What Exactly E-commerce is?
E-commerce is the commercial transaction of products and services through the internet. For example, when a person buys or sells something from another person through the internet, he involves e-commerce. In the present time, online shopping is growing with all speed. According to research, 56% of Gen G and 67% of Millennials in the U.S. make the purchase online and this figure is expected to upsurge in the years to come. A study founded the growing ration of e-commerce, which is 300% in recent years. In the United States of America, e-commerce topped $700 billion last year. This ratio shows that this ratio will add up to 17.5% in global retail sales by the year 2021. With this big number, one can think of sales hitting $ 4.878 billion in the near future.
E-commerce is flourishing and will prosper in the future as well. With such an increase in need of e-commerce, many small businesses and entrepreneurs are preferring to hold their businesses online than traditional physical stores. It would not be wrong to say, web commerce has become the most preferred option due to the ease they offer. Online e-stores are quick, convenient and user-friendly. Moreover, they help build strong and long-term relationships, increase sales, creates global influence, boost brand awareness, offer 24*7/365 availability, reduce inventory management costs, deliver product datasheets and so much more in the most cost-efficient manner.
E-commerce Websites Ease Digital Transactions
E-commerce is growing year-over-year. And it is expected to grow $27 trillion by 2020.
Electronic commerce is happening in almost all parts of the world. E-commerce websites, with few clicks, allow visitors to search and purchase products through digital money. Electronic websites create value for small businesses and ensure to convert one-time users and visitors into long-term paying customers.
- Let us in detail discuss the e-commerce benefits that have driven small businesses and entrepreneurs to create online stores.
Reduce Operational Costs
Ecommerce, like the traditional store, doesn’t demand extra charges for utility bills, maintenance of equipment, décor, rentals, etc. In fact, it offers ready-made business networking solutions that help small businesses and entrepreneurs create a solid online presence in a cost-efficient way. Once an online store is set up, it doesn’t require multiple warehouses at different locations or workforce at several offices to promote business reach. Traditional advertising and selling styles demand a great deal. Whereas, e-commerce simply automates sales and marketing tasks and various workflows for small businesses at one single platform. This not only improves business overall efficacy but growth.
With all this, e-commerce not only benefits the business but also saves customer time and cost. Businesses through online catalog facility upload and decorate all their products online for the customer to view and make a hassle-free purchase. Customers can access these catalogs, anytime, any place. Customers can take their time to think and then make a buy.
These online stores are easy to monitor through web analytics, payment processing methods a user does not require extra labor to keep a check on the details. Instead, a business can perform all the business-related tasks from one single platform. Moreover, this further can benefit from cutting monthly shipping costs from the expenditures and can add a lot to savings in the long run.
Expand Business Reach
The digital stores help small businesses and entrepreneurs reach more users and audiences in a cost-effective way. Today, the buying trend has been changed. Now users look for a user-centric shopping experience. They go more for a brand that helps them solve their issues. In this matter the inbuilt sales and marketing tools within online Omnichannel social networking platforms, help businesses reach prospective and established customers. These platforms help businesses track customer behavior and offer them the facility to compare and find the right product with the right features and the right price that suits them the best at the right time. When customers or prospects get the right product to purchase, they spread the word among their peers through sharing posts or word of mouth.
As a small business, it is hard to reach an audience all across the globe. Omnichannel platforms build one community for businesses and bring all their peers under one single roof. E-commerce platform helps make business reachable to every corner of the world. Even those who are not present physically. To sum up, the e-commerce platform is the best way to serve everyone all the time, from one single place.
Operate Business 24/7
Small businesses and entrepreneurship require extra effort, time and money to go big. Initially, they have to be available round the clock with real-time information to help the customer make the right decision. not only this, they have to make sure to showcase what their business offers to the customer to make a buy. In e-commerce every small thing matters. And as a matter of fact, this is humanly not possible. And in fact, it requires extra cost, which a small business cannot afford to start. Moreover, there is a certain geographical or time limit that every business has to maintain. For example, it is possible when it’s morning in the U.S.A, there might be night in New Zealand. When a small business goes online it is not easy to afford overheads and to keep up work going for 24/7 in order to meet these barriers. E-commerce stores facilitate businesses to serve anyone, anytime, anyplace by being available 24/7. It does not restrict business with certain primetime.
The facility of being open 24/7, saves businesses and customers from the hassle. When a customer or prospect knows that he can make a purchase from the respective business any hour with the help of user-friendly inbuilt business tools. He is less likely to go for traditional buying methods and makes sure to choose an e-store for the purchase. This way, the e-store helps small businesses and entrepreneurs drive conversions and sales. Also, it ensures that your existing customers come back for another time purchase. E-commerce is surely the best way for small businesses and entrepreneurs to experience a new level of growth. Thus e-commerce in every way helps businesses up and running.
Boost Business Revenue
According to studies, repeat clients contribute to 41% in the business revenue and this figure goes higher during the holiday season.
Businesses that go online, make 28% more revenue. The issue with small businesses is that they cannot afford the extra cash. In this matter, the best option they are left with is integrating their e-store with a smart social networking platform, which is the best way to do quite well with inbuilt powerful business solutions. Online stores pay attention to all efforts and needs that help retain the customer to get repeat business. Because repeat customers are the key to a profitable business. E-commerce sites understand existing customer’s particular challenges, pain points and points of interest. They utilize social media, insights, and data to produce content that caters to the specific needs, wants and demands of the customers. Today, social media is one of the biggest marketing tools that let customers reach a small business in the most cost-effective way. A study founded, 75% of customers buy from a brand they discovered from social media.
