So, you’re interested in learning more about the benefits of an eCommerce website. In this article we’ll explore some of the benefits to building online store.
What is eCommerce?
E commerce refers to commercial transactions conducted online. This means that whenever you buy and sell something using the Internet, you’re involved in eCommerce.
Secure Payment Processing
In the early 2000’s many were reluctant to make purchases on a website. Entering a credit card number was a bridge too far for many consumers and seemed like a disaster waiting to happen.
Due to modern encryption technology, online transactions are very safe. Companies like Paypal, WorldPay, Skrill, and Stripe are making it easy and secure to pay online.
Ten years ago a basic eCommerce site would cost around $7500. Due to improvements in software development, in 2019, a basic eCommerce web site costs around $3000.
What is the size of the eCommerce market?
Online sales are growing 23% year-over-year. According to eMarkerter , global online retail sales are expected to top $27 trillion in 2020.
So, if this massive and growing market place hasn’t peaked your interest..
Below are 5 reasons why eCommerce is such an attractive option for any sized business.
Brick and motor businesses restrict you to a defined geography. If you have a store in London it’s unlikely people will travel from Windsor to buy your goods. An eCommerce site allows you to expand your customer base without the high costs associated with expanding retail space.
Investing in an online store doesn’t have this limitation. With a small investment in marketing your online store, you can sell to anyone, anywhere in the world.
When I was younger my mom would often tell me, “if you don’t get out of bed, you can’t make any money.” My mom never predicted e-commerce…
It’s 2AM and you are sound asleep… counting sheep… yet; your online store is selling your products and services! A significant advantage to an online store is it’s “open” 24 hours a day, seven days a week, 365 days a year. Sorry Mom. Those who have an eCommerce store have the option to make money from bed.
Online businesses have lower operating costs compared to physical stores. There’s no need for many store fronts and warehouses. This savings allows business to invest in growing revenues and increasing market share.
Laser Focused Marketing
Image being able to target women between the ages of 25-34, living in urban areas around large cities. An online business can target a market with a meaningful message.
A laser focused marketing strategy leads to an improved return on investment (ROI).