Retail Industry, worth $22 trillion, is currently going through a phase shift. On one hand, eCommerce accounts for a mere $2 trillion share, registering double digit annual growth even up to 20-25% in some markets. However, on the contrary, traditional offline retail is on the decline, with a prediction that it will collapse in the coming years.
So, if you have a retail business and you still haven’t conceded to eCommerce website development, there is a good chance that your business may not survive in the coming years.
If you recognized the power of Internet and have shifted your offline business to a virtual store, you haven’t only insured your future survival, but have also signed up for virtually limited business possibilities.
Now, before we delve any deeper into various benefits you can reap through eCommerce platforms, it is worth mentioning that they can be categorized into two types, of which you can choose depending on your preferences and requirements.
One of the most notable features that almost every eCommerce platform offers is the ability to showcase virtually unlimited number of products that are known to significantly boost user engagement and consequently sales. Additionally, preventing users from getting lost or frustrated in that infinite swarm of products, there are also many inbuilt features including sorting and filtering that create the experience smoother and swifter for sales.
Just the entire web, eCommerce too is a highly connected and often interdependent market. Along with immensely popular services like eBay and Amazon, there are many other eCommerce platforms that let businesses sell their product in exchange for a small fee. So, using these platforms won’t only add an additional revenue channel to your business, but also can be used as a marketing tool that will aid you in the long run.
The moment you shift your offline business to an eCommerce platform, every person in the world becomes your potential customer. If it’s a service, this can lead to an immediate surge in customer base and revenues. If it’s a product, you sell and don’t currently ship to far-off places, it gives you a true potential that you can harness in the future. And since the core strategy of any business is to keep constantly growing, eCommerce becomes a center point of achieving them.
Many businesses are still oblivious to the fact that data is indeed now the most valuable commodity. The data about your previous customers, when analyzed by appropriate tools, can offer clear hints about where your future customers will come from. And eCommerce platforms, besides being a virtual store also have all such necessary tools that keep track of and helps you analyze all relevant data that can be leveraged to push the business growth.
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