The infinite possibilities of e-commerce and the significant benefits it brings to business are not a new, post-COVID-19 reality. Already, long before the pandemic outbreak, a number of businesses had made a strong entry into e-business, achieving remarkable turnovers. However, the pandemic, according to a recent Adobe research as reported in Forbes, accelerated the growth of e-commerce by 4 to 6 years.
Following the global shift towards e-commerce, Greek consumers are steadily showing their preference for online transactions. Two thirds of Greeks prefer to buy electrical and electronic appliances online, while even consumers belonging to older age groups (over 55) now make their purchases online (source: SEPE).
Findings from a recent survey by the Institute of Commerce and Services reveal that, during the most consumer-intensive time of the year, Christmas, businesses with the ability to sell outside physical stores performed significantly better.
So this is an opportunity to explore the reasons why e-commerce is a wise and safe choice for the success of your business. Next, we outline the most important benefits of e-commerce for businesses.
1. No geographical restrictions
One of the most important lessons the pandemic has taught us is that, even in isolation, e-commerce can bring businesses closer to consumers. With a carefully designed e-shop and targeted online advertising, a modern e-business can break through the border barrier and reach markets that could not be accessed previously. As daring as it may sound in some cases, your region, your prefecture, even Greece are not the only markets you have the opportunity to target.
2. Products at lower prices
The absence of a physical store means, in most cases, lower operating costs, paving the way for products to be sold at lower and more competitive prices. E-commerce businesses usually do not have the same staffing requirements and do not need to have large inventories. Finally, they have the scope to order products directly from manufacturers without incurring the additional costs of any intermediaries.
3. Non-stop shopping
Shopping in physical stores takes place on specific days and times, unlike online stores that are available 24/7. On Sundays and holidays when consumers can take some time to look for the product they want to buy, physical stores are closed. Consumers have the opportunity to shop at their convenience, at their leisure, whether it is very early in the morning or very late at night.
4. More information about your customers
Online shopping gives you the competitive advantage of getting to know each customer in depth. Demographic data, personal interests and the overall behaviour of the customer in your online shop outline the buyer's profile which you can "exploit" to reach him intelligently and purposefully at any time. All they need to do is "open the door" of your online store.
5. Integrated customer experience
Quickly, easily and without hassle, the customer has access to a range of products with detailed descriptions, ways of use, combination with other products, comparisons and reviews. As an online store entrepreneur you have the choice to be as detailed as you wish in the product description, present the most positive reviews of your products, use photos that showcase your products and make your prospective customer feel confident in their choice. The most magical part of course is that this whole process only needs to be done once, not every time a customer walks into your business.
The list of benefits of e-commerce seems and is endless. Of course, it doesn't mean that success is a sure thing or that it comes easily without concerted effort, a sound business plan, testing, failing and testing again.
