Just April last year, there were already 5.2 million Australian households who were shopping online. This has bumped the e-commerce growth in the country by 80%! Experts predict that this buyer behaviour will push through 2021 and beyond, as many still prefer to stay indoors.
There is no doubt that e-commerce now leads the retail industry. Many businesses that were quick to integrate digital platforms thrived despite the restrictions. And many of those that refused to adapt to changing times dwindled.
Here’s a breakdown of reasons why traditional retailers should start building an e-commerce site now:
E-commerce allows smaller businesses to reach more potential customers because it’s generally low cost.
Traditional retail incurs a significant upfront investment for a physical storefront, stocks, workforce, equipment, etc. An online store, on the other hand, can be scaled easily as your business grows. Shopify Plus offers a quick setup and enterprise power for as low as $2,000/month.
In this plan, you’ll be able to manage multiple stores and staff accounts from one admin account. It also comes with unlimited transactions and 99.99% uptime. Not an expert on Shopify? Hyeon Design can help you!
Increasing Number of Online Shoppers
Any business must adapt to changing trends to survive and thrive. And now that 81% of customers use the internet to search for a product or service, it’s only logical to put your business online.
Customers use the internet for various reasons, such as comparing prices, reading reviews, checking inventory levels, etc. Even if the purchase happens in an actual store, being present online helps build customer confidence.
Allows You to Serve Niche Markets
e-Commerce makes it a lot easier to serve niche markets. For example: a brick-and-mortar store that sells vintage typewriter may find it hard to find buyers within the area. How many people in a single town would be interested in these items? With an eCommerce site, they can be found by niche customers in other parts of the world.
“Instead of investing in marketing strategies to attract a massive audience, e-commerce allows us to sell our products to our target customers. These are the people who are more likely to buy our products, which means the cost is maximised.”, discloses Luke Wood, CEO of Monkeyfoodz. Wood believes that eCommerce is a huge factor in their success because it helped them reach the right audience and prevented inefficient marketing activities.
Cost-effective Way to Reach New Customers
An e-Commerce site has different formats. An online store can reach international consumers. Social sites can attract new demographics. Marketplaces cater to a broader audience and create niche markets—such as Etsy and Poshmark.
Unlike traditional stores, e-Commerce platforms can introduce your business to new customers—not only those who visit your store.
Provides Valuable Data Insights
Personalisation is powerful. Did you know 33% of customers disregarded brands that didn’t offer a personalised factor?
An e-Commerce site can be integrated with specific tools and technology to collect and measure customer data. These data can be used to create a personalised customer experience. Just make sure you’re following the updated privacy laws.
Are you ready to migrate to e-Commerce? Contact Hyeon Design to access a comprehensive list of services.