Individuals who recognized the importance of digital have struggled for decades to convince businesses that online presence will be crucial at some point. Free to say, these challenging times could be the starting point of recognizing eCommerce investment importance.
Limited and challenged by various factors, some businesses are struggling to sell online because of different reasons. With high demand and more people transitioning to online shopping from the comfort of their home, some have serious problems with delivering what their customers need. The two most common examples are businesses that cannot cope with their sales exploding online and those that have not considered eCommerce investment yet and want to have their stores up and running ASAP.
Businesses have eventually come to recognize the importance of selling online as a part of their long-term business objectives. Acting fast and decisive was the key for some businesses to make a profit in the past couple of months, which proved that switching part of your sales or even your complete sales online is a move that must be done to secure long-term success.
Having an eCommerce consultant with years of experience on the market is an unmeasurable advantage for securing your growth. It is definitely more thoughtful than putting out a wildfire with a bucket of water, figuratively speaking. Continue reading and discover some tips on why and how eCommerce investment can improve your sales performance.
Why should you Invest in eCommerce?
Online purchasing is a habit of modern-day shoppers.
Data analysts and statisticians are expecting revolutionary levels of increase in online purchasing in the coming months and years. According to Statista, the statistics portal for Market Data, revenue in the eCommerce market is expected to reach $393,752M in 2020.
Moreover, revenue is projected to show an annual growth rate of 6.7%, resulting in a market volume of $510,504M by 2024. These are, indeed, impressive figures.
Boost your brand image and make money 24/7
One of the most important reasons why you should consider investing in an eCommerce solution is this: your online store never closes. You are not limited by space or time. You can use search engines and social media as tools to attract new customers and generate more traffic on your eCommerce website. Besides, once you attract those visitors and online shoppers to your website, you can use features of up-selling and cross-selling to increase your revenue continuously. Not having an eCommerce store is starting to become the same thing as handing your prospects over to your competitors. As marketers like to say, the best time to have an eCommerce business or an eCommerce site up and running is - now.
Lower your Costs
Business owners all over the world will agree that creating and maintaining a webshop is far more profitable and favorable than opening a physical store. The costs of renting retail space, or building one, is not a cheap option either for small or big businesses. When it comes to medium and small businesses it is definitely more economically viable to run a web shop than opening a physical store.
The risks of avoiding investing in eCommerce?
eCommerce is the holy grail of retail. Not having an online solution is limiting in many ways. You will not be able to broaden your market, you will miss out on increasing your revenue, and most likely, you will hand over your potential sales to other businesses that are leveraging their online stores and skyrocketing their sales.
Besides, you will have more expenses running a physical store, hiring and paying personnel and real estate. Transferring to eCommerce cuts these expenses drastically, and allows you to distribute your income wiser.
The research from the Office for National Statistics of the UK shows that Internet sales had a share of 32.8% of total retail sales in May 2020. For comparison, the total share of online sales at the same time in 2019 was 18.8%.
[Office for National Statistic of the UK]
With online sales now being one third of total retail sales, not making an eCommerce investment is a risk that might cause you to lose out on selling to almost 30% of shoppers.
How to start a successful online store?
You have put some time in research and recognized the value of having an online presence, and now you are ready to start selling online. Wondering how to get started?
The good news is that it is not that hard to start building an eCommerce website. However, having a structured plan and groundwork is crucial for your store to be successful.
Here are a few points that you need to think of before starting to build your online store:
How to define your business plan?
What are the goals you want to achieve online?
Is there a risk in the market?
How can you solve your customer's problems online?
Do you have a marketing plan for your online presence?
What is your Unique Sell Point (USP)?
Answers to these questions should create a clearer picture of your online business plan. However, these questions are the starting point of a business plan, which has a lot more information to be covered, before creating an online store.
As an eCommerce consultant over the years, we have run up and created a huge base of questions and cases that have to be dealt with before opening a successful online store. Removing as much as possible potential risks in the beginning is what secures your online sales to flow smoothly.
Where do you plan to sell?
If your goal is to place your products globally, you should consider the right platform to deliver and meet your and your customers' goals. When it comes to next level eCommerce platforms, Magento allows you to manage your entire store and multiple storefronts as well. Moreover, it offers you themes that are optimized for beginners, so if you have decided to build your store on your own, it can come in handy.
Besides, everything is customizable, so you can create a store that matches your business without conforming to predetermined layouts.
Once you get used to Magento, and your business grows, you will recognize the value of your investment.
Hire an IT consultancy business
With the latest trends and timing being a crucial part of online presence, hiring experts to set your store up on time and without risks might be even more profitable than handling everything on your own.
A common disbelief amongst businesses is that hiring an agency is more expensive than creating a solution in-house. This can apply to some specific cases, but in our experience from our clients' feedback, they report that they have lost more time and money handling things on their own. Snowing their existing employees under with IT jobs to save money resulted in their staff being overwhelmed with work and job done poorly.
Expertise, objective point of view, and honest opinion are some of the benefits of having specialized help with your business.
To sum it up
eCommerce investment is an important part of long-term business success. With online sales being 30% of total retail sales in 2020, switching your sales completely or some parts of it online is a move that secures long-term success. Being present online allows you to sell and advertise your products 24/7, reach a wider audience, and boost your brand image.
Interested in improving your online presence and boosting your sales? Schedule a free discovery meeting with our eCommerce experts and find out how you can enhance your business objectives.