Why Ecommerce is the Future

The main reason Ecommerce is going to become the future is because of the opportunities it can provide for businesses of all sizes, the main opportunity it provides being how convenient it is for users. On top of this with Ai becoming more developed, it has started to have an impact on Ecommerce with businesses using an AI to handle their data collection and analytics.

The way customers engage with their favourite brands has been and will continue to be influenced by eCommerce. The success of your business may very well depend on your ability to adapt to this industry as more and more industries continue to move their operations and purchases online.

If you want to be able to continue building your business in this online world, it’s important to adapt your business accordingly. Whether that looks like creating more content on social media, selling products through your website, or moving some initial sales calls on Zoom, aspects of eCommerce will continue to become more and more important to maintain business growth.

According to Statista, online shopping has grown exponentially in recent years as a reaction to the pandemic. In 2022, online sales are projected to represent nearly 20% of global retail sales. That’s up roughly 6% from just 2019.

There has been steady growth in eCommerce sales year over year, especially since the COVID-19 pandemic accelerated online shopping and contactless delivery, and it’s expected to continue to grow. Seeing this steady incline is a signal to all businesses that eCommerce is the future they need to prepare for. We at WTBI are ready to help you not only prepare for this trend but thrive in the new and growing eCommerce environment.

E-Commerce Increases Opportunities

There is an ever-increasing number of customers engaging with brands online, from double-tapping their Instagram posts to buying products through a “click to purchase” button in an email. As more people engage with a business through multiple channels, that business has a greater opportunity to not just gain more customers but also to learn of new needs and interests among its target audience.

Consider engaging with followers on social media. On many platforms, you may be able to see valuable information about your audience like:

1. What other brands do they follow?
2. How often do they engage with your posts?
3. When do they like to share online?

Especially for small businesses, this can be a helpful window into the needs and lives of your customers. This information can help you expand your value proposition and create marketing content that resonates more with your target audience.

The customers that engage with companies online aren’t just popping up out of thin air. Brand loyalty has gone down in recent months, meaning that many people are engaging with several different brands in industries they’re interested in and may be looking for a new go-to place to shop for relevant products. Consumers are very willing to try new brands and products compared to how willing they would have been months or even weeks ago, especially items that they are able to conveniently access through eCommerce.

However, not every area of eCommerce is affected in the same way. Physical products are usually more susceptible to brand disloyalty than services are, partially due to factors such as the relative ease of switching – simply replacing a used-up shampoo with a different, new one or a worn-out shirt with a different, new one.

Another reason that brand switches with physical goods are more common is that it is likely that a customer won’t interact with a human directly when making a purchase of goods. Services tend to require human engagement, which increases the probability of leaving a lasting positive impression. It also increases the likelihood that customers build a positive rapport with the company’s customer service or salespeople because they’ve gotten to know them directly. This is one reason why many businesses have integrated artificial intelligence into their eCommerce process to give consumers the sensation of interacting with a human.

Whatever the reasons customers may have to switch to a new option, knowing that physical goods are more likely to see switches than services is a key detail to keep in mind when developing a strategy for entering and operating within eCommerce. It doesn’t mean that people won’t make brand switches for services, but rather that it will be harder to convince them to switch.

Using AI with eCommerce

Doing everything by hand has been proven to be a very inefficient way of doing business. For this reason, many companies are introducing artificial intelligence (AI) into their operations. AI is not just used for engaging with customers but also for collecting data on practically every move the consumer makes.

Businesses in eCommerce use AI systems to simplify the sales process. Technologies like chatbots increase productivity and lower manpower costs tremendously by streamlining problem-solving and customer service for people visiting the website 24/7/365. With AI and ecommerce, customers no longer have to wait for a representative to become available to complete a purchase.

Customer service via chat is also an easy way to collect information about a customer’s unique needs. An AI has the capability of collecting and organising data in a way that’s simple to understand, and most customers are happy to share some personal and contact information in exchange for a quick answer to their questions. Using whatever information is provided, businesses can better detect trends and evolve with ease.

More and more companies are realising the power of the data that eCommerce solutions like chatbots provide. With businesses shifting to being data-driven, the use of AIs is becoming very common. Including artificial intelligence in your eCommerce strategy will give your business a competitive edge.

eCommerce Offers Convenience

There is undeniable evidence that eCommerce is revolutionising how businesses gain and maintain support from their customers. Acquiring new revenue streams is easier for businesses, and making purchases has become lower friction for customers, as well. This strategy allows companies to get in front of a well-established audience locally, nationally, and internationally with just a few clicks.

In the wake of COVID-19, we’ve learned that these types of conveniences can sometimes be absolutely crucial. At times the ease of e-commerce may be a simple time-saver. At other times, online ordering may be the only option available to consumers. Ensuring that your company offers a robust online platform is a no-brainer that helps you stay open and available for your audience in all types of situations.

Over the past few years, many people have grown accustomed to using e-commerce when buying items they would have previously only bought in high street shops. Shoes, clothing, etc. once faced concerns about how they might fit in real life. Nowadays, customers are more familiar with using photos, sizing guides, and return policies to their advantage to empower online shopping.

A Global Reach is Possible With eCommerce

The total addressable market (TAM) represents the overall revenue a business can generate if 100% of its market share was achieved. As a company approaches its growth limit, staying local or domestic will impede future advancement. Participating in eCommerce will open up the business to a global market pushing the growth limit further out.

Year over year, consumers are participating in cross-border shopping. Cross-border shopping is when a customer makes a purchase from a retailer located outside of their country. eCommerce is often a suitable alternative to opening a new location abroad, with 76% of online shoppers purchasing across borders.

The eCommerce boom is just beginning, and it’s not too late to incorporate eCommerce into your business model. Any company wanting to see exponential growth would benefit from our eCommerce services. The WTBI team has created high-performing eCommerce websites for over 10 years.

Entering the World of eCommerce

It is time to join the world of eCommerce as it becomes the future of retail. Not only are eCommerce shop settings a new standard for retail, but they are also changing the ways businesses can be run. While jumping into eCommerce can be intimidating, it is important to take it one step at a time.

One of the first steps to take while starting an eCommerce site is creating a well-designed website. The navigation of an eCommerce site is crucial to the business. If customers had trouble navigating a physical shop, that would obviously hurt sales. Companies put a lot of thought into the layout of their shops, and it is important to treat your eCommerce website in a similar way.

With a streamlined website, customers will be able to easily find what they need and have a positive experience with your company. This can increase your sales while creating a loyal customer that wants to shop at your online shop again.

Get Started with WTBI

WTBI will work directly with your business and give you a jumpstart to the eCommerce world. We work to provide businesses with a better web presence and develop a site that will hold up in the ever-changing world of the internet.

WTBI knows what it means to have a functional eCommerce site that not only looks beautiful but provides a positive customer experience. We make your jump to the eCommerce world the least intimidating as possible and work with you to meet your eCommerce goals.