5 Signs You Should Invest In Ecommerce

3.  High Consumer Demand

To begin with – according to eMarketer, global ecommerce market is expected to grow at a CAGR (compound annual growth rate) of 17 from $1.3 trillion in 2014 to $2.5 trillion by the end of 2018. That means, not only the usage of internet to make retail purchases by the current customers will grow, but we will also witness a large wave of new customers entering the internet market to make purchases.

The number of people opting for online shopping has seen a dramatic rise in the last few years. A number that was just 36% (of American shoppers) during the December holiday period, jumped to a staggering 61% in three years. But this was holiday period – if we go on to study the statistics of the people who’ve made a minimum of one online purchase from the internet, the percentage would be far larger.

Hence, it is very important to know your consumer’s demand, and most importantly, fulfilling it can help you go a long way.

So when people ask where they can find your business online – sending them to Amazon or eBay could depreciate your brand’s value to a great extent. Think of it – if you were an owner of a hotel and you told your customer to find you through Expedia or TripAdvisor, instead of your own website. Yes, it looks that bad!

Having your own site, eCommerce platform definitely gives a strong sign of brand maturity. It tells the customers that you are a serious business behind your product.

4.  Product Demand

It is true that – buyers won’t always walk up to your doorstep and let you know about their demands, but at the same time you also will have to keep in mind what fits best for your product.

As your business grows older, you will automatically understand their needs, requirements, and what best would fit the bill. You will understand whether they need platforms like eBay and Amazon that do not offer customized functionality or otherwise.

And if you’re selling products that are different from the other businesses – like custom motorcycle parts, then you will definitely require a platform that has a more advanced shopping cart, something that is more personalized and with unique filters to the needs of your product.

Additionally, as your sales increase, you will be forced to make your operations and functioning more streamlined, and be ready to create a system to collect valuable customer information such as email addresses, order history or shopping cart abandonment, etc. This data is very crucial and comes of great use to build a customer retention strategy – and essential to the long game.

Furthermore, product demand also depends on what kind of brand you own, what do you wish to build it into, and your strategy!

For instance, you will never find brands like – Louis Vuitton and other luxury brands on platforms like eBay or Amazon, and they will never roll out discounts. This is to maintain their exclusivity. Depending on what kind outcome you wish to maintain, you must accordingly keep a very tight control over where customers can find your products. This strategy is usually opted by businesses that follow a – low volume, high margin method, industries like – jewellery, fashion, and accessory, where user experience is of utmost importance!

5.  Opportunity to capture a Larger Consumer Base

Another very important reason to migrate to your own eCommerce store would be for a larger consumer base.

The businesses that turn to eCommerce models primarily do so for growth purposes and larger customer base. We all are aware that eCommerce holds the potential to touch a larger customer base – but it is very important to understand, how large that base could become, for that information is very essential to create a strategy.

Besides that, a huge advantage that an eCommerce store holds is the ability to remain open 24×7, which directly affects your sales in a highly positive manner!

Using such near-to-full-proof strategies, you successfully are able to target a broader audience and hence possibility of better overall sales. With the right kind of tricks and strategies, a small business holds enough potential to grow into a global powerhouse as well.

End Note

Any business, be it small or big, with customizable options and tools that fit specific needs, can enter the eCommerce field. The beauty of owning your own eCommerce platform gives you the advantage of creating a brand identity, engaging with customers in more meaningful ways and most importantly.