Ecommerce for business today is truly non-negotiable. It doesn’t matter whether you are selling digital products or a retailer selling physical products, facilitating eCommerce for business is key to maximizing business output. In fact, with the pandemic, the need for eCommerce has only increased and is not likely to decrease anytime soon. But before we discuss just how eCommerce can grow your business, let us understand why it is necessary in the first place.
Business, essentially, is you offering a product or a service to your customers to solve a specific pain point, isn’t it? And the more conveniently you can solve that problem, right from grabbing your prospect’s attention to instilling a strong desire to purchase, the smoother your customer journey and the higher the productivity of your business. Even before the pandemic, the age of the internet demonstrated just how convenient shopping digitally is. Think about it.
Market values of Ecommerce worldwide
|Market value (USD trillion)
As you can see, the global ecommerce market is growing rapidly. In 2023, it is expected to reach 3.64 trillion USD, up from 3.28 trillion USD in 2022 and 2.40 trillion USD in 2021. This growth is being driven by a number of factors, including the increasing popularity of online shopping, the growing middle class in emerging markets, and the increasing availability of high-speed internet.
Here are the top 5 countries by ecommerce market value in 2023:
Market value (USD billion)
Today, you can scroll through Amazon and find multiple options for one single problem, which certainly wasn’t the case before. Then, with the COVID-19 pandemic, even those who were skeptical of digital shopping were driven to it and saw its ease and convenience firsthand. Ecommerce for business eventually became a prerequisite for your dream customers in considering your business as a potential problem solver. Put simply, you are delivering a greater degree of ease and convenience to their shopping experiences.
Having said that, let’s now explore just how essential is e-commerce for business:
Cost efficiency of Ecommerce for business
It is obvious that eCommerce for business is significantly more cost-efficient than physical stores, especially for retailers selling physical goods. With eCommerce for business, you are potentially saving up money on rent, electricity, warehouse workers, inventory stocking space and so much more, without having to sacrifice the productivity of your business at all.
Personalized experience: Customers today have tons of options to solve their problems. What they demand today isn’t another mom-and-pop shop that could solve their problem with just another commercialized product. They want to know what your business stands for, what value you bring to the table, and most importantly, why your solution is the most relevant amongst a sea of other competitors. And eCommerce for business gives you the opportunity to do that.
By harnessing the power of content marketing and the vast data at your disposal on consumer behavior patterns, think about how easy it is to deliver a personalized experience for every single buyer of yours.
Marketing and brand building of Ecommerce for business
Ecommerce for business goes way beyond making your buyer’s journey more convenient. It is also an opportunity for you to build a brand, tell a unique story and build a connection with your dream customers, a must for dominating the digital space today.
Moreover, with only a physical presence earlier, you could only do so much with your marketing. Maybe you’d advertise on billboards, in newspapers, or through radio. But with eCommerce for business, you have infinite options to reach your potential buyers. Be it email, SEO, social media, paid advertising, SMS, SEM, your options to reach your dream customers and for them to reach you are potentially infinite.
Convenience: Today, it is safe to say that Netflix has replaced theaters to a large extent, fintech has replaced the physical exchange of cash to a large extent and similarly, eCommerce for business has replaced traditional methods of shopping to a large extent.
Ultimately, the business that can offer the best solution, the most conveniently, wins. And with eCommerce for business, you are doing just that. Offering a solution to your customer conveniently, on their mobile or laptops, in the comfort of their homes reduces the logistical trouble they’d have to earlier endure to purchase your product. You are available to them, at a place and time most convenient to them. And when that happens, why wouldn’t you be the obvious choice?
By now, you understand why eCommerce for business is a must and that’s barely scratching the surface. Get in touch with our team if you’d like to learn more about how we could help you benefit from our rich depths of experience in eCommerce!