E-commerce between business (B2B) is the new field to venture into; specialists anticipate a growth rate of 250% in the next two years, and statistics are showing a future rise in online shopping with no signs of dropping.
With e-commerce, shopping is pretty much done online with deliveries right at the buyer’s doorstep. The primary purpose of this is to enable customers to save time, compare offers and find the best deals without even think on “dress up we are going shopping.” This is why online stores have eaten up retail markets by 15% in the current economy; in fact, by 2021, it will be up by approximately 5%.
Creating an online market is not as complicated as it sounds; it is also not as cheap as it is made to look. Currently, the marketing muscle of the majority of e-commerce businesses is done on social media platforms, YouTube, Instagram, Pinterest, and Twitter. These platforms have lately learned to integrate the buy button in their applications to increase online selling rates.
With e-commerce business on the rise, companies that have already ventured into online marketing have a more extensive market range than retail markets due to the capacity to reach everybody/everywhere. Say an online platform like Amazon; it is widely accessed by almost every country around the globe. 58% of shoppers are actually said to be shopping outside the States. Shipping might be expensive, but with an increase network of fulfillment companies (Amazon is as well in this field), the revenue acquired by the business at the end of a sale cycle is still attractive and profitable.
Latest numbers indicate that almost five billion people have mobile phones, and online shopping using this small device is on the rise. Businesses have optioned to have applications to aid customers in their online shopping making it even easier for customers to shop online from the confort offered by mobility.
Digital payments methods have potential increased in the last few years, and even digital wallets like debit cards, and credit cards are part of the vast mobile features offered in phones and even watches. PayPal one of the most common payment methods due to its quick, cheap and popularity has found competitors such as Stripe and Square, which are taking a good amount of market proving online stores with features not only for receiving payment but also to integrate inventory management.
Some of the stronger features of e-commerce is the possibility to track every action and logistics on their websites. Businesses can see the amount of traffic, and how the investment in online marketing and advertising is achieve per campaign or selling period. The analysis can be very granular to allow to know what item is searched the most or which location has the highest amount of deliveries.
A significant requirement that will determine whether customers will stay or not is customer service. shoppers should know that they are in a secure environment, and if anything should go wrong, they have someone to help them out. Some goods get to customers in an awful condition, and it needs to be returned. If the customer service is not helpful enough to this customer, they always end up leaving to better businesses where they feel more appreciated.
E-commerce business is a field that every business should consider trying, it not only increases the business’ number of customers but also it does not tamper with the retail shops if the business decides to keep them.