When you’re in the pool with retail sharks, a good eCommerce solution is your lifeline
When you’re swimming in a online sales pool with giants like Amazon, Walmart and Alibaba, setting up your own eCommerce platform can feel a bit daunting.
Yup. It’s an eCommerce jungle out there. But the good news is: our experts at Paradigmmedia know a thing or two about online selling. Afterall, we’ve been helping clients turn their online presence into profits in one form or another for over 25 years.
eCommerce is a gold mine and we’re ready to help you tap into it.
At the height of the pandemic, when stay at home orders kept customers out of stores, online sales skyrocketed. So, it comes as no surprise that eCommerce has become the number one priority for brands striving to thrive.
In a study by market research firm GWI, 46% of internet users said they’d be shopping online more after the pandemic is over. The marketers noted that “though it’s likely in-store purchases are going to experience a rebound soon, it’s important to remember that online purchases aren’t likely to experience a sharp decline in response.”
DID YOU KNOW: According to a report by BRP on in-store mobility, “85% of consumers have purchased a product via a mobile app, and 33% frequently purchase via their mobile device. Mobile shopping (browsing or buying) will continue to grow as 41% of consumers in the BRP Consumer Study indicate they plan to increase their shopping frequency on their phone or tablet in the next 24 months. To succeed in this digital space, business owners must rethink how to target and sell in a highly competitive market.
Before leaping into the eCommerce pool, here are a few things to keep in mind.
1. eCommerce is extremely cost-effective
One of the biggest advantages of eCommerce is cost reduction. It helps retailers save on a large chunk of the overhead costs associated with operating a walk-in store; things like rent, utilities, repairs, routine décor updates, inventory and more. It gets rid of the kind of extra costs that can really cut into your profit margins.
2. Convenience for your customers
On the flip side, now that the world is getting back to normal and consumers are out there shopping in stores again, complementing your store with online retail helps expand your sales opportunities. And it eliminates the long store line ups. More importantly, consumers have easy access to a range of products, purchase them immediately and have them delivered right to their homes. And if its easy for them it will encourage return visits and boost customer loyalty.
3. More options with omnichannel retail
Omnichannel retail is gaining in popularity because it gives your customer more options, like buying online and picking up in the store – with the potential to additional sales because they’re exposed to more of your inventory. There’s also curbside pickup – which kicks up the customer convenience factor along with online returns and exchanges. And you can stay open 24/7 so customers can shop whenever they want. It provides consumers with options, offers them convenience and give you a competitive advantage over other retailers who are lagging in eCommerce.
And, let’s face it, exposing customers to your retail space in more than one way, has the potential to boost sales – which in our books is not a bad thing.
4. Gain a much broader sales reach
With a dynamic eCommerce platform, the whole world becomes your sales region; you can sell beyond your local area to new markets and expand your customer base. That’s where robust eCommerce Search Engine Optimization can push your online store to the top of search results lists and drive more traffic to your site. And what a boost to your brand awareness!
SEO-friendly descriptions and images of your products, loyalty programs, customer reviews, blogs and other useful content like infographics will guarantee you a spot on the search engine leader board and strengthen your customer relationships. It’s a convenient and cost effective form of advertising.
5. Benefit from better customer engagement
Good eCommerce programs allow retailers to capture customer data such as contact information, birthdays and brand preferences. It’s a great way to target your messages to specific consumer segments and engage them through social media, Live Chat or email campaigns that feature coupons and special discounts. Get your customers to review your products. It’s a great way to have your products endorse, build consumer trust and identify top sellers.
Expand your inventory
With a good online sales platform you are not limited in the number of products you can offer – and the cost of storage for your inventory is much cheaper than if you were renting retail space. According to Statista, a market research firm, “In the first half of 2019, the average asking rent in Canadian malls was about $33 Canadian dollars per square feet. The average asking rent per square foot of general retail space was $26 Canadian dollars.” Compare that to the average cost of renting storage in Canada which was around $10 per square foot.
7. Integrate your reporting tools and streamline communications
A well-designed platform can integrate into valuable reporting tools. Online retailing allows for a complete integration of reporting tools such as Google Analytics for statistics and critical metrics that measure your success. Communication links in online retailing allows you to take orders, process shipments, set up different payment gateways, and communicate with suppliers, vendors, and potential customers.
It’s not hard to set an eCommerce platform up, but if you want to have it done right to gain the most benefits, let the experts at Paradigmmedia help.
For a free consultation, contact us today!