Ecommerce: How did it all begin?
From 1960 till today eCommerce has come a long way, paving its way to our life only to make it more simpler and more comfortable. People opt for online shopping just because there are many advantages of E-commerce; and one can go from website to website according to their products/shopping preference.
Even though e-commerce was there, people still preferred going to the market and doing physical shopping. Now even though there are many shops, prices are also almost the same, you can also bargain but still prefer ordering every single thing online.
You know why? Just because it is more convenient, comes with millions of options, good things come with minimal price or are already under discount coupons.
Before 2019 it was all okay, people were ordering things online and there were people who went to the market to shop. Then came covid-19 and after that everything changed, people became more conscious, avoided going to the market, the only option left was ordering from online stores then it accelerated to another level and it has not stopped till now, it’s like a graph is going only upwards.
How the Pandemic brought more Advantages into Ecommerce?
According to business standard India’s e-commerce market would increase by 84% to $111 billion by 2024 as a result of the increase in demand brought on by the coronavirus epidemic.
According to Phil Pomford, general director of Asia Pacific, Worldpay from FIS, “the Indian e-commerce business has undergone a major rise owing to COVID-19 and there is substantial space for future expansion.”
The survey predicted that over the next four years, mobile shopping will generate a 21% annual growth in India’s e-commerce business. In 2020, credit cards (15%), debit cards (15%), and digital wallets (40%) accounted for the majority of all online payments.
Furthermore, physical shopping has merged with the digital world, and traditional websites are no longer the only places where e-commerce is possible. Consumers want the same hassle-free and convenient shopping experience whether they are making a purchase through an app, through their social media feeds, or in the physical store. The shop floor is now literally in the palm of our hands.
In addition “Merchants will be in a good position to succeed if they make the checkout process all about the client experience. The next wave of development in India’s retail and eCommerce business will be well-captured by those that position themselves with digital payment capabilities”.
Now let’s talk about the advantages of e-commerce which are literally benefitting online business owners or e-businesses.
Advantage of E-commerce
1. Low cost
When compared to maintaining a physical store, operating an online business has lower operating costs. This is a significant advantage of online shopping. Prices are frequently less expensive online than they are in actual stores, and e-commerce firms can provide additional discounts and promotions that are easier to redeem.
2. Flexible and Quick
Ecommerce business may be quickly and simply run by an individual or company. On the other hand, a physical business needs a location, commercial lease, and enough time for building and decorating before opening.
While displays and product lines may be altered instantaneously on an e-commerce platform, this is not possible in a physical shop without proper planning, enough people, and appropriate time.
3. 24/7 Open
Biggest advantage of opening or owning an online business is that you can run your store & provide services to the customers for 24 hours. You can attract your customers in any hour of the day.
People who have night shifts or very busy work schedules cannot go to physical stores. For them it is the best way to shop for them is from ecommerce websites.
Not only this, pop up Instagram Facebook ads can attract your customers any time of the day. Learn more about how you can launch an online store on Facebook or Instagram and manage it with utmost business tools and POS system to sell products online.
Fun fact- there is no need of installing CCTV cameras.
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4. Gain Profit by Impulsive buyers
Huge point for an online business, you may produce advertisements that encourage impulse purchases if you have appealing product pictures with brilliant color or human emotion.
Furthermore you may also use a variety of scarcity strategies, such as countdown clocks or displaying a limited number of items, to entice customers to make purchases. Additionally, think about testing out an item for impulsive purchases if it’s a new or limited-edition item in your inventory to see how customers react.
Impulse buyers could purchase for the chance to brag that they were the first to have the newest goods, since they are more likely to be social and image-conscious.
5. Easy to Expand
One of the main advantages of e-commerce for businesses is that growing an online store or ecommerce website is quite straightforward.
All you need is additional stock, a few digital adjustments, and perhaps extra storage space—which is much less expensive than market space. Additionally, since you can already access a worldwide market while you’re online, there is no need to build a new business in a different area.
6. Broad Customer Reach
A physical store is situated in a certain neighbourhood, and often, locals may only visit to shop there. The fact that e-commerce stores are not geographically constrained is another benefit.
When conducting business online through ecommerce stores, geographic boundaries become unimportant. Customers from all around the world who shop online can buy your products.
You are not limited to customers who can walk to your actual location. The retail establishment has access to formerly unexplored niche markets thanks to the internet. You may reach customers in a number of ways by utilizing numerous internet touchpoints, such as social media platforms.
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7. Get more Insight into Customer data
Another advantages of E-commerce are the easily-accessible and simplicity with which consumer data may be gathered, examined, and used for action may not have occurred to you.
You must own the consumer data if you want to have a laser-like focus on the customer experience. You may gather first-hand data through online selling by keeping an eye on customer experiences. You’ll gain from a never-ending feedback loop of useful information that will enable you to continually redefine the client experience.
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8. More Convenient to Show best Sellers
It is easier to show the best sellers of your stores in the ecommerce business.
A buyer may more easily locate the best-selling items in an online store than they can in a physical store, even though you can design a physical store to influence people to buy particular things.
In your online store there will be a best seller category because of the successful track record of some particular products and because of which you may gain more profit because of its trajectory.
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9. Rating and Reviews
Online retailers encourage their customers to submit reviews so they may learn about consumer happiness and any problems they have when utilizing the goods and services.
Potential customers may learn more about the product and decide if it is suitable for their particular needs thanks to the reviews that are readily available on e-commerce stores.
Additionally, it helps retailers enhance their offerings in order to boost sales and satisfy customers.
10. Target your customers
When you sell online, you won’t have to spend a lot of money on expensive advertising to reach everyone. Reaching out to the precise clients who are most likely to be interested in what you’re selling and buying your items would be the focus of your marketing budget.
On internet advertising networks, you can choose who sees your ads based on keywords, demographic information, geography, and even likes and hobbies. This offers firms a significantly greater ROI (Return on Investment) than a traditional brick and mortar store.
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These are some advantages of E-commerce business which you can learn and gain more perspective about your online business.
CONCLUSION
Advantages of e-commerce are many but customers and companies who use e-commerce can save time and money. Customers have a greater variety of things to pick from, and businesses attract a larger spectrum of customers.
Customers may not get their orders as soon through e-commerce as they would at a physical store since the system is not perfect.
E-commerce is a fast expanding industry, and despite certain drawbacks, firms will continue to invest in it.
As you can see, operating an online business has additional benefits. Additionally, you may overcome the difficulties by persevering and putting the above suggestions into practice.
In the coming years e-commerce will grow immensely, if you want to take your online business or e-business to the next level and want to make a name in the market then don’t wait any longer because there will be a lot of competitors and after some time you won’t be able to compete.
Now is the time !!
Pro tip – If you don’t want to make any mistakes around your e-commerce business journey, and thus want to join an e-commerce website builder – platform with a suite of business solutions – which will personally help you to outgrow in the online market then visit QPe’s official website.
