The eCommerce marketplace is rapidly growing as the Covid-19 pandemic persists. As an ambitious entrepreneur, you can use this pandemic as an opportunity to identify the loopholes in Your Business. One of the areas which you can majorly focus on is the eCommerce platform which is currently the most profitable. If you had already taken Your Business to an eCommerce platform, then it is time to double your investment on it.
In this article, we focus on the business opportunities represented by pandemics such as Coronavirus. In the end, you will be able to tell why Your Business needs to invest in eCommerce right away.
Reasons for Investing in eCommerce
The world was not aware that any pandemic can turn active workers to captive audiences which mostly work from home due to self-isolation or quarantine. Also, the impact of the Coronavirus pandemic has resulted in long-term fundamental changes in the business world.
Many countries encourage their citizens to stay home and sanitize. From the business perspective, this means that consumers have more time to browse over the internet and make orders online. Therefore, companies and organizations should consider taking their business to the massively growing online platform.
Let’s motivate ourselves with some quick facts:
- Since 22nd March to 4th April, retail orders based on web-only were rising by 52% year over year in Canada and the US according to digitalcommerce360.com
- The website traffic has increased by more than 13 percent from March 2020 according to the research done by HubSpot.
This shows that website traffic is going to continually increase until the stay at home order is lifted. Therefore, many companies will consider shifting their business to the online platform because that is exactly where the consumers are.
Can eCommerce Help You Diversify Your Business?
Diversifying a business in ordinary circumstances may require opening up another store or shop in a different location. This will lead to more expenses in the acquisition of the site and the entire construction process.
By comparison, eCommerce is like a walk in the park. You only need to launch a web store and a few employees to run and manage the businesses. More so, Your Business will be broadcasted to the whole world because a website is based on the world wide web (www).
In conclusion, eCommerce is very important because you will have superior statistics before setting up Your Business. With SEO specialists, you can tell the geographical region where your products are highly demanded. This gives you a perfect strategy of diversifying Your Business. It will even be very easy when you integrate back-office systems such as cloud-based ERP and NetSuite’s SuiteCommerce Advanced
Creating International and Digital Presence with eCommerce
Global transactions should be a major focus of doing business because there can be several potential customers outside your main zone. According to thedrum.com, 84% of the global eCommerce sales are done outside Europe and North America. This gap tells you that there is a massive opportunity.
Creating an eCommerce web store that is combined with relevant online marketing and advertising can unlock a new international market. Suppose there is a gap in a certain product service due to Coronavirus then your company can perfectly fill and focus on meeting customer demands.
With NetSuite OneWorld, you do not have any worry when entering any market because you are in a better platform for expanding your business. Remember that companies with diversified businesses are known to withstand the tough and rough economic times which are caused by agents such as Coronavirus pandemic.
Customer Loyalty and Retention Especially When There Is Market Unrest
Uncertainty, market unrest and volatility is always a call to action for every business. Such unpredictable patterns of business require very loyal customers. One day, things will come back to normal and any company would not like to incur extra cost in getting back their profitable customers. eCommerce helps you to retain them remotely. Therefore, you would save Your Business extra cost because it is 5 times more expensive to gain a new customer as compared to retaining an already existing one.
In conclusion, you surely need to invest in eCommerce because that is the future and every company wants to exist in the future. With a proper establishment of eCommerce, Your Business is going to broaden into different geographical locations. To start off, contact Seibert Consulting Group at hello@seibertconsulting.com or 760-205-5251.
