Let me have the privilege and opportunity to share my views on why you should sell online if you currently have an office or shop or a service vendor and operate your business in a traditional way or offline and carrying out the distribution of your products or services to customers. Now if you wish to find ways and means to increase your sales effectively, reduce your business operating costs and increase profit margins for your business, selling your products or services online is an effective way forward for you.
The Internet is a powerful platform providing a broad awareness of e-commerce websites. There are millions of people searching the internet everyday, looking for products and services. The Indian e-commerce sector is ranked 9th in cross-border growth in the world, according to Payoneer report. Indian e-commerce is projected to increase from 4% of the total food and grocery, apparel and consumer electronics retail trade in 2020 to 8% by 2025.
As most Indians have started shopping online rather than stepping outside their houses, the Indian e-commerce sector witnessed an increase. Also, as per the Mckinsey report, ~96% consumers have tried a new shopping behaviour; ~60% consumers are expected to shift to online shopping in the festive season and continue shopping online beyond the COVID-19 pandemic.
E-commerce is expanding steadily in the country. Customers have the ever-increasing choice of products at the lowest rates. E-commerce is probably creating the biggest revolution in retail industry, and this trend is likely to continue in the years to come. Retailers should leverage digital retail channels (E-commerce), which would enable them to spend less money on real estate while reaching out to more customers in tier II and tier III cities.
It is projected that by 2021, traditional retail will hold a major share of 75%, organised retail share will reach 18% and E-commerce retail share will reach 7% of the total retail market.
Additionally e-commerce websites allow you to use a range of marketing and sales techniques to make people stay on your website and buy your products.
The key benefits that an e-commerce website offers to your business are:
Operate business from anywhere to anywhere
Having a e-commerce website makes it possible for anyone in the world to find your business and the products. If you sell products online you can actually increase your customer base without having the store or office on the main streets of the market. You can be anywhere around the world and still successfully do your e-commerce business. What you need is an e-commerce website and also you can get customers that are outside the geographical reach of your traditional marketing efforts.
Lower operating costs than running business traditionally
The cost of actually setting up an e-commerce website is lower than that of running the business traditionally. Moreover you can leverage the benefits of e-commerce website and making your products available online. The whole sales system for your business gets automated. You will therefore save on staff, salary and other operational costs, which are usually expenses to your business. E-commerce websites will also help you expand your product offering faster than the traditional way to doing business. It’s important that customers find the information they’re looking for, even if it’s just to check store hours or locations. The money and time that you have saved can then be used to develop your business further.
No restrictions on Opening Time
With ecommerce websites you are not restricting your potential customers, as they can view your website at any time of day. This means as a business, you are maximising your sales and profits. How can your sales be further maximised? You can do this through a range of sales initiatives such as special offers and online marketing initiatives.
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Monitor your business in terms of sales
E-commerce websites are very effective in allowing you to monitor and determine which products are selling successfully. Additionally helps to ensure the stock levels of these products are maintained. How these successful products can be diversified to develop a larger range of products to sell through the website. The dashboard gives the summary of the business. This will allow you to grow your business in terms of sales, customer base and profits.
E-commerce websites are in fact extremely measurable and trackable through systems such as Google Analytics. You can view statistics including how many orders are processed through your site, average cart total, cart abandonment rate and percentage of total revenue your website has achieved at regular intervals. E-commerce advertising costs are also lower than many other forms of advertising.
Customer Data Insights
One advantage of online selling you might not have thought of is how easy it makes it to collect, measure, and act on customer data. If you want to be hyper-focused on the customer experience, then you need to own your consumer data. Online selling lets you collect first-hand data by tracking customer interactions. You’ll have a constant feedback loop of actionable insights to continue to innovate your customer experience.
Effective sales strategies implementation
Key sales strategies you could employ to increase your online sales include upselling and cross selling, which is a challenge when you do business in a traditional way. Upselling involves offering products that directly relate to the products the customer has just selected to purchase. Products with very low cost so the customer doesn’t really have to think about it, and they usually compliment the purchase they have just made making it an easy buying decision. By doing this you encourage the average basket value to go up.
Cross-selling allows you to encourage people to spend more money by buying additional products. This is usually related to the main product your customer is purchasing. On e-commerce websites this may be included as, “You may also like”, “Wear with this”, “Perfect match with”, “Why don’t you go pro”. These are all initiatives you must take to increase sales revenues for your business.
You can also employ a range of powerful marketing initiatives on your website to encourage interest from new customers such as call to action and special time sensitive offers. These encourage prospects to take action whilst on your site and therefore increase your conversion rate from visitor to sale.
Demanding less time
Once your ecommerce website has been initially set up, you should not have to invest too much time into running it. This is because the whole process for customers ordering and making payments will all be activated through the online system. This will give you more time to determine new products you want to sell, special offers you want to launch and to track how successful your sales are. You will also be able to determine any trends in terms of which products are selling most successfully.
Not to be forgotten also are the increase in sales revenues that e-commerce websites bring. The product visibility that you can gain through e-commerce websites means that your business can encourage new customers at any time in the day.
So there you have it all good reasons to sell your products online! Isn’t it you should Sell where your customers are. If most of your customers shop online, then you should be selling online! eCommerce allows you to meet the shopping expectations of your customers.
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If you do not have a website yet for your business I would highly recommend and encourage you to have one created. If you have technical skills, creating your own can be a very cost-effective option. If you like that kind of thing, as I do, it can be a very fun and rewarding experience. If you don’t have those types of skills Niranjan Enterprises can build you a customized website that is optimized and will get you the results you want. You’ll enjoy the great benefits of a modern website that is properly optimized to rank higher in search engines and get you found by your customers. Your website will be designed to give you a better chance of converting your website visitors into leads and sales. It will become your best business asset online. Know more about this great service or contact us to discuss this great option.