Online shopping is big business and shows no sign of slowing down. What retail would look like in 2030 in terms of retail and e-commerce has been pulled into 2020. The unprecedented times have shaken up the sluggish retail sales in the E-commerce industry with a total percentage of E-commerce retail sales jumping from 15% to 24% within 8 weeks which has taken over 10 years to reach from 5% to 16%. You will also see many established retail stores, education institutes, and small businesses in Myanmar starting to pivot their business and ramp up their online presence but yet, your are not sure if you need one.
My question here is: Are you sure that your physical store can drive your sales like before? Or, are you limiting yourself and might be missing out on some of the unfair advantages that online shops bring?
Here is why you have been missing out on not having an online store.
1. Reach a Wider Audience
One of the best things about e-commerce is that regardless of the size of the market of your product or service you are providing, you can reach a wider audience. This can be difficult in a physical retail store as it’s run by branding and relationships. All in all, no matter the type of product you sell, having an eCommerce will help you reach a wider audience and will attract new customers that resonate with your brand through search engine optimizations and that’s the advantage you can’t have on a physical store.
2. Sell Your Products Anywhere
If you are running a physical store geographical restriction is one of the problems you would face. With your own eCommerce, you can sell your products and services across the world without any geographical limits. This helps you to expand your products or services faster than it normally is with physical store.
3. Decreasing cost of operations
By getting your business online, you are able to decrease your cost of operations significantly. You can automate all aspects of your business from managing inventory, managing finances to marketing your products. In addition, through automation, you will need lesser human resources, too and be able to expand your business faster and more efficiently.
4. Leverage Big Data Analytics
eCommerce websites are extremely measurable and trackable through tools such as Google Analytics and Facebook Pixel. You can view statistics including how many orders are processed through your site and easily evaluate your effectiveness, marketing campaigns, and customer engagement. All these actions users have performed online can be converted into data, which you can later leverage to optimize your business strategies. Through these valuable data and insights, you can predict the demand, optimize pricing to boost sales, and personalize consumer experiences. You should always keep in mind that a slight increase in price can lead to a huge increase in profits. Simply put, these data acquired will help you make informed decisions to increase sales.
5. Stay Agile
One of the unbeatable perks of an online store is that you can scale and grow your business without complexity holding you back. With eCommerce, you can be extremely agile and seize the changing market opportunities and unleash new experiences to meet your business needs.
eCommerce has become a substantial segment of the overall marketplace and companies that do not plan to make their presence felt online do so putting their business at stake. If your business doesn’t have an online presence or you haven’t implemented any of these eCommerce trends, you are likely missing out on a significant section of your potential sales. By keeping up with the ever-changing trends, you will be able to capture the growing online audience and convert this into more sales and profits.