As we climb out of this pandemic one thing will remain stable and continue to grow, and that is online shopping. Whether you are a customer or a store owner it is good to understand some eCommerce basics for 2022.
What is eCommerce?
eCommerce stands for electronic commerce. It is the process of buying or selling a product or service online. If you shop on Amazon, order a pizza, pay bills online, you have just engaged in eCommerce.
The Advantages of eCommerce
One of the many reasons eCommerce has become so popular is because of convenience. Two years of online shopping has taught us a thing or two about that! But even more so is gaining access to the vast variety of stores and services that are nowhere near you. You can choose from millions of stores and small businesses from the comfort of your couch. If you are a store owner you are limitless for possible customers worldwide. Other benefits for both the customer and the business owner are:
- Work from anywhere
- 24/7 availability
- Shopping the Global Market
- Reduced overhead costs and travel expenses
- Faster response to buyer/market demands
- Flexibility
One of the greatest advantages of having your own eCommerce store is the ability to personalize the user experience. On your own eCommerce site, you have complete control over your customer’s journey, your content, the visual depth of your website, and your interaction with your customer.
The Downside of eCommerce
Obviously, for brick-and-mortar small businesses, the rise of online shopping and services have greatly affect their sales. Small businesses must adapt and embrace the option of eCommerce to survive the competition. This would mean investing time and resources in these areas:
- A new website or makeover every 1-2 years (which should be done anyway)
- Currently updated information on your website weekly
- An understanding of SEO (Search Engine Optimization)
- Social media marketing
Another disadvantage is the human connection that is lost between the customer and the store owner. Relationships bring loyalty to your brand. Also, it can make marketing difficult when you aren’t sure of the needs of your customers.
However, websites are becoming more communicative with messenger Chatbots popping up to answer any questions.
Lastly, if technology fails you and the electricity goes out for whatever reason, you are reliant on the powers that be for your store to operate. If your Webhosting goes offline, or you’re having security issues you could lose hours of potential sales.
Launching an eCommerce Business
Some essential factors to launching an eCommerce business are the planning and building of your site. Planning involves asking yourself some key questions:
- What products will you be selling?
- How much money will I need to have upfront?
- Who is your target audience?
- How will you source your products?
- How do you build your eCommerce store??
After you have answered these questions, you can move on to building your eCommerce business. There are five main steps to go through when building your eCommerce business:
- Select your business model & products
- Choose a platform
- Develop your eCommerce website
- Select your payment solution
- Optimize your website for conversion
Growth and Future of eCommerce
Experts announced that within the first 90 days when the epidemic hit, the United States launched 10 years forward in terms of eCommerce sales. In fact, sales were $57 million more than what the experts predicted. Fast forward 2 years to 2022 and think about how eCommerce has personally changed your life. Forced to shop online for basic needs became incredibly convenient. With gas prices soaring and inflation rising so are eCommerce transactions. It is safe to say this is a permanent shift in the paradigm of retail commerce.
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e-Commerce Payment Choices
