With the growing demand for the internet due to digitization and its popularity, eCommerce provides a virtual way for businesses to reach global audiences irrespective of geography. Online retail platforms provide a means for small businesses and entrepreneurs to reach their potential costumes. According to studies, global e-retail sales are expected to grow to $4.8 trillion by 2021.
Therefore, eCommerce website development according to trends is important for online presence, consequently authority in the marketplace because eCommerce website is considered an essential for successful eCommerce businesses.
Importance of eCommerce in modern business
- Audience. eCommerce is an ideal solution if you are looking to reach a broader audience. Customers can buy online whenever they want as online shops are not limited by time or geographical location.
- Convenience. One of the most important benefits of eCommerce to consumers is 24/7 product availability, it brings a more convenient and flexible experience to customers who lack the time to shop physically.
- Accessibility. If you are looking to expand your business, eCommerce web solutions bring more opportunities to do so.
- Marketing. It is considered one of the most important eCommerce success factors. Therefore, keeping in mind the SEO practices during eCommerce website development stages and integrating push notifications as a feature can optimize your marketing efforts.
- Scalability. eCommerce lets you scale your business as it grows. You can not only grow your product range but also introduce more payment options to meet the growing customer’s demands and expectations.
Benefits of eCommerce to Businesses
Businesses can’t stay ahead of their competition and/or rivals if they lack a strong online presence. Therefore, in today’s competitive business landscape companies are leveraging eCommerce website development services to compete.
- Rapport: eCommerce is empowering customers. Businesses can directly communicate with their customers through eCommerce sites. They can also disseminate information about deals, discounts, promotions, and new products. Consumers can give feedback which allows businesses to improve their services for a better customer experience. Plus, these online platforms help businesses to build a rapport with their potential customer base.
- Efficiency: eCommerce web design and development companies are helping online businesses to be more efficient by streamlining payments through the integration of multiple payment gateways. Moreover, customer information gathered through online channels can help businesses enhance their quality of products and services and to make better future decisions about what’s working and what’s not as a result leading to better revenues.
- Revenues: As mentioned before, eCommerce allows businesses to sell products globally. You definitely do not need multiple storefronts, so if you look at it, it not only saves overhead costs but also increases ROI since customers can access your products from anywhere in the world. Moreover, the more trust customers will have in your brand the more credible it will be, meaning it doesn’t take much to build a loyal customer base. Meaningful content, an easily navigable eCommerce website, and constant improvements are some of the few reasons that can help your brand bag some cash.
- Costs: eCommerce website designing and development is quite inexpensive. There are many eCommerce website designing companies offering low-cost solutions. These outsourcing companies are making it easier for entrepreneurs to start their own online eCommerce platforms. These development companies are very well versed in developing attractive yet mobile-friendly websites. They can not only integrate features as per need but also a complete inventory management system to manage inventory. The eCommerce website development cost and upfront investment are relatively low as compared to physical stores.
- Tracking: Through online stores, your business can keep track of its customers. You can check where they come from, what their interests are, and buying behaviors. Based on which you can redirect your marketing efforts and offer customer personalizations. You can even identify your own shortcomings and control your website bounce rate.
Factors Affecting your e-Business Success
Below are some of the factors that affect your e-business’ success rate:
- Pricing strategy: This one is a given. Since there are so many similar brands available, customers are bound to compare pricing and choose the product that benefits them most in terms of both pricing and quality.
- Design: The design and development of your eCommerce website should be able to facilitate all kinds of users. Since people from all over the world are accessing the websites. They may have different languages, cultures, and disabilities therefore accommodating all sorts of people should be a strong part of your strategy.
- Security: This is one of the most important factors since eCommerce websites are loaded with sensitive customer information. The reason why it is your responsibility as a brand to ensure the security of your site.
- Responsiveness: Your eCommerce website should be responsive and completely optimized to facilitate every kind of device. mCommerce is on the rise. More than half of your customers use their smartphones for making a purchase.
- Customer Retention: To retain customers businesses must identify and address their cart abandonment issues. Retained customers are a recurring source of revenue therefore customer retention rates should be maintained.
Disadvantages of eCommerce to Businesses
- Privacy concerns: Many customers still hesitate to give their personal information including their credit card data to online stores because of online frauds and hacks. To eliminate privacy concerns, have secure systems, and encrypted payment software in place to safeguard against such issues from taking place.
- Site crashes: One of the disadvantages of having an online store is its untimely errors and crashes which makes the entire customer experience unpleasant. Therefore, use the right platform for eCommerce development.
- Competition: The eCommerce industry is highly competitive. The reason why you are required to offer something that your competition lacks can be quite challenging.
- Shipping: Various options to choose from and long shipping times can frustrate customers.
- Preference: Many customers still prefer physical stores over online shopping. In 2020, the retail industry had gathered $4.184 trillion despite the COVID-19 whereas online commerce had only made $709.78 billion around the globe, which is pretty evident customers choosing physical shopping over online.