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Benefits of eCommerce in 2020
It goes without saying that today’s world is drastically different than anyone could have predicted a few months ago. eCommerce has been a growing trend for years, but with the closure of non-essential businesses and the majority of people working from home, online shopping is on a rapid rise.
There are clear benefits to eCommerce that were prevalent before but are now amplified due to the COVID-19 crisis.
No Geographical Limits
eCommerce businesses aren’t bound by the geographical limits of a physical store. Their consumer market can be as large as… yep, you guessed it… the entire world. As we know, this is especially important today because many businesses have been forced to close their brick & mortar physical locations. Businesses that are set up to sell their products online are in a much better position than those that are not in general, but especially now that all B2C commerce has been driven to the web.
Shop Till You Drop
Consumers can shop eCommerce products anytime they’d like and from the comfort of their own homes. This means eCommerce businesses can be making money all the time. Even in their sleep! With stay at home orders in effect in numerous cities across the globe, consumers are turning to online shopping as their only means of shopping. This includes groceries, too. With an increase in trackable actions like eCommerce shopping, businesses could be missing out on essential insights on their customers by looking at their behavior as well as asking questions through surveys n their shopping experience.
Without the burden of paying rent and extra staff, eCommerce businesses can dramatically reduce operational costs. As countless businesses close their doors due to the impact of COVID-19, the cost-saving benefits of eCommerce could mean the life or death of a business. Furthermore, if you do have a physical location, an eCommerce store may also help keep your store open and operational, acting as a supplement while your doors are closed.
Another cost-saving benefit of eCommerce is found in inventory automation. Because products are bought and sold online, the backend of an eCommerce website is constantly being updated with new information. What was purchased and how much of that product is left can all be calculated automatically, saving the business time, money and resources.
Not only does each online purchase help keep track of inventory, but a purchase made through an eCommerce business also collects invaluable information about consumers that can be later used for targeted marketing. When a company creates a more personalized shopping experience for their consumers, purchase orders go up, and repeat customers are created. eCommerce businesses can also get consumers to easily sign up for things like newsletters to create continual touchpoints between the business and consumer and create communities to interact and engage with your most loyal customers to help build and expand your online sales.
It’s difficult to thrive as a business with only physical locations when the demographic for the product is niche and isn’t located in one region. eCommerce businesses, however, are able to utilize SEO and other digital marketing capabilities to attract these unique individuals to their website and products.
Work From Home, Work Whenever
Employees of an eCommerce business don’t typically have to go into the office from 9AM to 5PM, Monday through Friday. No, these people can conduct their work from any location and at any time. This mode of operation not only contributes to a good work/life balance, but it also set eCommerce businesses up for success in a world where working from home is the only option (minus the heroes working the front lines or at essential businesses, of course).
In a world becoming more and more digital and technology-driven, eCommerce businesses have a leg up on their competition. Not only does eCommerce reduce operational costs for businesses, but it is also one of the only ways businesses can continue operating during the current COVID-19 crisis. Without the confinement of a physical store, without the option of a physical store, businesses can reach global markets, niche demographics and can keep their digital doors open to a world trapped inside.