The online market has evolved drastically. Today a large section of society prefers buying online instead of traditional brick and mortar stores. The impact of same could be noticed during the last year’s festive month in the USA.
Let’s have a sneak
The time from November 1st to December 31st is known as the period when people step out of their shelter and make purchases. However, surpassing the brick and mortar sales, the year 2016 noticed online sales of $91.7 billion, showing a growth of 10.5% in comparison to the preceding year 2015.
The e-commerce sales are increasing year over year. While the people are getting addicted to the ease of buying through online platforms, sellers get the opportunity to reach more potential buyers.
According to a report released by Adobe, 57 days out of the 61-day holiday period generated $1 billion in sales.
What’s driving the storm?
Looking at the figures, it’s clear that the retail market is going through a storm and the web world is driving it. Though retailers all across the globe are marking their presence through e-commerce store development, engaging the audience in the ultra-competitive market and serving them with the right thing at the right moment.
Looking at the aforementioned figures, the online market is predicted to increase further during the festive month of 2017. If you need to earn most from this opportunity, it is recommended that you must have an online outlet for your retail business.
In fact last year, the Cyber Monday attained a new record of $3.45 billion sales, which is 12.1% more than 2015. Looking at these, retailers are leaving no stone unturned to grab this opportunity.
Here’s what you can have by creating e-commerce store for your retail business:
1- Improved engagement: The e-commerce store will empower you to engage your customers efficiently. You can interact with them without hindering their personal space. You can share product recommendations based on their recent searches, which will eventually enhance your chances of getting the sales and generating more revenue.
2- Vast market: Your online store avails you with the opportunity to capture a larger market. As the buyers won’t have to travel, the distant consumers can also visit your e-commerce store and make the purchase. Also, with the help of proper SEO, you can drive more traffic to your online store.
3- Save more: E-commerce store saves your efforts and money you would have incurred in managing goods and inventory through the web-based management system. Besides these, you don’t have to pay a hefty amount to rent a space, you don’t need set up costs like store sign, designing, sales equipment etc.
4- Stay updated: You get real-time updates on your store’s performance, buyer habits, and other data linked to them. Based on these, you can make better decisions and share recommendations with your audience. You can also keep a track on your ad performance and increase/decrease the budget after analyzing the performance at any given time.
5- 24*7/365 open: This is one of the biggest advantages of having an online store. Your store remains open, allowing buyers to make a purchase at any point of time. This helps you increase your sales by increasing the number of orders you receive.
6- Deliver the ease: Technology has served the people with an unmatched blend of comfort. E-commerce stores allow your consumers to buy anytime from anywhere. Also, e-commerce allows users to surf through numerous products without anyone hindering their personal space.
E-commerce has undoubtedly revolutionized the way retailers used to sell their products. It is no longer just a brand statement, in fact, has evolved as a need for retailers to sustain and grow in today’s competitive market. This festive season, stay prepared with your online store to generate the best profits and earn market presence.