When a business shows the audience how much it cares about their needs, it directly increases the conversion rate. Today, the growing mobile shopping trend is easing the customer buying journey. It helps the customer get what they are looking for with few clicks. This facility is not possible with traditional, physical stores. When a customer knows that he can make a hassle-free purchase with just one tap. He shuns the old, tiresome buying method and opts quick purchase process.
Attract More Audience
It is believed that 40,000 online searches happen using search engines on a daily basis. And to attract this ratio SEO technique here is the best strategy. Users today, prefer direct searches related to the products and services at the time of making a purchase. SEO techniques, in this regard, grab the traffic for your small business.
Ecommerce through SEO places small businesses in a position that helps them drive higher conversions to their website. When a user conducts a search it uses such keywords that convert the organic traffic directly to their business webpage in the most cost-effective way. Small businesses cannot afford to pay extra cash for additional marketing campaigns at the start. Here, e-commerce plays a key role to promote business brand awareness and brand equity. Customers know they can buy anything, any hour from your platform. Also, when so many people search for your brand online, it takes a great effort to move down the top ranking of your brand.
Build a Strong Business Reputation through WOM
It is quite difficult for small businesses and entrepreneurs to convert new users into buying customers. Here, e-commerce offers the advantage of inbuilt solutions and provides customers with an excellent experience. Which these customers later share over the social media profiles of your business in the shape of suggestions, feedback, reviews, and comments. These reviews from existing clients later become the recommendations for the new users. They are publically available for the new users to get an idea about how the existing clients and customers are having with your business. The shared word of mouth help influences new users and prospects to get converted into paying customers.
Like traditional physical stores, small businesses cannot afford to give extra bonuses or perks at the start to their customers in order to turn, convert or bring back their customers or prospects in the future. Here, online available reviews act as the most convenient marketing option for brands and small businesses to go viral overnight.
Keep Track of Inventory
Small businesses with smart e-commerce solutions keep track of inventory. When a small business goes online it uses inbuilt automated features that a social networking website offers to help the business keep a record of the stock ins, out and overstocked. They make sure what to get and how much quantity needed to keep the inventory balanced that will benefit both the customer and the user.
When a small business maintains lean inventory it becomes easy to track customer preference a well as the product requirement. Ecommerce, better helps brands understand what they should keep in stock and what should not, which will help them save cost as well as time. This process ultimately leads small brands to reach overnight success. There is no other way for small businesses with lesser resources to build credibility than to going online today.
Save Overheads With Automated Solutions
A newly established or small business and an entrepreneur cannot predict the overheads that can come up in the way to reach the targeted goals. E-commerce, strategize everything for the small businesses and entrepreneurs. Today, smart networking websites offer integrated networking tools that not only save the cost of labor and warehouses but also of the online catalogs. E-commerce platforms offer ready-made product catalogs where businesses can upload as many as products they want and make it visible to the audience around the globe to explore and make a pick.
Also, e-commerce offers many inbuilt solutions like purchase order system, warehouse management, sales and marketing automation facility, etc. To make the purchase not only secure but less costly. Ecommerce, easily monitor the budget of small business without even demanding more labor needed to manage and check the accounts, invoices, delivery, records, and orders. It optimizes the spending of the business with powerful tools. Which ensures smooth running and higher-revenue to keep the business up and running.
E-commerce Makes Business Eco-friendly
With the change in the environment, people are facing more negative impacts. This is not only affecting their health but also causing pollution in the environment. In the near future, it is possible that to reduce wastage and material usage, many businesses might have to suffer. And a small business can’t afford it. The catalogs, warehouses, checks, and balances, etc require a lot of time and waste. This factor is leaving a bad effect on the environment. The use of paper to make huge non-promising catalogs is nothing merely a vow for more pollution and damage. According to studies, the year 2019, is concluded as a ‘decade of exceptional global heat and high-impact weather’. This shows the highest to be recorded of course.
E-commerce, on the other hand, is obviously important for businesses. It aligns businesses with the eco-friendly tools that are easy to use and easy to implement and doesn’t cause any environmental harm. In the present time, the inbuilt tools align with the brand as well as resonate with the audience. Today customers feel good when they know their money is going for a good cause. No matter what size your business is customers always come back to your business to make another purchase.
Ecommerce offers small businesses, start-ups, and entrepreneurs the greatest opportunities, and tools to increase sales and profits with the least resources. They ease customer troubles with cost-efficient, powerfully crafted, user-friendly tools and provides with the best online experience.
When a small business goes online, initially it seems easy to create, but at a later stage, it usually becomes difficult to manage. So, if you are looking to get more leads and prospects, a bunch of sales, brand visibility and improved customer service in the most cost-effective way. Then go online, Join a social networking platform that offers complete e-commerce business solutions with order management and inventory management system. It helps streamline business processes, improve business efficacy and growth for small businesses. Moreover, the 24/7 availability that an e-commerce platform offers to an online store, help increase sales and profitability in general but especially at peak seasons.
As it’s the season of Christmas. The season of joy and happiness. Why not give the joy of being open 24/7 with the best business networking platform and let your desired audience know that your products are ready to buy.
What Are You Waiting for?
Start your own online store with SeeBiz Business Networking Website that offers an inventory management system. Because SeeBiz offers every solution you need to start a successful business. Join Today!