E-commerce doesn't happen much on laptops anymore. Nowadays, mobile devices are at the forefront. This year, mobile commerce is expected to cover more than half of all online sales activity.
Other terms for e-commerce include electronic commerce, internet commerce, or online commerce. It refers to all activities of buying or selling goods and services online. Simply, it has the same concept as brick-and-mortar stores, only all transactions and interactions are done through the Internet. You can buy various products from clothes or sports equipment to software solutions and other services.
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Top 5 Benefits of E-Commerce for Consumers
1. Low Prices
The lower costs of running an e-commerce store versus a physical store save cost to the consumer. This is one of the biggest e-commerce benefits. Online prices are generally lower than traditional store prices, and e-commerce sites can offer more discounts and promotions that are easier to claim.
2. Enjoy Simplicity and Comfort
Consumers can buy any product from any e-commerce in the world without leaving their office or home. Many people are unable to shop due to inclement weather, financial and health conditions, or any other reason. The covid 19 pandemic is a great show when brick-and-mortar stores are closed for months.
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E-commerce makes it convenient to purchase goods or services without creating physical barriers. A few clicks are required from the comfort of your home to get the goods.
3. Wide Product Type
A global marketplace means that on the Internet, consumers can buy electronics from China, books from England, clothes from Paris, and good old US products from home. The breadth and depth of products sold online are unbeatable.
4. Inclusion of Products and Services
E-commerce allows buyers to shop from the comfort of their hand-held gadgets or computers. Unlike traditional shopping, shoppers do not need to go from one store to another to buy the products they need. You can enter your preferred keyword or product name and find your items. In short, e-commerce reduces shopping time and effort and completes the entire shopping process in a few clicks of buttons.
5. Save Time
Time-saving is one of the main advantages of e-commerce. Customers can order what they need online, even groceries for cooking. E-shops are open 24/7/365, so you can shop anytime. Ordering in the evening or even at night is not a problem.
The time required to select, purchase and pay for a product online is 15 minutes or less. Products are often delivered within a week at most, but this can be days or hours depending on the type of service. If you order heavier items, a delivery person will bring them to your doorstep.
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6. Product Description
We have often discussed that online shopping lacks the physical experience of shopping. Hence, to compensate for this shortcoming, online stores provide complete product descriptions. From size, color, and price range, to material, e-commerce websites display all the information to make shopping convenient for customers. Customers can get more information from a competitor's site and compare prices and benefits and assess whether the product is worth the money.
E-commerce sites ensure that customers are fully aware of the product before making a purchase. So, there are fewer chances of disputes while shopping online. Many e-commerce stores are open to refunds or product replacements if customers are not satisfied with the product.
Benefits of eCommerce for your business
1. Speed & Flexibility
An individual or business can easily open an e-commerce store within days. In contrast, opening a physical store requires space, commercial leasing, and sufficient construction and decorating time. In an e-commerce platform, displays and product lines can be changed instantly, but in a physical store, this requires careful preparation, adequate time, and manpower.
2. Faster Purchase Process
Earlier, even if a customer wanted to buy a single item, he had to schedule his shopping trip in advance. This involves rearranging his schedule and buying at the store. Another important advantage of e-commerce is that it speeds up the buying process.
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Traveling to an outlet that is almost two to three hours away from your home is no longer necessary. Sit comfortably in your own home or office, conduct a product search, and complete the order.
3. Product Catalog
Customers are looking for a detailed overview of the items they want to buy, which is a key factor in e-commerce. An e-commerce platform provides its customers with a product catalog that includes data sheets describing the company's products and services.
Features, utility, and specifications are comprehensive. Colors for certain items like cell phones are also defined so that you can choose based on personal preference. Consumers can learn about ingredients in edibles and gather additional knowledge not available in retail stores.
4. Broad Customer Base
A physical store is located in a specific location and in most cases, residents of the nearby area can only come to shop. Another advantage of e-commerce stores is that they are not geographically restricted.
Geographical boundaries become irrelevant when conducting business online through e-commerce stores. You can sell your products to online shoppers from all over the world. You're not limited to shoppers within walking distance of your physical venue. Additionally, the Internet exposes the retail store to previously untapped niche markets. By using different online touchpoints, you can reach customers in different ways including social media and forums.
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5. Reviews & Ratings
Customers are encouraged to leave feedback on online stores to know about customer satisfaction and any issues they face while using the products and services. The availability of these reviews on e-commerce stores allows potential buyers to learn more about the product and decide if it suits their specific needs. It also helps sellers improve their services and products to increase sales and customer satisfaction.
6. Increased Profit Margin
As opposed to traditional stores, the cost of setting up and operating an e-commerce store is very low. You’ll also save money on marketing, labor, and overhead. Most e-commerce stores provide the dashboard with an added benefit for reports and invoices, helping the business manage their finance. When running an online store, inventory management costs are also reduced.
Online stores are available 24 hours a day, seven days a week, and can sell items faster and more efficiently. Increased revenues and lower prices have helped businesses grow their profit margins, proving to be an important advantage of an e-commerce platform.
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Wrap Up
Overall, for entrepreneurs, starting an online business is likely to be less risky, require fewer resources and their shop can be up and running in a much shorter amount of time. Still, managing an eCommerce business involves all parts of operating any type of business – work, planning, and a learning curve.
USM Business Systems is one of the best e-commerce mobile application development companies in California although selling online is certainly the way forward, that’s not to say brick-and-mortar businesses are going to disappear soon. If you’re running a store, you can take advantage of eCommerce to embrace a hybrid strategy – letting your customers shop online and in-store. If implemented correctly, the hybrid approach can be just as rewarding for your business.
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