If you’re considering investing in ecommerce, you’re headed in the right direction. Ecommerce is an industry that is currently growing exponentially, especially due to more people making purchases online. Many businesses are choosing to invest in ecommerce since there are more people buying online. If you’re selling a product online, you’ll want to meet people where they are by either bettering your current ecommerce strategy or starting a new one. Here are 6 reasons why you should invest in ecommerce now.
More people are making purchases online
Online shopping has become a normal routine in many people’s lives in this digital-centric world. According to Statista, ecommerce will make up 22% of global retail sales by 2023. Compare this percentage with 2019’s global ecommerce retail sales at 14.1%. And over 75% of people are shopping at least once a month online. As you create an ecommerce strategy, consider these statistics about people who are making purchases online.
Receive more credibility
First off, having a beautifully designed ecommerce website helps your business be more credible. People can look directly at the products or services that you offer, as well as specific details about them. It is absolutely necessary to have a presence on the Internet. Otherwise, customers may get suspicious and turn to another more established brand online. An ecommerce centered website can boost your brand image as well, especially if it is modern and up-to-date.
B2B ecommerce is growing
Generally, when people consider investing in ecommerce, they think of B2C businesses. However, B2B ecommerce is growing—in 2019, the global B2B ecommerce market was valued at $12.2 trillion, 6 times more than the B2C market. B2B businesses shouldn’t hesitate to invest in ecommerce.
Stay open round the clock
Having an online store allows you to sell your products or services to customers 24/7. There are regular store hours, so you can truly stay open all the time, which can in turn boost your sales. When you have an online storefront, there are no time or geographic restrictions. People can spend as much time as they need to decide what to buy, as well as come back to your website whenever is most convenient.
Retail ecommerce is thriving
According to one study, retail ecommerce will grow to $4.5 trillion by 2021, up from 1.3 trillion in 2014. The current coronavirus pandemic also is changing the retail ecommerce landscape, since it shut down many physical storefronts temporarily. As a result, online merchants have earned an extra $107 billion in 2020. Another astounding statistic shares that between Q2 2018 and Q2 of 2019, 59% of U.S. shoppers purchased clothing online. Obviously, retail businesses that have an online presence are able to leverage multiple points of sales, instead of just one at their physical stores.
Millennials prefer online shopping
According to BigCommerce, 67% of millennials and 56% of Generation X now prefer to shop online. Additionally, 45% of millennials admitted that they prefer to online shop so that they can run comparisons on products and prices. Online reviews are also becoming increasingly important to millennial shoppers, 8 out of 10 millennials say they never buy anything without first reading a review. With so many millennials deciding to shop online, it’s an easy choice to focus on ecommerce.
More tools to build an ecommerce experience
There are now more tools to help you easily build an ecommerce experience. Companies have a wide variety of options to choose how they want to build their ecommerce experience. Businesses can choose from options like WooCommerce, Shopify, Shopify Plus, BigCommerce, Magento, Squarespace, and Wix. Based on your particular business’ needs, you’ll be able to decide from a variety of powerful tools to build up a successful ecommerce experience.
If you’re looking to grow your business this year, consider investing in ecommerce. More people are making purchases online than ever before. B2B and retail ecommerce are both also rapidly expanding. Investing in ecommerce will help your business appear more credible and make more sales since your online store can be open 24/7. Additionally, millennials prefer online shopping, making it easy for you to target younger audiences if you focus on ecommerce. Lastly, there are more online tools to help you easily sell online. All in all, if you choose to invest in ecommerce, your business will be able to have a more successful future.