Ouch! If this headline made you cringe, then sadly it hits home. If you find yourself having to Google what e-commerce is, then you are far behind the business curve. Simply put, e-commerce is a way to sell products or services online – via your website. If you have been swimming along in your business without paying much attention to the potential your website has online, then chances are you found yourself in turmoil during lockdown.
The very definition of ecommerce is ‘commercial transactions which are conducted online via the internet’. These transactions can be physical goods, digital goods or services. The trick is figuring out which transaction could be suited to your business. If you provide a product or a service, the process of incorporating e-commerce into your site is a relatively easy one. Even if you do not provide physical goods such as groceries, medication, furniture, flower deliveries etc. you may be able to offer a service. Services could relate to accountancy, service packages, subscriptions, content and more!
Many businesses have missed the boat by failing to monetize and package what they do in the online space. We often meet business owners who know they need a website but don’t quite know why or don’t care to know why. The potential of a great website built to service clients any time of the day and night or anywhere in the world is stellar.
What makes e-commerce a strong business model?
- Online transactions eliminate the need for physical stores.
- E-commerce allows an expansive customer base.
- A virtual store saves on office costs, rent, utilities and maintenance.
- E-commerce can scale up easily as store or warehousing space is often not a requirement.
- E-commerce allows for businesses to stay in touch with their customers as they have information which they can use such as email addresses.
- No physical cash or security issues.
- Customers can make use of your business 24/7/365.
- E-commerce can be strengthened by SEO.
- E-commerce marketing can be personalised and targeted to a specific audience.
- Minimal cost of setup results in great ROI.
Once you have decided to take the e-commerce step to grow your business, the combination of branding, SEO, user experience and engagement is the next ingredient in your recipe to online success.