As a business owner, you’re always looking for ways to expand your reach and increase your sales. In today’s digital age, having an online presence is more important than ever. If you’ve been considering adding ecommerce to your business offering, there is no time like the present.
According to Statistica, it’s estimated that the ecommerce industry in the UK alone will see an overall revenue of $188.84 billion (£151.50 billion) in 2029. This figure just goes to show how ecommerce has completely transformed the way users shop and do business, as it offers convenience and accessibility to both businesses and customers alike.
In this blog, we’ll delve into the importance of ecommerce for your business growth. From reaching new audiences to engaging in a comparative market, the advantages of ecommerce are endless.
Why is ecommerce important?
With the above predicted spending for ecommerce in the UK, it’s obvious that the world of shopping has shifted dramatically towards online platforms – and for good reason. Here are some of the many advantages of ecommerce for your business.
You can create a global presence
Ecommerce opens the doors to global trade and breaks down geographical barriers, allowing you to expand your market reach significantly. If you’re a small business and don’t have the budget for an all-singing-all-dancing ecommerce website, you can use sites like Amazon and Etsy to access the infrastructure to complete sales and deliver to customers far and wide.
Online shopping is particularly useful for businesses that sell fast-moving consumer goods (FMCG), such as clothing, toiletries, and other household items. With the right strategies in place, you can grow your brand on a global scale, allowing you to grow and thrive in ways that were previously unimaginable.
You can reach new audiences
Along with increasing your reach, ecommerce allows you to reach new audiences who may not have heard of your products or services otherwise. This opens up opportunities for growth and allows businesses to diversify their customer base.
This also doesn’t just mean targeting new demographics, it also means targeting more devices. Shopping on smartphones has become a huge area for growth as people browse and purchase items on-the-go. As well as this, with the rise of social media and other digital marketing tactics, ecommerce provides a platform for businesses to engage with potential customers in innovative ways, creating more personalised shopping experiences that can help drive sales and build brand loyalty.
You can engage in a comparative market
Ecommerce allows you to enter a comparative market and gain insights into what your competitors are doing, such as pricing strategies, product and service offerings, or customer engagement tactics which can help you stay competitive and relevant.
Online shoppers have also become much savvier too. Rather than buy an item in store, they often tend to take note of it and shop online later and look for better deals. This is where you too can be savvy with your tactics. If you offer a product similar to your competitors that is competitively priced, promoting and showcasing this will put you in front of potential customers.
As well as this, analysing your competitors can also provide you with valuable information on industry trends and consumer preferences, allowing you to adapt your business strategy to meet the ever evolving demands of your customers.
You can create incentive programs
Another reason why ecommerce is important is that you can create incentive programs which is a great tactic for fostering customer loyalty. By offering incentives like discounts, loyalty points, or referral bonuses online, your brand encourages repeat purchases and increases customer retention.
As we’ve mentioned, not only do these kinds of incentive programs drive sales, but they also help build brand loyalty and create a sense of community among customers. With the convenience of online shopping and the added perk of incentive programs, you can create more personalised and rewarding shopping experiences for your customers, ultimately leading to increased sales and long-term success.
You can create precise targeted marketing campaigns
One of the biggest advantages of ecommerce is it gives you an incredibly valuable resource; data. Data such as consumer behaviour, preferences, and purchase history is integral to creating targeting marketing campaigns, whether it’s for email, PPC, or social media.
This data can be used to segment customers into specific groups based on their interests and buying habits, allowing for the creation of personalised marketing campaigns that are more likely to resonate with each audience segment. By doing this, you can increase engagement, drive conversions, and boost sales.
Ready to incorporate ecommerce into your business?
It’s clear to see that the importance of ecommerce can not be underestimated. By adding ecommerce to your business offering, you’re opening your brand up to a whole realm of advantages, as we’ve highlighted above.
If you’d like to learn more about adding ecommerce to your business, get in touch with us today. Our web developers can talk you through your ecommerce platform options based on your goals and objectives, and our digital marketing experts can help plan, create, and manage your marketing strategy to ensure your online shop gets the most exposure.
