WHY ECOMMERCE IS ESSENTIAL FOR YOUR BUSINESS
Kaedynce Chew | 23 September 2021
WHAT IS ECOMMERCE?
Ecommerce is the buying and selling of goods online. During the Covid-19 pandemic, it has grown very rapidly due to people buying online instead of buying from physical stores. However, as people begin to start shopping at retail stores again, the question remains as to whether ecommerce will continue to thrive after the pandemic.
According to Statista, revenue in Singapore’s ecommerce market is expected to show an annual growth rate of 10%. This will result in a projected market volume of AU$6,086m, which is approximately 6 billion SGD, by 2025. The following are the reasons why ecommerce is essential for your business.
1. ECOMMERCE IS CONVENIENT
One of the top reasons why ecommerce will continue thriving in the coming years is because of the convenience it brings. Being able to access any product or service that you want at the tip of your fingers definitely drives consumers to shop online. The flexibility ecommerce offers when consumers are able to purchase immediately and select the time and place they would like to receive their purchases adds to the convenience of buying online. Purchasing products online will also eliminate the chances of not being able to find the product you want as compared to shopping in retail stores. Ecommerce stores lets you see everything at a glance, including what is currently sold out. However, in physical stores, you are not guaranteed to find the product you are looking for as some stores may not offer it.
2. ECOMMERCE HELPS YOUR BUSINESS REACH A LARGER AUDIENCE
The Internet is accessible to 4.66 billion people worldwide, so putting your brand on the Internet will expose it to countless eyes at any given time. This effectively increases your reach and gives you more opportunities to make your brand known.
3. ECOMMERCE HELPS IN BUILDING YOUR BRAND
Establishing an online business allows you to market your brand on various social media platforms. Marketing your brand on social media with the right tools allows you to specifically filter out who gets to view your content and interact with your target audience.
Your ecommerce website can also increase return customers through targeted ads based on previous customers or website visitors. This gives rise to customer loyalty and establishes your brand among them.
4. ECOMMERCE ALLOWS YOU TO SELL ANYWHERE AT ANYTIME
An online business does not have the same limitations as a business with physical stores. Most physical stores have strict operating hours and working policies which limit the amount of sales in a day. However, an online store is basically open 24/7, meaning that it is accessible to customers at any time of the day, whenever they want and wherever they are.
5. ECOMMERCE PROVIDES LOWER OPERATING COSTS
Having an ecommerce website is much more cost-friendly than operating a physical store. Physical stores require recurring payment like rent and utility bills, in addition to store decoration and so on. In comparison, most websites do not require much costs besides occasional technical support and web hosting. This is much more advantageous especially for startups that do not have much capital.
Starting an ecommerce platform for your business is the way to go if you are just starting out or want to expand your brand. Ecommerce will be shaping the retail industry in time to come so it definitely cannot be overlooked.