The digital revolution is upon us and no industry is spared at the moment. With impulsive and compulsive shoppers on the rise with better purchasing power, it is safe to say the e-commerce industry is booming. To reap the rewards, customers and retailers are lining up. Let’s have a close look at the benefits on offer from this lucrative proposition
1) Convenience and ease of access :
You need not step out to buy a product. It is available at the click of a mouse or a tap of a button. The presence is so conspicuous that there is heavy publicity done on social media platforms to generate traffic to their desired sites. The availability and comfort to shop at any hour of the day earns brownie points for this industry.
2) Informed Choices :
When you step out to buy a cycle, you got to enquire the prices from at-least two to three retailers before you make a buying decision. However, when you do it the e-commerce way, everything is in front of your eyes, you just got to compare the prices from different sites and boom, you have arrived at a decision. Fascinating, isn’t it?
3) Availability of product ranges :
The whole range of products is available online for any retailer to sell. It helps people make informed choices and get their money’s worth in the invested product. The demands are created based on public patronage for a particular product.
4) Analyzing Trends :
The retailer can basically find out which products are going off the warehouse, and which ones are yet to contribute. This can help him make proper decisions with analytics and business intelligence tools to boost sales.
5) Inventory Management :
A good strategy on warehouse inventory can be taken based on the sales of products with time that have performed and not performed. The demands can be fluctuating depending on offered products, and it is a good way to take some cues for offering need based products.
6) Beyond Boundaries :
The whole world is your oyster if you are investing in e-commerce. The product is listed on the internet, and will be made available to the location you live in. It transcends audiences geographically and socially. It makes for good visibility and increased trust in the brand.
7) Product Credibility :
Retailers can give the complete package associated with a product like guarantee, warranty related information that can compel customers to view their offerings. The videos of how to operate the equipment along with a soft copy of the instructional manual goes a long way in talking about the product.
8) Behavioural tracking :
The consumer is interested in various products and you can cater to that by being aware of this information. Data gathered from previous purchases gives a clear idea on the products they may be interested in.
9) Brand Outreach :
With many ads, sponsored ads and customized search engine results, the traffic to e-commerce sites has never improved like today. There is a good chance that any link you randomly click on the internet might land you on a shopping website.
10) Smart Investment :
This is a very smart investment for any retailer with no over the head setup or operational cost. The domain has to be bought with a dedicated website and social media team to keep track of items bought in the website. This saves a lot of physical and infrastructural hassles one goes through in setting up a physical store.
11) Follow up :
Attract customers at will and retain them with special customized offers and incentives. This is a good way to keep them involved and explore the new offerings.
12) Integration of Social Media :
People start talking about their purchases and make it trend on Facebook, Twitter, Instagram and a huge bunch of social media platforms. This is a silent word of mouth publicity based on ratings, reviews and recommendations. Retailers can take a cue based on the consumer’s response and suggest products they might like as well.
13) Expansions :
With an e-commerce website, your business is expandable from the word go. You can strategize future plans based on the geographies your products are most bought from and setup a warehouse there. Decisions made from the gut are a thing of the past.
14) Satisfactory Customers :
Make your profound patrons happy with a whole range of customized incentives and they will make others follow suit with their ratings and recommendations.
15) Channel Partners :
With many channel players involved in the e-commerce business, you can forge long lasting relationships with logistics and payment service providers. This is a seed of investment for the future that gets along like bread and butter.
16) Boost Niche Products :
Last but not the least, e-commerce gives a good platform for sales of niche products, specific to certain buyer segments.
[Originally published Apr 28, 2016 14:09:00 PM, updated Nov 30 2020]