If you are planning to jump into the e-commerce bandwagon or want to expand an existing setup, there are some facts about the domain that you should brush up. Primarily, it is important to understand the viability of starting off because it requires a lot of work to set up an online business. Besides the conventional operations such as purchasing, warehousing, logistics, marketing, and accounting, you need a robust technology architecture to establish your brand’s presence. And on top of this, you need to sync all the channels to create a complete structure for running seamlessly. The first step is to have an e-commerce store ready so that you can connect with the potential buyers and showcase your products online. But before you invest in e-commerce development, it is advisable to understand the upsides and downsides first.
Advantages of E-Commerce
The sales process is faster when you sell online as it is easier to capitalize on micro-moments and have buyers to shop on impulse. Visual merchandising is something that you get as a part of the package. Customers to get better shopping experiences as they can shop in a few clicks and have the products delivered to their doorstep.
As a seller, you get the opportunity to cut down on the setup and operational costs associated with running a brick-and-mortar store. An online store, on the other hand, is a one-time investment as you have it developed once and use it for the lifetime. Choosing the right platform matters; for instance, Magento e-commerce development offers scalability out of the box and you can add more features to the store as your business grows.
Personalization is another key benefit that comes packed with e-commerce. All you need to do is to understand the expectations of your audience base and you can design your e-store to match. Another plus is that you can leverage customer segmentation to send across personalized shopping recommendations and notifications to them based on their preferences, demographics, and browsing/purchase history.
Re-targeting of customers is relatively easier in e-commerce selling as you can avail features such as upselling and cross-selling to entice the customers. You can even track customers who have abandoned their shopping carts and retarget them with special offers to bring them back for completing the purchase.
An extended outreach is another unmatched benefit of the online business as customers from anywhere across the globe can access your store and see the goods or services showcased therein. A global visibility is something that you get as a bonus and you can go one step ahead with a platform that offers multi-languages and multi-currency support.
Another factor that comes across in favor of this business practice is that you need not expend recurrently on hiring virtual resources. The best example here is that of a chatbot being implemented into a website to replace the human customer support executives. Not only are these AI-powered virtual assistants available round-the-clock, but they also take customer services to the next level.
You can use an e-commerce store as a marketing and branding platform too, particularly if you plan to expand the reach of your existing brick-and-mortar business. Quality content combined with the best digital marketing practices can give you fast and effective results, with costs much lower than offline marketing campaigns.
The tech-savvy online shoppers are keen on sharing their reviews on the online stores and social media. Positive reviews are like a shot in the arm as they indicate the customers’ trust in your brand as well as propagate your brand’s value.
As the investment in an online store is considerably lower as compared to that in an offline store. This means that e-commerce sellers can expect a quick Return on Investment (ROI) with lesser efforts.