A decade ago, eCommerce was the wave of the future, and now the future is here. The best thing about eCommerce is that it allows you to sell your products to the global community rather than just your local one. Studies show that in 2016, 1.66 billion people worldwide shopped online.
There are several reasons that eCommerce has taken off the way that it has. You don’t have to wait in line to make a purchase — you don’t even have to leave the house. Also, you’re often able to find better deals online than in stores.
Regardless of the reasons that people shop online, what stands out is the ways that eCommerce has reshaped business. Continue reading to see how eCommerce has totally changed the way business is done in this brave new world.
It has widened shoppers’ selection of products
Online shopping has seemingly taken on a life of its own. Online shopping allows you to find things that you may feel like you would never be able to find in a store. Have you ever been to a friend’s house and seen something unique that you knew that they could only have found online? That’s the “eCommerce effect” at work.
Whether you’re into fashion, all things vintage, or natural health products, there is somebody online who sells these things. Before online shopping, people were limited to what they could find in their local area or how far they were willing to drive for what they wanted.
These days, you can find anything no matter where you are. Whether you’re looking for a Jimi Hendrix vinyl album, a used car, the latest kicks, or dope rings, you can get them all online.
In addition, eCommerce allows consumers to practice the age-old principle of shopping around for the best deal. Going from store to store burns gas, energy, and patience. Shopping via the web, on the other hand, allows consumers to instantly compare the quality and prices of goods before purchasing them.
Selling products online is a great way to substantially increase your company’s bottom line. Even if you live in a small town, with eCommerce, your potential market is over half of the whole world. In 2018, over 4 billion people went online.
Of course, there is more to it than just listing your products online and watching them sell, but with quality products and the right marketing campaign, you may find yourself shipping products all over the world eventually.
With adding another avenue for revenue to come in, you will have to be even more watchful over your business’ finances. An outsourced finance department can help you to manage your income from your brick-and-mortar location and eCommerce.
If you are a small business owner, this option is more economically feasible than hiring someone to work for you full-time as an accountant. Unless you’re a math savant, it would be wise to hire someone to watch your money so you can focus on making your business the best of its kind.
The subscription era
The expanded use of the internet to make purchases has led to an innovative way to turn prospective customers into loyal ones. Online shopping has given way to the era of the subscription.
Companies are offering subscriptions for many products that people would normally get at a local corner store or supermarket. That’s right, that market is no longer restricted to newspapers and magazines.
Apparently, there are certain things that people like to get every month, and your business could benefit greatly from this trend. You can get coffee, shaving supplies, and even tailor-fitted clothes once a month from different online brands by joining their clubs.
If you sell items that people use or consume regularly, you could benefit greatly by riding this new subscription wave. If your customers are satisfied with your goods, then they are liable to renew their subscriptions year after year. This new business model is a great way to foster customer loyalty and enjoy a business model that is bound to keep sales coming in.