We have to be upfront about this, the limelight of commerce is shifting from brick-and-mortar to online stores and we all are contributing to it.
According to eMarketer, in 2019, US consumers will spend $586.92 billion online, representing more than one in every 10 dollars of total retail spending. By 2023, spending will reach $969.70 billion. Yet, nearly half of US small businesses are still lagging behind, which is great for the existing companies on the internet, but not so great for those who still rely on face-to-face interactions with their customers. By dodging this opportunity, they are risking the growth of their business and eventually signing up for failure.
Convenience and ease have become an inseparable part of the shopping experience. Everybody wants everything fast, so why not deliver?
Here are 7 reasons why you should jump on the online wagon:
Maximized reach – With one simple click, the world is your customer.
You won’t be geographically limited anymore. No matter the industry you operate in, the grounds are even in gaining the favor of a global audience. You are able to pick up the pace much faster and become noticed by being on the same page as your competitors. The main factor in garnering customers is now not the location, but the quality of what you offer. So with a solid strategy, you’ll be able to expand your market in no time and provide your products and services to the customers they were meant for.
Saved money – You can say adieu to space rental, profit percentage, operational and inventory costs, and additional expenses that come with a physical store. No need to stack up in case somebody wants to buy 100 of your vintage mini-fridges. The internet is your friend when it comes to saving money by offering cheap and secure solutions. Web hosting services cost significantly less than the 5-6 digit sum you would pay for yearly expenses to keep your physical shop space and staff.
24/7 availability – Shops close, staff goes home. But not online. There’s no holiday closing, no human resource managing, no time constraints, and no need for sleep. Being able to sell your goods online at all times means you will have a substantial increase in revenue from different corners of the world. There’s obviously shipping included for which you have to be prepared, but the online selling process has the upper hand by being straightforward and simple.
Shortened sales cycle – Shopping happens in the blink of an eye. Your customers will be researching, analyzing, and evaluating your products and services before they decide to press that cart button, so you don’t have to spend time on being a tour guide for your solutions. Reviews will play the biggest role, as 87% of prospects decide whether or not to buy something based on previous customer experience. Customers will come to you because they know exactly what they want, so there will be no need for persuasion.
Increased visibility – Show the world who you are, by presenting your brand and your solutions in a way that distinguishes you from the competition. When buyers are ready to purchase the products or services you offer, you want to be the name that pops up on their browser display, as over 40% of online traffic comes from organic search. In this era, you won’t be able to become a household name by only relying on word of mouth. Put the word instead online, and the right attention will follow.
Better customer support – By seeing how your customers behave while frequenting your online shop, you are also able to provide better support to accommodate their behavior. You can share large amounts of information about certain products and services that would otherwise not be possible, create FAQs for certain solutions and even employ a live chat feature. Through an online presence, you are inviting everyone to share their opinion on your products and services, which in turn, leads you to learn and improve from their suggestions and concerns.
Convenience – Why not let the people and yourself take it easy and do business from the comfort of your homes? No need for a customer to walk through anything when they can just click through everything. No lineups, no repeated explanations, no slippery floors that were just cleaned, no malfunctioning escalators and elevators, no registers and card readers, no touching of fragile items, and no bad weather days. It’s a win-win situation for buyers and sellers.
According to Statista, global e-commerce sales are expected to double between 2018 and 2023, surpassing 6.5 trillion U.S dollars in 2013. Let that sink in.
Digitalization isn’t temporary, so you should consider moving online today, to benefit tomorrow.