How eCommerce Can Benefit Your Business
eCommerce has the potential to benefit, transform and grow your business for the better. Find out how eCommerce can benefit your business now.
Having an online presence and website has almost become an essential part of operating any successful business. Furthermore, a lot of businesses are also opting to operate their businesses as eCommerce stores. So, are you ready to make the change to the online market? Well, this article will lay out exactly how eCommerce can benefit your business. So, read on to get some insightful benefits and tips surrounding all things eCommerce.
What is eCommerce?
Ever bought something from the internet? Well, you’ve engaged in eCommerce. Electronic commerce, or eCommerce, refers to the selling and buying of goods and services over the internet. In other words, an electronic or online store is a form of eCommerce. Setting up an eCommerce store is an increasingly popular way to run many types of businesses. There is a range of benefits attached to having an online store, so let’s get into it.
The Ways eCommerce Can Benefit Your Business
1. Broaden your Market
This may be one of the biggest benefits eCommerce can bring to your business. This is because in an online market your audience base is virtually endless. You may choose to service the entire globe if you desire. When you are running a physical store, there are certain limitations on your consumer base, being that consumers have to travel to your store to purchase an item or service. However, an eCommerce store will broaden your businesses outreach and market without any sort of geographical restrictions that physical stores bring.
2. Reduced Start up Costs
This is another great way eCommerce can benefit your business. As an eCommerce store is online, you may be significantly reducing your business financial expenditure on a range of costs, such as hiring, renting or buying a physical space or store. This can also reduce costs relating to utilities, maintenance, security etc. This is an extremely attractive benefit for many business owners. Your only start-up costs may be inventory costs, such as warehouse or storage costs, plus additional shipping costs. However, if you opt to operate your business without storage, your costs may be even lower. Your startup costs could potentially be the cost of building your website or using a third-party provider, such as Shopify.
3. Reduce Staffing/Employee Costs
Having an online store means that the need for live employees may be slightly reduced. Of course, you will still need staff to aid in day-to-day activities, however, you may not require as many. Let’s look at the customer service aspect of a business as an example. Having an online store means that there is almost no need to hire a physical sales team. However, you may need a few customer service representatives to aid with consumer enquiries. A major advantage of an eCommerce store is the ability to implement a chatbot. Chatbots can deal with simple and short questions, while your live customer service staff deal with more pressing issues. Thus, providing you with further savings on staffing.
4. Effective Marketing Opportunities
Forget about worrying about physical advertising, your eCommerce store can do all the talking. Running an eCommerce store can benefit your business as you’ll have to opportunity to explore and implement effective online marketing techniques. Online marketing strategies will be your best friend, such as social media marking, search engine marketing or search engine optimisation, online advertisement spaces and so much more. Furthermore, brand building on social media is the perfect way to reach thousands of consumers, promote sales and offers and continually build your businesses network.
5. Stay Open 24/7
An eCommerce store can work around the clock. You won’t have to close for the night or re-open in the morning. Therefore, consumers can visit and purchase your goods or services at any time of day or night, optimizing sales and visibility. This is a particularly important benefit if your store is catering to an international consumer base.
With many of us still feeling the effects of the COVID-19 lockdown, online shopping has become vitally important to businesses and consumers alike. eCommerce businesses may feel a slightly reduced pinch on their finances if their store is run via eCommerce means. A consumer can visit your eStore out of the comfort of their own home. So, this added convenience means that you’re adding a level of accessibility to your business that you might otherwise miss out on if your business were a physical store.
It is quite evident that eCommerce can benefit your business in a variety of ways. There is a range of other benefits that arise from operating an eCommerce business. The benefits covered in this article are just the beginning! Who wouldn’t want to save on a range of costs and maximise their business range and consumer reach? Well, with an eCommerce store, you can do just that. If you’re thinking about starting your own eCommerce store, it’s always best to develop a business plan to visualise your businesses roadmap.
Mai is a Digital Marketing Coordinator at Lawpath, working as part of the Content Team. She is in her final year of a Bachelor of Laws degree at the University of Wollongong. She is interested in Business Law and Employment Law.