Many businesses choose between selling on a marketplace and having their own website when determining where to sell their products online. While each alternative has its own set of advantages and disadvantages – and no one-size-fits-all solution that is ideal for everyone — we feel that businesses who are serious about eCommerce should have their own website.
Instead of going to the store, more and more consumers are making purchases from their computers or mobile devices. Every year online retail sales have been increasing in an incredible number, now is the best time to launch your own eCommerce site.
What exactly is eCommerce, and how does it work?
The action of purchasing and selling goods or services over the internet is known as eCommerce. Although some people have only known it due to the pandemic, eCommerce already has a well-established notion and its benefits for conducting business are well recognized. It currently functions as a type of retail that can supply a variety of services to small, medium, and large enterprises, as well as individuals and entrepreneurs.
eCommerce is not limited to only online shopping, it also provides many services delivered over the internet, like auctions that take place in real time, payment of utility bills and online banking.
The Benefits of eCommerce
Affordable
It is costly to open a store. You must pay rent, furnish the facility, obtain the necessary equipment, and engage staff to work there. The entire cost will vary depending on how much space you require and where you wish to operate your business, but it will cost you at least a few thousand dollars to begin with, followed by rent and other continuing expenses.
On the other hand, starting a business online is far less expensive. Why is it less expensive to operate an online store? Advertising expenditures will decrease. When compared to traditional methods, digital advertising is less expensive and easier to tailor to different budgets. You may market your entire organization using a combination of traditional and digital methods, or you can go all digital and save a lot of money.
Performance & Adaptability
You may update your product offerings, display, and marketing materials on an eCommerce site almost instantaneously. In a physical store, you’ll have to physically shift items around, which takes longer. An eCommerce site is incredibly adaptable, allowing you to respond to changing customer wants as well as changing corporate demands.
An eCommerce business allows you to be flexible. You can work from anywhere with an Internet connection as the owner. You might not even need an office; you just work from home!
More customizing and greater efficiency
eCommerce may make it easier to collect, synthesize, and utilize client data and information than traditional methods. This is especially true when it comes to retention initiatives like client loyalty programmes – you can more precisely track their purchasing habits, allowing you to target marketing and promotional efforts more precisely.
Upselling and cross-selling may also become easier because you aren’t locked in an awkward face-to-face situation where the buyer may grow irritated if they feel pressed. You can simply make add-on suggestions as part of the shopping cart process and let the buyer decide.
Passive Income
If you can keep your shop open 24 hours a day, seven days a week and offer your products to a wider audience, you have the opportunity to build a passive income stream, which means your revenue isn’t dependent on exceptional salespeople or opening hours. When factors such as location and time of day no longer limit you and your clients.
Conclusion
The importance of having your own website in your eCommerce strategy cannot be overstated. It’s a fantastic opportunity to build your business, attract loyal customers, learn new things, and be more creative with your marketing. Using a single channel for all of your sales, on the other hand, can be problematic. As eCommerce gets more competitive, diversifying where you sell online might help you reach new clients.
If you need help designing and developing a corporate website or an online store for your business, our team of experts can help you create an online presence that incorporates cutting-edge eCommerce, branding, and marketing capabilities! Chat with us at hello@allmeans.com.sg or arrange a free consultation via this form to find out how we can drive growth for your business using the website!
