5 reasons retail businesses should embrace e-commerce
We share the top five reasons your retail business should embrace e-commerce, if you haven’t already.
If you own a successful small or medium sized retail business but you’ve never sold your products online, you might be wondering whether you need to. Or perhaps you’ve just bought a business that has a healthy balance sheet and proven track record but no online presence and you want to supercharge growth. Either way, it’s time to go digital. Here are our top five reasons to embrace e-commerce.
Some industries have been decimated by the rise of ‘digital first’ giants. It’s hard to predict which sectors could be hit next. From Amazon closing down department stores, to music streaming sounding the death knell for your local music store, if you aren’t yet selling online, you are more vulnerable than most.
Statista claims that in 2019 there were 1.92 billion digital buyers worldwide with e-commerce sales accounting for 14.1% of all retail purchases. If 14% doesn’t sound like enough of a reason to go digital then think again. This share is rising year on year and e-commerce is the biggest driver for growth in the retail sector overall, both in North America and Europe.
Every business wants to make more money. Numbers vary from business to business but BigCommerce says that physical stores that open an online store are making 28% more in revenue via their online channel within just six months. You are tapping into an audience who may only shop online (or even only on their phone) for convenience. A whole new audience you couldn’t get into your store. A larger customer base means more revenue.
The modern consumer has honed in on their affinity for certain brands. They don’t just choose the company that is geographically closest to them anymore, they choose the brand which is most aligned with their values. An online store gives you the opportunity to communicate to a wide audience who you are as a company, what your values are and why you do what you do.
Modern e-commerce platforms are sophisticated. They can sync with inventory management and fulfillment systems. You can build your audience with search engine optimisation, social media campaigns and paid online advertising. You can even send out emails to customers who filled up their cart and then got distracted, to try and tempt them back to complete their purchase. Opening your online store can form part of a wider project to digitise analogue, outdated processes across your business. Saving money and making more money at the same time. What’s not to like.
This is where we come in. Den can help you get your brand ready for digital, design and build your online store, or help you with digital transformation across your business.