Many people have no idea how vast the impact of eCommerce is, and until they have tried it, they can't understand its influence. I had a physical shop and didn't think having an eCommerce would help until I tried it, and the results were excellent. Based on my results, I wrote this article to help others who underestimated eCommerce as I did.
There are several reasons as to why you should never underestimate the influence of eCommerce, such as;
The above are a few reasons why it's impossible to neglect the influence of e-commerce; as you read this article, you will be in a better position to understand everything about the eCommerce influence.
Do you know the core products of your business? How about how to identify them? I will tell you all about that; you will also get to know their importance and why you need to identify them, and how to stay on top of competitors using your core products. Read on to find out more about business core products.
The eCommerce business is rapidly growing; it's a strong catalyst for economic development. From startups, small businesses, and medium ones up to the big business, they all in some way or another benefit from eCommerce.
It's impossible to estimate the power of eCommerce in society and business as well. Ecommerce websites are changing the world; most people are no longer shopping in physical stores; they do it online in the comfort of their homes. Below are the reasons why you should never underestimate the influence of eCommerce.
It helps reduce operational costs.
To operate an online store doesn't necessarily mean you should have a physical shop. You can show all your products through your online shop and offer delivery services, saving a lot by not needing to rent a shop without talking about electricity and internet bills. If you need to rent a store, it won't be as big; you'd have saved on cost.
It helps businesses go global.
It helps sellers reach a vast audience by having their products sold worldwide, allowing them to increase their outreach. With eCommerce, the entire world will be your playground. A physical store limits your target audience, making it hard to reach a vast audience. It would be best if you had a physical store and a website.
It bridges the boundaries between the seller and the buyer
The buyer has the products, and the seller wants to buy them; eCommerce makes it possible for both to interact. All the buyer has to do is log in to the site and make a purchase; it's a win-win situation for the buyer and the seller.
Making transactions online is safer than doing it in a physical store; imagine completing a transaction without anyone spying on your credit card or secret number; a site has an SSL number to ensure safe transactions.
Your online store stays open 24/7
This is a very vital fact about eCommerce. Your store stays open 24hours a day! Customers have an opportunity to shop anytime they want, be it midnight or early morning. A seller benefits a lot through the 24hour operation, with the business generating more sales.
Provides better marketing opportunities
The best marketing tool for your business is eCommerce; you get a chance to market via online multiple tools like social media marketing, search engine marketing, email marketing, pay per click ads without forgetting SEO which helps the site in top ranking.
It reduces the workload.
Imagine if eCommerce websites didn't exist, how long and tiring the buying and selling process would be for both the seller and the buyer, and the number of employees the seller would have to hire. Ecommerce has simplified all that in that it requires a minimum workload to run itself.
It's easier and more convenient.
People's lives are hectic, and finding time to get to the store can be impossible. That's why eCommerce online stores save the day. The buying option is easy, fast, convenient, user-friendly, and simple to make transactions. It helps customers save up their time and sellers to make more sales.
Grows your business
It brings in more customers through referrals, the reviews play a significant role in its growth. Customers trust reviews from strangers more; hence once they read positive reviews, they will surely make a purchase: more positive reviews, more sales, more referrals, more profits leading to the growth of the business.
Types of e-commerce websites and business models
To clearly understand the influence of eCommerce, you first need to understand the website categories and business models to know where yours fall. Below are different types of website categories;
|Single brand website||It's a site that sells products/services of one person or business|
|Online retailers||They wholesale other brands' products|
|Affiliate websites||They sell other brand's products but in exchange for a commission|
|marketplaces||It's a site where individuals can list their products for sale.|
Below are different e-commerce categories;
|Business to Business (B2B)||Its function is to sell products to other companies|
|Business to Consumer (B2C)||It's where a business sells products online directly to the consumers|
|Consumer to Consumer (C2C)||It's where a consumer makes and sells products to other consumers|
|Consumer to Business (C2B)||This is where an individual or an entrepreneur sells their products to businesses.|
Getting to know your core products is vital in generating sales on an eCommerce website. Once you have identified them, you will be able to run your business around the most profitable and popular offerings, which will, in turn, give you great results.
Finding the balance is the most challenging part, especially if you have many products which make it hard to manage and brand. Again, having a few products is neither advisable because you will be giving your competitor a lead way. Here is how to identify your e-commerce's core products;
Identify your core products.
If you follow up on your sales, it will be easy to tell which of the product's sales most, only if you make enough sales. In cases where you don't have adequate sales, you should first analyze your competitors, check what they are selling and what they are not, how the market is, and what you can do differently. It would be best if you stayed unique in the products/services.
Second, research keywords for any terms you could rank for and create helpful content for your users. Work hard towards satisfying your itch in the market. Third, test plus iterate; there is no guarantee that your project will be a success; you will only be sure once you see the results.
Market your core products
Using the above steps, find your core products. After identifying them, it's time to market them. There are several ways to do it, such as organic search traffic. Content marketing is a great way to generate traffic for your site. It would also be wise to initiate pay-per-click campaigns to stay on top of rankings I search.
Another technique is to sell via several channels. Buyers love to use different methods in shopping online, and as a seller, you should be able to cater to that. You should let your customers experiment with a consistent brand via different channels and make it convenient for them to buy no matter where they are.
Find a reliable supplier.
Once you identify your core products and market them properly, sales are expected to rise rapidly, good for the business. The main problem will come when you run out of products; you need to make sure you have a supplier who won't fail you. A slight interruption in the products may be hard to recover.
Underestimating the influence of eCommerce is the same as neglecting your business and eventually leading to its downfall. Ecommerce works towards achieving the success of your business; as long as you have the right products, proper marketing with the appropriate business plan, you'd be sure to get relevant results.