why do we need to study e commerce
вWhy is eCommerce such an important part of today's world? Simply put, because the world is moving more and more into the digital realm each and every day. According to marketing research firm Coleman Parkes, 21-40% of a business's contributions are a direct result of eCommerce and that number is expected to grow rapidly over the coming years. With the growing impact of the digital community affecting the way business is done, now is the time to start thinking about an eCommerce solution. The study by Coleman Parkes identified key issues for organizations adopting e-commerce solutions including resources, implementation, and developing a business model. Review the complete infographic here. Market savvy companies who jump on the e-commerce bandwagon will not only retain a competitive edge, but will improve their revenue stream. According to Forrester Research, 48% of B2B e-commerce executives surveyed said that both their average order value and conversion rates are trending upward. With that being said, it should be no surprise that 67% of these executives stated their technology budgets will increase this year and 49% said they will upgrade their e-commerce platform within 18 months to expand their online offers.
Click here to read more key findings from the Forrester survey. The Boston Consulting Group, the world's leading advisor on business strategy, has produced an excellent article titled
Out in Front Exploiting Digital Disruption in the B2B Value Chain. This report from their perspectives group, presents the group's latest thinking on the topic of e-commerce. Through extensive surveys and rigorous analysis, the group concludes that just as e-commerce has transformed B2C retail, the digital revolution building in the B2B marketplace is fundamentally changing the way customers interact; ultimately shifting the business model. Today's buyers have very high expectations of the customer experience, and taking advantage of an e-commerce opportunity will require more than simply revamping dated storefronts and overhauling shopping-cart-only sites. Change comes quickly in the online world, and companies that move quickly to assess the changes under way and adjust their business models to meet shifting market dynamics and customer demands can establish significant leads over both traditional competitors and new entrants.
You'll want to read the full article here. From startups to small businesses right through to huge brands, there are a huge number of companies that can benefit from their own ecommerce website, where they can sell their own products or services. In todays competitive and convenience focused society, no longer do consumers want to venture to the high street in order to buy items, instead consumers want to shop from their own homes, making ecommerce a flexible solution for both businesses and buyers. If you re still on the fence about launching an ecommerce store then look no further, here s the top 5 reasons ecommerce is so important for your business and just how you can benefit from moving online this year! Ecommerce is an ideal way you can take your brand from a traditional brick and mortar store to an innovative, well loved brand. By offering great products 24 hours a day along with online customer service, blogs and social media, no longer is your business one singular store, with an online presence your business can be the home of your products and the general home of your business, allowing you to fully expand your product ranges without having to worry about moving locations or worrying about not being able to expand your business.
An online store is available all day, every day meaning your customers can visit your store at all times, no matter what their schedule might be. These days people don t always have the time to physically go shopping, instead more and more people are choosing to shop online to find the items they want or need and if your business can offer this for your customers there s no you shouldn't appeal to a wider range of customers all looking for a convenient and flexible experience. Due to the internet s accessibility, millions of people across the world can view your website at any time, meaning that for those looking to expand their businesses and reach out to a larger audience, you have many more opportunities to do so. Compare the amount of people you can reach through a website to the amount you can reach through a high street store or local advertising, there s no reason you shouldn t look at taking your business online if you re looking to improve your reach. Your website is one of the best marketing tools your business has, not only can the use of SEO when building your site lead to more chances of your business getting found in search engines, but a huge number of marketing techniques can also work alongside your website, including pay per click advertising, your social media marketing and your email marketing, all of which can include links back to your website.
As your business grows it s very likely you ll want to grow your product range and your target audience, as well as develop your business for customer requirements and consumer demand. An ecommerce site let s you scale your business accordingly, allowing you to add more lines, add more payment options and even grow when you choose to ship to, without having to worry about changing your location or moving to a larger premises like you might with a brick and mortar store. Ecommerce offers business a whole range of opportunities, from marketing opportunities to increasing your products ranges to generating more sales and with an optimised and well developed website you can not only achieve these goals but also offer your customers a round the clock, convenient service, that can boost your business. Are you looking for an ecommerce solution? Why not speak to our team to?
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