Unless you’re living under a rock in 2022, you don’t need someone to tell you about the exceptional growth of eCommerce. Whether you’re selling apparel, jewelry, eyewear, or fitness equipment, your business can’t succeed without a robust online presence.
And the best way to build your brand on the internet is to launch an eCommerce website.
The Challenges of Traditional Retail
Even if your brick-and-mortar business is generating tons of revenue, it comes with numerous limitations. To begin with, expanding your business to other locations will require a plethora of capital. Also, managing multiple outlets is going to be time-consuming and expensive.
And then there’s the huge challenge of bringing foot traffic to your store and driving repeat purchases. A brick-and-mortar store doesn’t leave you with too many channels to attract new and existing customers. That’s why you’re best off building an eCommerce website that delivers a flawless purchase experience for consumers.
An online store offers numerous benefits for new retailers and established brands alike. If you haven’t built an eCommerce website yet, chances are you’re already falling behind your competitors.
In the following sections, we’ll explore the key reasons why you should invest in developing an eCommerce website. Let’s dive right in.
1. Changing Consumer Preferences
The COVID-19 pandemic has created a massive shift in the way consumers shop. Social distance and stay-at-home orders forced eCommerce skeptics to change their minds.
From groceries and medication to furniture and office supplies – consumers are keen to buy every kind of product online nowadays. The convenience and speed of eCommerce perfectly fits our busy lifestyles.
As the younger generations, including millennials and Gen Z, gain more spending power, the popularity of online shopping will continue to grow. Even in the B2B landscape, millennial buyers prefer to browse products and make purchases online, instead of engaging in to and fro calls with sales reps.
If you want to cater to these evolving purchase preferences, there’s no alternative to building an eCommerce website.
2. Outstanding Reach
What’s the first thing you’ll do when you need to buy a new smartphone? If you’re like most people, you’re going to run a quick Google search for the latest smartphone models.
That’s precisely what your target customers also do when they need to buy your products. In the absence of an eCommerce website, you’ll fail to attract these individuals to your brand.
The vast reach of digital marketing channels makes it easier for you to connect with new customers throughout the world. And you can accomplish that without opening new outlets across the globe. It strengthens your brand identity as well.
3. Reduced Operating Costs
This one’s a no-brainer. An eCommerce website eliminates the need for you to build and maintain multiple storefronts.
Also, you don’t have to hire sales reps, cashiers, and employees to manage each outlet.
The best part is that as your online store generates more revenue, it’ll turn into a self-sustaining asset.
4. Detailed Customer Analytics
With a brick-and-mortar store, you don’t have too many ways to understand your customers. You’re often limited to generic questionnaires and surveys that give you a superficial look into their purchasing habits.
An online store helps you overcome those challenges by providing you with in-depth customer analytics. From browsing history and traffic sources to purchase preferences and product trends – you get access to a ton of data about your customers.
That, in turn, helps you better optimize your products and marketing strategies to fulfill their needs.
5. Excellent Purchase Experience
A well-designed, accessible, and easy-to-use online store helps you create a frictionless shopping experience.
You can take things up a notch with personalized product recommendations and helpful customer service.
When you deliver a memorable purchase experience, customers are likely to return for repeat purchases as well. It helps you win their trust, and turns them into loyal brand evangelists.
6. Round-the-Clock Operations
With an eCommerce website, you aren’t limited to fixed operating hours. Customers can visit your online store and purchase from you anytime during the day.
Moreover, you can add a knowledge base and live chat feature to your website to provide round-the-clock customer support.
It’s the kind of flexibility that helps you drive more conversions and skyrocket revenue.
The eCommerce market in the US is projected to generate a revenue of $1.3 trillion by 2025. Other countries are also headed in the same direction. Instead of wondering whether you need to build an eCommerce website, it’s high time you choose an eCommerce platform and start creating your online store.