population in Singapore have said that they used Network for Electronic Transfers (NETS) as an e-payment method in the last year. Aside from convenience, among the reasons people now prefer to pay online is that it offers maximum security. From your home, you can instantly pay for goods and services without the need to worry about being spied on.
With an SSL certificate, safe online transfers have been made possible. Data encryption guarantees a level of safety that allows consumers to enter credit card details at ease.
E-commerce improves sales.
Given the ability to operate 24/7 and to expand your business to the international market, e-commerce can help improve sales. In today’s digital era, passive earnings will no longer just come from having a brick and mortar store alone, by eliminating geographical limitations and time constraints, e-commerce will open up new doors of opportunities for you and your business.
SMMILE: For Your Business E-Commerce Website
Increase your ROI with a powerful e-commerce website. Choose a reliable digital marketing agency in Singapore. Choose SMMILE.
Get the most out of your business. Let’s make it happen. Give us a call at (65) 8687 8143 or send us a message at [email protected]