E-commerce is fast becoming the first stop for a consumer when buying a product or service, with a predicted 95% of purchases to be facilitated by e-commerce in 2040. With consumers becoming more demanding than ever, moving online is a key way to keep your business competitive and innovative.
Here’s why a traditional brick-and-mortar business should consider adopting an e-commerce model and establish an online store:
Why E-commerce Puts Customers First
Before e-commerce existed, the idea of being available to customers 24 hours a day, seven days a week was impossible. However, customers can now place orders or access information about your business any time of the day or night. Increased convenience and accessibility when trading online mean that your business can generate leads outside of opening hours.
An online presence can also help you provide better customer support. They will have access to key information before making a buying decision, you can create a FAQs (frequently asked questions) page for customers or upload videos that explain how to use your product. These are all resources that can benefit your customers when they require it and you don’t have to be at the end of the phone 24/7 to provide them.
The Benefits of E-commerce
Ecommerce doesn’t just benefit the customer, it can help you increase your sales, create marketing opportunities as well as develop a better relationship with your customers.
Email marketing, for example, is a tried-and-tested method that can deliver a strong return on investment. Essentially, you’re marketing to people who have signed up to your updates and therefore are open to your messages. As a result, your offers and promotions are more likely to convert to sales.
In addition, ecommerce can help you broaden your brand. You can expand from your traditional brick-and-mortar store to create an innovative and distinctive brand that will follow you even when you expand your product range or open new stores in various locations.
Important Considerations
Be aware that there are various business laws you will need to abide by when selling your products online. Research the restrictions and regulations that might affect your ecommerce store and perhaps ask the experts to advise your business on areas like:
- Taxes (and whether you should display your prices inclusive or exclusive of tax)
- Whether VAT applies in the UK
- If there are recycling fees for plastic bottles in the USA
- Shipping restrictions for customers abroad
- Age restrictions (which will apply if you’re selling products or services to children under 13 years old)
- Competition law (known as Wettbewerbsrecht in Germany).
In Conclusion
Establishing an ee-commerce store is a business model that can help you stay ahead of your competitors and establish a loyal customer base. With increased opportunities when it comes to marketing, greater convenience and better customer service, your business is likely to enjoy less risk and greater returns when investing in an online store.
