If you haven’t already considered adding e-commerce to your business offering then there is no time like the present. According to Statista;
“The United Kingdom (UK) has the most advanced e-commerce market in Europe. According to the most recent figures from the Office of National Statistics (UK), the country’s e-commerce revenue in 2018 amounted to 688.4 billion GBP, a sharp increase on the year prior.”
688.4 billion pounds is a huge market that supports all sectors. SMEs and large corporations alike vie for a position online by competing for keywords with SEO, PPC, and social media. e-Commerce, especially in a post-lockdown world, has arguably become even more important and provides businesses with a means to supply their customers no matter the situation. To refresh your memory we’ve put together a list of reasons why e-commerce is a must a for your business.
Create a Global Presence
e-Commerce opens the doors to global trade. If you’re a small business and lack the platform then you can use sites like Amazon, Etsy, and other trade sites to access the infrastructure to complete sales and deliver to customers far and wide.
Online retail is particularly useful for FMCG such as clothing. In fact, “Online retailing had particular weight in textile and clothing stores, with the most recent governmental figures showing over one-fourth of retail sales coming from online.”
This shows how effective this model can be for your business and is worth setting up to future proof and prepare for global trade.
Reach New Audiences
Along with increasing your reach, e-commerce allows you to reach new audiences. This doesn’t just mean new target demographics but also more devices. Shopping on smartphones has become a huge area for growth as people browse and purchase items while getting on with their day.
In the UK, “the number of consumers who used mobile payment methods in their online transactions increased, with an expected growth of more than two million more users in 2019.” These numbers are staggering and should be all you need to see how investing in e-commerce can work for you.
Engage in a Comparative Market
Online shoppers have also become savvier. Rather than buy an item in a store, they may take note of it and then use the internet to shop around for better deals. This is where you can create inroads and target competitors’ markets. If you have a product that does the same thing but costs half the price then cataloguing in on an e-commerce platform will put you in front of potential customers and even nick a few sales off of your competitors.
Enable Incentive Programs
Another useful sales tactic is an online incentive program. You can add discounts for newsletter sign-ups, create social media competitions for prizes, and even get rid of stock with specials on the likes of Groupon. These methods can help you clear out old stock or build anticipation for a new product before it even reaches the shelves.
Create a Targeted Approach
Like with all online interactions, e-commerce gives you an incredibly valuable resource, data. Data is integral to creating targeted marketing campaigns that improve sales. From basic info like finding out when buyers are most responsive to your products to using data to target specific demographics on social media, collecting data is probably the biggest strength of e-commerce.
“In 2019, as high as 82 per cent of UK households made online purchases within the preceding 12 months, making this the highest online purchase penetration rate in the country in the past 11 years.’ There is no time like the present to invest in e-commerce and develop your brand and product offering for an online audience.
If you would like to find out more about setting up e-commerce platforms or want help creating a bespoke digital marketing campaign then contact us today. Our digital team is on hand to help you plan, create, and manage a wide selection of digital marketing services.