Why your business needs eCommerce: A StoreFeeder Top Five!
October 13, 2022
We don’t want to keep treading old ground, but the pandemic did one thing for business. It sharpened the focus of companies that had been thinking about adding eCommerce to their business structure. Lockdown and the closure of non-essential shops created an eCommerce tidal wave and gave the world of digital sales a shot in the arm that hasn’t been seen since.
If you’re one of the companies that didn’t make that leap but are now looking at the landscape and wondering where eCommerce would fit in your business plan, then let us help you out. Here are our top five reasons to have eCommerce as one of the pillars of your business.
- Buying at the speed of light.
One thing has happened online that I never thought I would see. Window Shopping. You read that right. Traditionally, customers buying online would search for one specific thing, generally within an eCommerce store or marketplace framework relevant to the item type that they would like to buy. For example, Thor action figure: go! The results would be displayed, and the purchase would be made.
Now, people will search google or another search engine with terms like “best mattress for a great night’s sleep.” The shopping tab will bring up thousands of options in a grid, et voila – window shopping. Your product could be there amongst all the most prominent and smallest players in the market.
They browse, and then they buy. Generally, within minutes, dependent upon the value of the purchase. The top-end expensive items will require some research and decision-making, but that sometimes only extends the sale by 30mins to an hour. Once the customer has decided they want to buy, that is when they go window shopping. Those purchase decisions are made quickly. At any time of day, whether your store is open or not.
- Avoid high costs
Running an eCommerce store costs significantly less than running bricks and mortar operation. Costs like hosting and your commissions are fixed, and you don’t need heat, light, rates and lots of staff. If treated like physical property and supported and cared for in the same way, an online store will add significant revenue to your bottom line, all with costs that can be fixed or controlled. And best of all, you are open all hours.
- Promo that doesn’t cost the Earth
With the introduction of shopping tabs on significant search engines, you can see your products alongside all your major competitors and market leaders. The shopping tab is a great leveller. Also, marketplaces and social media offer very low-cost advertising. If you can fold these costs into your markup, you can advertise all of your products and give yourself an edge over the competition.
Many of your competitors labour under the belief that online advertising is expensive and doesn’t work. And that stops them from doing it, and they rely solely on search and witchcraft to stand out from the noise. A few promoted listings and boosted posts at very low rates will put you directly in front of customers who want what you are selling.
- The world is yours
Let’s not get all antsy about Brexit. If you have a physical store in Lewisham, people from Cambridge are not shopping there. You have an online store, and your mind will be blown by where your customers come from. And yes, the World is yours, and you will sell your wares in small towns across the globe that you would never have heard of in your wildest cheese dream.
If you can provide excellent service backed up with reviews, and a great product at a reasonable price, then the World really is yours.
- Pay your way
Once you have set up your online store, picked your marketplaces and ventured out into the vast world of eCommerce, you will be amazed at the number of payment options you have. They have charges, of course, but the amount of business these options open you up to is incredible. There are many ways to pay, and many companies offer short-term credit. It has never been easier to buy online and make those credit-based purchases for top ticket items. You can explore your options here:
So, there’s our top five. We’ll do more. I hope you have enjoyed this quick blog. If you have found it helpful, please share! We appreciate it, and as usual, there will be another blog next week.