THE IMPORTANCE OF ECOMMERCE IN 2021
From startups to small and medium sized businesses right through to Fortune 500 brands, there are a large number of companies that can benefit from their own online store. In the emerging global economy, eCommerce has increasingly become a vital component of business strategy. The continued expansion could lead to downward pressure on inflation through increased competition, cost savings, and changes in sellers’ pricing behavior.
If you’re still on the fence about launching your own eCommerce store, you may ask yourself why eCommerce is getting attention around the world?
Helps You Reduce Costs
To have an online store it isn’t necessary that you have all your products in a physical space. In fact, there are many different companies that operate online where they only show their inventory through their electronic commerce. This implies not only saving by not needing a rental or purchase of property, but also everything that involves electricity, the internet, etc.
Helps Business Go Global
Directly related to the previous point, this fact allows you to put your products for sale anywhere around the world. They will not have the explicit need to travel to where you are to see what you have to offer. Owning an eCommerce website will give you the opportunity to increase your outreach. It will offer your products and services to customers around the world, regardless of the distance and time zone.
Fewer Overheads & Risk
Starting an online store can mean significantly lower startup costs compared to a brick and mortar retailer. The retailer or the online business owner doesn’t have to take into consideration the high expenses of shop rental, hiring a salesperson, utility bills, security measures, etc. Having an online store enables you to enjoy increased profitability with less risk.
Offers Better Marketing Opportunities
Your eCommerce site is the best marketing tool that you will ever have. Thanks to the internet, now anyone can market through online tools like social media marketing, email marketing, search engine marketing, pay per click ads, and SEO help you build very useful links and contacts.
Easier & More Convenient
People’s lives are hectic; getting to a physical store means taking a lot of time and effort. So, by starting an online store means you can fit into your customer’s busy lives, making the products they want accessible when they want them. Also, one of the greatest importance of eCommerce is that the store timings are now 24/7/365 compared to other stores.