Within the modern market, everyone has multiple online devices, and this inter-connectivity has led to e-commerce becoming one of the main forms of business in the world. Internet transactions of goods have been a popular choice of business ever since the 90s, with the current form of the practice having reached the ease of only a few taps of a button or screen being enough to make a purchase.
Now, having opened up the pathway of what technology can achieve, e-commerce is something your business needs to incorporate in order to have a large amount of success in your field.
Just how popular is E-commerce?
With how easy it now is to purchase a product, and the large number of brands available; shopping is now far different from the days in which a customer was required to visit a shop in person and look around at what was physically available, and nothing else. Being able to search for key words/terms for what you want has made shopping far simpler for a lot of people. With the growth of the internet, e-portals in which e-commerce can work on is set to continue increasing at a rate too fast for many to comprehend. An accurate number for growth is hard to calculate, but it is predicted by many to expand over a dozen times its current level in as little as the next few years.
The e-commerce industry, which has birthed such giants as Amazon or Flipkart, is arguably most influential in India. It has become the home of such a strong e-commerce market through two main reason: the country’s large population, and the ever-growing amount of internet users it makes up.
Further advancements are expected to be made through India’s market, including voice-based transactions and trust systems, allowing for a more coherent and polished form of UX-forward business. Here are some of the reasons all businesses benefit from having an online store:
Globalisation and Costs
Going back to the point about inter-connectivity, being able to communicate with and gain customers from all over the world without the costs and resources of establishing stores across the globe, is effective to say the least. In an age where a lot of products and categories are quite similar to each other, it would be foolish to limit your market to only a local one if people can easily get something close online without needing to leave the house.
Along with not needing to physically establish new stores, e-commerce will allow your business to save money in several other ways. Digital advertising for something online is a far cheaper option than having physical ads, especially with the effectiveness of social media. Many staff positions can also have some relief with AI like chatbots and virtual assistants.
Personalisation and Traffic
By obtaining customer information through analytical data, you can easily personalise offers to your customer base in order to increase customer satisfaction, and promote products they’re more likely to buy. Amazon’s “Related to items you viewed” section is a good example of this.
Having an online presence through a store and advertising through email or social media will help provide more traffic for your site and, thus, make your business far more viable for retail than if you treat your site as just a secondary option.
Despite the name, Omnichannel isn’t some network in a dystopian sci-fi series, though the previous generation would consider it just as futuristic. It is, in fact, the method of having multiple channels through which your business can work; easy navigation between portals, well designed apps, variety in payment options and constantly introducing new customer service channels.
Consistency in pricing between the physical and digital sale is important in allowing the customer to develop more trust in the brand and assure their loyalty in buying from the company again. As an example of the contrary, there is a significant amount of criticism towards the UK retailer GAME, with many of their newer releases costing more to buy in-store than online by up to a £10 difference.
One method of keeping track of the price equality would be through a smartphone mobile app, which can help both the retailers and customers keep track of pricing and stock.
Things to be careful of
Despite the massive growth of the industry, e-commerce isn’t a perfect system just yet. Perhaps the biggest one is the general preference many customers have for buying an item in-store, being able to physically examine it and check the quality before purchase. For such reasons, it’s important for online businesses to have good, high quality photos to allow the audience to make up their own mind.
All personal information you share on an e-commerce website is shared with the retailer and its affiliated e-portals. Because of this, the possibility of hacking and data theft is something all businesses should be vigilant about. Security’s importance can never be overlooked, so making sure your business has a good security system and keeping an eye out for any suspicious transactions will always be necessary.
Another thing more exclusive to emerging brands is keeping up to date with customer demands. Making sure you have a good range of options in terms of searching, item categories and payment methods along with an easy-to-use interface is what separates successful online stores from mediocre ones.
Many online stores don’t do the best job in delivering the product to the customer quickly, a major issue when trying to gain customer trust. Making sure you put in place as fast a delivery system as possible as early as possible will be a key factor in getting happy buyers.
Whilst any e-commerce brand has a few hurdles to overcome, every business venture does, and there aren’t many valid reason to limit your business’ potential to just one local store. Having a good online store means having a worldwide following.
Want us to set up an E-commerce store for you?
If you’re currently only researching e-commerce for a store you’ve not yet opened, we can help! We can turn your store into an online store using Sage Pay. After filling out a short quote request, we can integrate your company over to Sage, install fraud prevention measures and screening tools, and provide you with analytical tools to see your company’s growth first-hand. As well as this, we can provide 24/7 support, just in case anything goes wrong.
Visit https://www.cheaperpay.me/taking-payments-online/ for more info!