Have you been planning to start your own e-commerce business? You may have already begun entering the world of e-commerce but are trying to get your facts straight on whether it is truly worth investing your time and resource or not.
In this article, we wanted to give you a better lens on how e-commerce has impacted businesses in today’s world, what’s the trajectory, and how you can use it to your advantage.
Do E-Commerce Deserve All the Hype?
There’s been a lot of data and insights circulating all over the internet trying to highlight the impact of e-commerce in doing business today. In other words, people want to know whether e-commerce is genuinely worth the hype or not. Spoiler alert, the answer is yes, but how?
Did you know that the e-commerce sales from 2014-2022 have experienced a significant rising slope from 1.3 to 5.7 trillion dollars in sales worldwide and are forecasted to reach up to 8.1 trillion dollars by 2026?
According to data sources, the e-commerce market share in the United States sits around 15% and is also forecasted to increase to 21.2% by 2026.
If you’re a business owner, these insights alone give you a ton of reasons why you should keep an eye on them and start plotting your way into the e-commerce world before it’s too late.
The adaptation of buyers transitioning from retail and physical stores to online shopping has opened a massive opportunity for businesses when capitalized.
Advantages of E-Commerce for Businesses
Online shopping has truly revolutionized the world market and has the potential even to surpass retail sales worldwide in years to come. Understanding the advantages of e-commerce allows you to capitalize on them and scale your business like never before.
It wasn’t that long ago when scaling for businesses meant opening other branches in different locations to reach more people and capture wider market. While this strategy has been effective for some companies, there are limitations, mainly capital, inhibiting owners from pulling this off.
With e-commerce, your business’ reach is no longer limited to your local area. Online shopping has allowed trades to reach global audiences, rapidly scaling their business with much lower costs.
One of the key advantages of garnering customers online is your ability to gather data and insights that you can use to increase your sales, enhance customers’ buying experience, and improve overall business strategy.
This is huge for businesses as you’ll get instant feedback on what’s actually working and driving traffic to your website and what’s not.
Owners now have better and much more control over how their business operates. Unlike traditional brick-and-mortar businesses, you can literally launch your idea within a few days.
Granted, the quality of your product or service is still critical to business success. Still, that ability to create and control with such speed and flexibility explains the significant growth of e-commerce worldwide yearly.
Bigger, Better, Faster. That is the typical promise of e-commerce for businesses looking to conduct business online. With the ever-changing market and rapid technological advancements, the ability to adapt has become a vital characteristic for anyone trying to enter the trade.