Why You Should Shift to E-commerce Now
This is an article “Why You Should Shift to E-commerce Now” by Marc Primo
Throughout history, commerce continues to evolve with today’s generation of digitally native brands riding fast on tech developments to gain the upper hand in the race for customers. As people came head on with the COVID-19 pandemic, more consumers have turned to online grocers translating to over 50% increases in Vietnam, China, and India, and 31% over in Italy, as more brick and mortar stores were forced to close.
Other factors such as artificial intelligence, machine learning, and voice activations have also contributed to the rise of e-commerce worldwide in recent years as they have created faster and more convenient shopping experiences for users.
So why should you shift to e-commerce now? Here are five useful insights.
It shows significant growth increase and projection
Though e-commerce won’t be able to surpass the growth trajectory of the in-store market anytime soon with only $3.5 trillion in global sales in 2019 (only 14.1% of the entire retail sales pie), for an 18% growth increase year to year, pundits continue to have high hopes predicting doubled growth projection by the year 2023. This is because more and more consumers are shifting to purchasing goods online thanks to the likes of Amazon, eBay, and Alibaba among many others.
The current situation also paved the way for even more growth in the digital space with a 25% e-commerce increase in the US in March according to Adobe Analytics. Rest assured, many online stores out there will benefit from new normal policies as there are still no signs whatsoever of having social distancing measures and ‘stay at home’ policies being lifted. With better convenience and safer arrangements, e-commerce can only thrive in these coming months.
E-commerce fosters better customer relationship
Another advantage for e-commerce companies is the ability to gather data for better customer experiences online, more efficient marketing strategies, and wider customer reach for lesser budgets. E-commerce can also enable more companies to establish direct customer relationships for after sales, more personalized marketing tactics, and opportunities for loyalty management through online promos and virtual coupons.
More consumers are shopping online
Recent figures have also shown that a large segment of consumers prefer buying products online even before the current pandemic. In fact, around 1.8 billion people go shopping online, or 50% of the total consumer population. As online marketplaces begin to establish themselves all over the world, several niche markets have also grown in previous years offering specific products for smaller markets. Somehow, these niche markets with unique products and services (which are far from being considered snake oil), are able to create communities of consumers that result in stronger brand loyalties, not to mention equal marketing and selling opportunities for smaller enterprises online.
E-commerce promotes better productivity
Automation is a big part of e-commerce and keeping this aspect in constant development leads to higher productivities for businesses. With a wider range of apps and programs that companies can feature on their online sites, businesses not only have the ability to improve user experience but also bolster their lead generation and conversions, as well as their capacity to serve larger markets.
E-commerce enables small and medium businesses to grow their market even on an international scale given that transacting online with such elements as blockchain or cryptocurrency make everything safer, faster, and easier to track.
E-commerce is getting stronger mainstream
More and more consumers are looking for brands that share their own personal values and with the help of social media, businesses can easily present their marketing messages out there for the appreciation of their online target markets. With this, digital marketing has also been at the forefront of e-commerce as today’s generation of consumers is more open in publicly supporting the brands they love via their social media accounts. All those likes, shares, and engagements contribute to influencing more consumers to either try out a product or scratch them off their shopping lists. This is why digital marketing is one, if not the most, important tool when you go into e-commerce.