Ecommerce has come a long way from being just an online version of your brick-and-mortar store. While it’s still possible to create just another version of your storefront, today’s ecommerce industry offers so much more than that—with plenty of opportunities to provide value to your customers and generate more revenue than you ever could by just selling physical products. Ecommerce KPI has become quite important for companies to focus on over the years. Here are five reasons why every business should have an ecommerce store as part of their overall marketing strategy, no matter what industry they’re in.
5 Reasons Why Every Business Should Have an Ecommerce Store
1) You Can Sell To Anyone
Whether you’re running a B2B or B2C business, e-commerce is a phenomenal way to get your goods and services in front of more people. In fact, as e-commerce sales continue to grow year after year, brick-and-mortar stores are struggling—just look at how many major retailers have declared bankruptcy over the past few years. If you’re looking for new ways to increase revenue, there has never been a better time than now to launch an ecommerce store.
2) Embrace The Low Margins
The profit margins in e-commerce are far lower than they are for traditional retail stores. The good news is that people shopping online have more buying power, so if you’re able to convince someone to buy a $100 item from your store instead of a $50 item from a brick-and-mortar retailer, you can potentially make more money off that sale. Also, sales of smaller products like books or kitchenware tend to be profitable online but unprofitable offline. If your business focuses on these kinds of items, you’ll want to seriously consider adding an e-commerce site.
3) Scale Up Quickly
The appeal of starting an ecommerce business is that you can get up and running very quickly. Once you’ve chosen a platform and set up your storefront, it only takes a few hours to get started. Just like that, you’re in business. Even if you’re selling goods made by others, Amazon and Shopify allow you to add your own brand to them (for example, placing your brand’s name or logo on products). This makes it easy for your store to fit seamlessly into what customers have come to expect from online shopping. Customers often rely on reviews from other shoppers when making purchasing decisions so having positive reviews will attract more traffic and increase conversion rates as well.
4) Boost Sales With Online Advertising
Advertising online is usually cheaper than traditional forms of advertising and can boost traffic to your website significantly. One of these methods is using Google AdWords for pay-per-click (PPC) advertising, but there are other options as well like Facebook ads and email marketing. Running a contest or promotion for your ecommerce store through one of these methods can help drive sales without spending a lot of money. Just be sure you don’t break any terms of service with these platforms—they aren’t forgiving when it comes to their policies.
5) Affiliate Programs Are A Great Source Of Revenue
Many businesses sell or market products on a retail basis, which means they often miss out on affiliate commissions. Affiliate programs are direct partnerships between online retailers and affiliates. When you sign up to be an affiliate of a business that has an affiliate program, you’ll be given special links (referred to as affiliate links) that can help you earn commissions every time someone buys one of their products using your link. It’s a great way to get started in ecommerce without having to deal with product sourcing or shipping issues upfront. Another great perk is that many affiliate networks will also track traffic sources for you, which can give you a better understanding of how your marketing efforts are working once your store is up and running.