A shift in buying habits towards online purchases was on the rise before the global pandemic hit. The COVID-19 turmoil only boosted the growth of online retail. In an attempt to adapt to the new normal, our spending habits have evolved together with the way we work, socialize, and travel.
The sharp decline in demand due to consumers spending more time home and spending less has prompted merchants to come up with a solution to stay afloat.
And many of them decided to turn to the e-commerce market as it continues to thrive even in these challenging circumstances.
If you are hoping to achieve any of the goals listed below, then starting an online store is the best way to go. Let’s dive deeper into some of the most important indicators that it’s time to take over the web!
Reaching More Customers
When your business isn’t restricted to a physical location, you are opening it to the world. You can easily acquire new customers beyond your store’s location. To capture the attention of potential customers, and retain them for the long run, you need a site that’s going to act as a powerful marketing tool.
You want your website to showcase your business in the best light, so hiring an experienced WordPress development company is your safest bet to a beautifully designed and high-performing online store.
Whether you’re selling sneakers, electronic devices, or furniture, a great website design with an impeccable user experience is crucial in connecting with more customers and driving them to make a purchase.
Giving Your Business a Competitive Advantage
Moving online enables you to stay competitive in these trying times. You have to go where your customers are, and that is online. Even more, metrics tools and data analytics allow you to make data-driven business decisions and enhance your ad targeting thus making your campaigns more effective.
The ease and convenience of online shopping will probably keep many consumers purchasing online when the pandemic finally ends.
Expanding to New Markets
By taking your business online you can expand its reach to markets outside your local customer base. Bear in mind that the online cross-border market is growing, and isn’t showing any signs of slowing down.
Moving your physical store online will allow you to take advantage of the international markets with huge potential like Brazil and China.
Increasing Your Revenue
The e-commerce share of all retail sales worldwide is expected to reach 21.8 % in 2024. In 2019, prior to the global health crisis, online sales have already reached $3.5 trillion and they are estimated to grow to $5.4 trillion according to Statista.
So, why not capture your share of the booming e-commerce?
There are a few more reasons why moving to an online store can be a lucrative decision for your business.
Low Cost of Moving Online
Turning a profit can be difficult with plenty of overhead costs, like paying rent and utilities, staffing expenses, and purchasing and storing products. Moving from brick-and-mortar to online can eliminate many of these expenses.
Using dropshippers can be incredibly beneficial for your business, as it allows you to offer a wide array of products without investing in inventory, storage, and shipping from a warehouse.
The cost of moving online is low, especially when compared to the losses to your business with your sales on hold.
Round-the-Clock Business
Online stores can practically make sales while you sleep. With an e-commerce site, there are no standard operating hours – it’s a 24/7 business that requires no extra staff or your presence at all times.
With a functional, engaging, and easy-to-use e-commerce shop and a well-crafted marketing strategy, your products can sell themselves.
Another great thing about online stores is the ease of operation. They can be managed from anywhere in the world, and if needed, you can easily scale your business.
Online Sales Are Skyrocketing
Online purchases were growing well before COVID-19, but the pandemic has accelerated the movement online, and the e-commerce market has boomed! To contain the spread of the virus, physical distancing and other preventive measures were enforced, so people had to find a way to get around.
Therefore, online sales have blown up. And they are not about to slow down any time soon, so the timing is right to take advantage of this trend.
Final Thoughts
The retail landscape has been transformed in the last couple of years. Technological advancements and the ongoing health crisis have pushed people to spend more time online than ever before.
The e-commerce market provides online businesses with an opportunity to excel, especially in the current climate. It’s open, large, and growing at a rapid pace!
Tapping into this trend and adopting effective digital marketing strategies can drive more sales and help you increase your revenue, so take steps now and make the leap to online!