You may currently have an office or shop, which oversees all your business operations and the distribution of your products to customers. However if you are wanting to find ways to increase your sales quicker, reduce your business operating costs and increase profit margins for your business, an eCommerce website is an effective way forward for you.
Additionally e-commerce websites allow you to employ a range of marketing and sales techniques to give people that extra reason to stay on your website and buy your products. So what are the key benefits that an eCommerce website can offer your business?
Lower set up and running costs than an offline businesses
The cost of actually setting up an eCommerce website is lower than that of an offline businesses. The whole sales system for your business is automated online. You will therefore save on staff, wages and other business costs, which are usually an expense such as electricity, rent and heating costs. The money that you have saved can then be used to develop your eCommerce website and product range further. Ecommerce websites will also help you expand your product offering faster than is normally possible within an offline business situation.
The business can be operated from anywhere
Ecommerce websites reduce any geographical restrictions you would normally face with an office based business. You can be anywhere around the world and still successfully oversee your eCommerce business. The essential items you need in order to oversee your eCommerce website from anywhere are; having access to emails, the Internet and phones. If you have an established offline business having an eCommerce business will add only sales but credibility to your business as well.
No opening time restrictions
With eCommerce websites you are not restricting your potential customers, as they can view your website at any time of day. This means as a business, you are maximising your sales and profits. How can your sales be further maximised? You can do this through a range of sales initiatives such as special offers and online marketing initiatives.
Key sales strategies you could employ to increase your online sales include upselling and cross selling. Upselling involves offering products that directly relate to the products the customer has just selected to purchase. Products with very low cost so the customer doesn’t really have to think about it, and they usually compliment the purchase they have just made making it an easy buying decision. By doing this you encourage the average basket value to go up.
Cross-selling allows you to encourage people to spend more money by buying additional products. This is usually related to the main product your customer is purchasing. On e-commerce websites this may be included as, “You may also like”, “Wear with this”, “Perfect match with”, “Why don’t you go pro”. These are all tactics to increase sales revenues for your business.
You can also employ a range of powerful marketing initiatives on your website to encourage interest from new customers such as call’s to action and special, time sensitive offers. These encourage prospects to take action whilst on your site and therefore increase your conversion rate from visitor to sale.
More measurable than other sales approaches
You may be thinking how do I know it will be successful, how will I measure the results? E-commerce websites are in fact extremely measurable and trackable through systems such as Google Analytics. You can view statistics including how many orders are processed through your site, average cart total, cart abandonment rate and percentage of total revenue your website has achieved at regular intervals.
Less time intensive
Once your eCommerce website has been initially set up, you should not have to invest too much time into running it. This is because the whole process for customers ordering and making payments will all be activated through the online system. This will give you more time to determine new products you want to sell, special offers you want to launch and to track how successful your sales are. You will also be able to determine any trends in terms of which products are selling most successfully.
Higher margins and better cashflow
If your business is involved and sells within the trade industry sector, an e-commerce website will allow you to sell at higher margins. This will make the profits you make on your products even higher. The shopping cart and online payment options on these websites also mean you are gaining a 100% payment from the customer straight away. This will improve your cash flow, particularly when customers normally provide you with payments in several instalments.
Provide More Information
An online presence allows you to provide more information about your products and services to your customers. A branded site especially gives sellers a place to provide key content to customers. Key product content includes in-depth product descriptions, product comparisons, in-store inventory availability, and pricing. This information helps a customer make their purchasing decision both in-store or online.
Your eCommerce site can also provide more information about your business or how to use your products. Webpages can be dedicated to your brand’s story and how your products are made. Blog posts and videos can also provide helpful content about the use of your products or services.
Expand Customer Reach
eCommerce provides new channels for you to reach more customers. Whether you’re just starting out or an existing seller, there are new customers to serve. With the help of PPC marketing and social media marketing you can exponentially reach your ideal customer beyond brick and mortal location.
Existing brick and mortar sellers can be limited by their location. Customers must travel to visit your store. With eCommerce, you can sell to customers anywhere, anytime. This allows you to serve customers across the country.