While e-commerce has always been the way of the future, the pandemic helped this channel explode with opportunities! After years of predictable growth, COVID-19 expedited e-commerce’s trajectory, accelerating the industry’s growth by 4-6 years!
The pandemic magnified many of the advantages of e-commerce, particularly those related to convenience, contactless shopping, and direct delivery. Evidence of this can be seen in sales figures from May 2020. During this month, at the height of the Coronavirus lockdown, global e-commerce sales reached $82.5 billion, a 77% increase over the previous year! As brick and mortar had dominated sales prior to the pandemic, the widespread lockdowns sent traditional retailers scrambling to transition their business online. Budding entrepreneurs also seized the opportunity to launch new e-commerce businesses.
Serving as a catalyst for e-commerce, the pandemic propelled businesses and consumers into the online shopping world! And even as things begin re-opening and life begins its return to “normal,” many expect e-commerce to remain a dominant force in the retail world.
Here are the top five benefits of e-commerce for businesses and consumers!
Top Five Benefits of E-commerce for Business
1. Reduced Operating Costs
Simply stated, online businesses are cheaper to operate. E-commerce eliminates the need for a physical storefront, leading to drastically lower fixed costs and operating expenses. Additionally, as most e-commerce is automated, this business model requires fewer staff members. When online retailers are also able to capitalize on on-demand ordering, production, and delivery partnerships, inventory costs may also be eliminated. These cost saving benefits translate to lower prices for the consumer and higher profit margins for e-commerce businesses.
2. Greater Insight into Consumer Data
E-commerce channels offer retailers access to a goldmine of customer data. Not only do online consumers typically provide their name, email address, and phone number when checking out or registering on a site, but they also provide a wealth of consumer behavior and demographic data, available through Google Analytics, that can help online retailers optimize the consumer journey and market more accurately and effectively.
Using insights from this data, online retailers can email potential customers who have abandoned their carts, retarget their advertising to nurture leads that have not yet purchased, and send special promotional deals to help close sales.
3. Expanded Customer Base
E-commerce removes geographic boundaries, expanding the potential customer base to virtually everyone! Online retailers can not only target shoppers across the country or globe but also niche audiences they may not otherwise be able to reach.
4. Open for Business 24/7/365
E-commerce stores are open for business 24 hours a day, 7 days a week, 365 days a year! Through its automation, the e-commerce business model ensures consumers can shop and purchase any time, any day.
5. Easier to Scale
While scaling traditional brick-and-mortar stores requires additional floor space, inventory, and overhead, scaling an online store is relatively seamless! All you need to do is expand your store offerings (custom stickers, glossy posters, and personalized gift wrap are great options!), add them to your online marketplace, and you’re ready to go!
Top Five Benefits of E-commerce for Consumers
1. Lower Prices
Reduced overhead costs for e-commerce business owners generally translate to cost savings for consumers. Online prices are typically lower than traditional retail store prices and e-commerce sites are better able to offer more discounts and promotions, a win-win for consumers!
2. Safety and Convenience
Online shopping is much more convenient than shopping in a traditional brick-and-mortar store! Additionally, through secure checkout options, online transactions are generally more secure than using cash or a credit card in store.
3. Expanded Product Offerings
The width and depth of products sold online are unparalleled. As online consumers have access to products from a global marketplace and virtually anything they want is accessible through a few simple searches.
4. More Informed Decision-Making
When shopping and buying online, information is literally at your fingertips! Available information includes product reviews, descriptions, usage videos, product guides, and images.
Online shopping also allows consumers to easily comparison shop, reviewing products, brands, prices, promotions, and websites with even side-by-side comparisons.
5. Saves Time
Online shopping provides massive time savings to the consumer. Since 63% of consumers start their shopping journey online, it makes sense to be able to buy where you already are (Thinkwithgoogle, 2018). Through e-commerce, consumers can shop virtually any time, anywhere.
StickersAndPosters.com offers a variety of products to help set your business apart! We specialize in custom kiss-cut stickers, custom glossy posters, and personalized gift wrapping paper and with our fully automated, on-demand printing process and minimum order quantity = ONE!, we can help you elevate your business and your brand. As an industry leader and innovator in print technology and automation, we specialize in ONE-OFF printing of fully customizable products, making us the perfect third party vendor for your e-commerce business! Thanks to our technology and cutting-edge printing processes, we seamlessly integrate with our partners’ platforms and deliver on demand printed products direct from their e-commerce sites and online stores! And since we print everything on-demand and white label ship directly to your customers, we alleviate the need to carry additional inventory and relieve you of the cost, and headaches!, associated with production, shipping and customer service.