The prosperity of eCommerce
ECommerce is thriving in the digital world, becoming overwhelmingly popular for both clients and businesses. According to 99Firms, the eCommerce market is expected to be the channel for more than 95% of all purchases by 2040. U.S. eCommerce boomed in 2020 with the growth of the digital marketplace, and many other countries are experiencing similar gains.
With the widening scope of what can be bought online, company leaders are examining the consumer experience in purchasing everything from groceries to wedding gowns. The benefits to businesses and consumers, including less overhead costs and easier and safer customer experience, are being noticed across industries. The following outlines the benefits felt by both businesses and consumers in their utilization of the digital marketplace.
Benefits to businesses
Expanding products into an eCommerce marketplace allows your business to reach more people. With no geographical limitations, your business is free to sell its valuable products as far as you are willing to ship them. Unhindered by the costs of maintaining a brick-and-mortar location, you can run your business around the clock. Your customer is now only a click away.
Of course, the success of your business in the online marketplace requires a different sort of investment. User experience is not to be ignored. With an entire online marketplace available to your customers, making your platform unique and accessible will keep customers coming back. With some trial and error you can boost your consumer experience and resilience to benefit your business.
Benefits to consumers
Provided your customers are satisfied with the commercial experience your business has developed, they'll keep coming back. There are certain elements customers favor in their online shopping, including ease of returns, flexibility in communication and targeted advertising. Spiralytics notes the rising popularity of eCommerce amongst consumers, with more than 2.14 billion online shoppers in 2021 rivaling the far lower 1.66 billion online shoppers in 2016.
Online shoppers are able to request quite literally anything they could possibly need — including household items, pet food or more technology — from the comfort of their couch. They are vocal, leaving customer reviews that benefit other shoppers, and in turn aiding your company with user improvements. Incentivized to use the digital marketplace, consumers are responding to the growing trends in ecommerce. As a result, they are responsible for the corresponding pushes from businesses to expand ecommerce even further.
The benefits of eCommerce are varied and numerous, with companies and consumers responding and adding to the growing popularity. Businesses that respond effectively to this new marketplace and who consider customer satisfaction will notice upward trends in their sales. Perle is well equipped to aid your company in the technological elements of this new ecommerce phenomenon. Read our customer success stories to learn more.