What is E-Commerce?
Nasdaq have estimated that, by 2040, 95% of purchases will take place on E-Commerce platforms. Any business looking to expand their customer base and increase sales will benefit from E-Commerce.
E-Commerce is defined as online shopping via websites and mobile apps. Amazon is the largest E-Commerce business in the world. In February 2018, they overtook Microsoft’s $699.22 billion market value and became the world’s third most valuable business.
You may be thinking “How can my business utilise an E-Commerce platform?” If your product fills a niche, then E-Commerce is a fantastic opportunity for you. It is also a fantastic opportunity if you’re looking to sell nationwide, or even internationally.
Running an E-Commerce shop provides you with many advantages over running a physical shop.
Primarily the cost of renting a property. Many people run E-Commerce shops out of their homes, allowing them to save costs and work conveniently.
You may find that not having to manage a shop leave you with more time and money to invest in other areas of your business.
Tap into your Niche Market
If you have a niche product, the internet is a perfect opportunity for you to market yourself.
Niche products could be replacement parts, bespoke components, technical products.
If someone is looking for one of these, they will search very specifically, and if you’re the best supplier for that product, you will be able to make sales easily.
Easier to Manage
Customers will enter their details, such as name and address, and this will be stored in an account database. This means it will be easy to access your customer’s information.
Having a contact form will also allow you market and retarget customers using automated mail campaigns.
Additionally, unlike a physical shop, if you want to move things around and promote different or new products, the change can be performed easily and in seconds.
Reach a Wider Audience
By having an internet presence, you will be able to access a huge audience that traditional marketing methods wouldn’t allow you to reach.
If you build your E-Commerce website with a focus on Search Engine Optimisation, customers will be able to find your products simply by making Google/Bing searches.
Additionally, it’s very convenient for customers, meaning you may get sales from customers that wouldn’t have even stepped in your shop in the high street.