In the past, e-commerce was the way of the future, but it is more important now than ever before. Due to uncertainty, caution, and social distance, the outside world has become a place of uncertainty, caution, and social distancing, illuminating many of the benefits of e-commerce.
E-commerce businesses seeking to grow and meet this increased demand are applying more often to Become.
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Why is e-commerce set to grow?
Before COVID-19, e-commerce was growing predictably, but it was accelerated by 4-6 years by this new law. During the pandemic, e-commerce’s many advantages, including convenience, were highlighted. Global e-commerce sales reached $82.5 billion in May alone, a 77% increase over the previous year, during the Coronavirus lockdown.
A Deloitte report states that brick and mortar retail stores were responsible for 85% of sales of retail products by the end of 2019. There followed COVID-19, which caused traditional retailers to scramble to go online, and e-commerce sales soared as a result. In the US, the grocery store shopping market has seen the biggest shift in terms of consumer behavior. On average, 42% of US consumers have shopped for groceries on the internet at least once a week (GeekWire, 2020) while only 22% had done so at least once a week in 2018.
According to experts, COVID will have a significant impact on e-commerce in the US over the next year, increasing US e-business by almost 20%. Coronavirus served as a catalyst, propelling consumers into the online shopping world, consumer behavior that’s likely to continue, even once the Corona dust settles. Consumers who shop online will continue to do so even after the pandemic because more than 50% intend to shop online.
Top 5 benefits of e-commerce for consumers
Consumers will save money by shopping online rather than in a physical store because of the lower costs associated with running an e-commerce store. Online shopping has this advantage. E-commerce sites offer more discounts and promotions than traditional stores, and they are easier to use than traditional stores.
You’re much safer shopping whenever and wherever you want (instead of heading out into this increasingly COVID reality). While the Coronavirus may be a factor, there is also something to be said about shopping from your bed, instead of popping out, standing in line, or enduring the cold weather.
Consumers can buy stuff from all over the world through the internet, including electronic products from China, books from England, clothes from Paris, and good old American products. Online shopping offers a depth and breadth that can’t be matched.
Information is literally at your fingertips when buying online, including:
- Reviews from real customers – this is probably the most effective
- Usage videos
- Product guides
- Social validation
Comparing products, brands, and websites can also be done side-by-side when shopping online, another one of the top e-commerce benefits. Comparison shopping sites exist solely to allow consumers to compare products based on price and discount metrics side by side.
A time-constrained society like ours, shopping online allows the consumer to save a tremendous amount of time. It’s logical to be able to buy where you are (Thinkwithgoogle, 2018) since 63% of consumers start their shopping journey online.
When you can easily access a greater selection at a similar price from the comfort of your own home, avoiding the hassle of traveling to stores, waiting in line, and then returning home, there is no need to travel.
Top 5 benefits of e-commerce for consumers
An online business eliminates the need for a physical storefront, resulting in lower fixed costs. In addition, since e-commerce is mostly automated, fewer personnel are needed. Marketing an e-commerce store, for example, using Google Adwords, Facebook advertising for e-commerce, and social media marketing is a much more cost-effective way to reach your consumers and increase sales. E-commerce presents this benefit to businesses as one of its key advantages.
In order to be competitive online, retailers need to gather a wealth of information about their customers.
The information consumers submit when checking out or registering on a site goes far beyond their name, email address, and telephone number. Rather, it includes behavioral and demographic data, available through Google Analytics, that allow online retailers to optimize the consumer journey and more effectively target advertising.
The e-tailer can also retarget and nurture consumers according to their stage in the customer journey. An online retailer, for instance, could send emails to customers who abandoned their carts, motivating and reminding them to complete their purchase, and even use retargeting to nurture leads who have not yet made a purchase.
Through e-commerce, geographical boundaries are no longer relevant. Online shoppers all over the world could purchase your products. Those who visit your physical location aren’t the only ones who can buy from you.
You can also reach different niche audiences that you wouldn’t be able to reach otherwise through the Internet. When you use multiple online touchpoints, you can reach customers from all angles, such as social media, forums, and web search, by going where they already are.
You can sell online around the clock, 365 days a year. Even when you are sleeping, your customer support is always on, ensuring that sales are flowing and consumers can buy whenever they want.
It is necessary to have more space in a physical store (and the expense that comes with that), employees, as well as a wider selection of products. However, one of the benefits of online commerce for businesses is less obvious, and that is that it is very easy to launch an online store.
There is no need to build a storefront when you just need more inventory, a few digital tweaks, and perhaps more storage space. You won’t need to open another physical store, since you can access worldwide markets from your online store.
Is it better to shop online, in-store, or a hybrid?
In 2020, what will be in store for your company? I think it’s fair to say that the benefits of e-commerce to both consumers and businesses, combined with e-commerce statistics, make it clear that online selling will be here for a long time to come. The fact that physical stores won’t disappear after Coronavirus, however, doesn’t mean that they will disappear altogether.
In these uncertain times, online sellers are in a prime position to capture consumers who are turning to online shopping – make sure that you track your profit and expenses to maximize profits!
In case you still run a brick-and-mortar store, now is the time to get it online, or even use it as an order fulfillment center when foot traffic is low.
Using e-commerce funding, you can expand your e-commerce store by ordering larger quantities of stock and increasing your marketing budget so that you can capture as much of your target market online as possible and grow – the demand is already there, all you need to do is grab it!