The Impact of eCommerce and How It Can Benefit Your Business
eCommerce has evolved tremendously and it’s changing the way we shop and do business. The majority (61%) of South African respondents surveyed by OneDayOnly said they shop online due to the convenience.
The COVID-19 outbreak is one of the factors that have caused a spike in eCommerce sales. Since the outbreak, consumers have started shopping online for basic items they’d normally buy in physical stores.
To understand how deploying eCommerce operations can benefit your business, let’s take a look at the impact of eCommerce.
“The value of eCommerce transactions in South Africa is expected to reach R225bn by 2025” — Rand Merchant Bank
The Impact of eCommerce
With the help of new technologies, including OCR, and improved internet connectivity, eCommerce is continuing to help countless businesses grow. Here are some prominent benefits of eCommerce:
1. eCommerce Helps Small Businesses Reach Their Customers With Ease
eCommerce adoption has been a slow process for most small businesses. Businesses that have already embraced it have discovered how it can help improve their operations.
Small businesses that are launching eCommerce stores and diversifying their offerings are starting to reach out to more customers directly. This also helps them reach out to newer target markets and cater to customers who prefer shopping online.
2. Large Retailers are Forced to Start Selling Online
In the past, most large retailers with high-profit margins were slow to adopt eCommerce. But due to the rapid growth and customers’ changing needs, even large retailers are finding themselves forced to adopt eCommerce operations. This expands their brands’ reach and positively impacts their bottom lines.
3.The Growth of eCommerce Marketplaces
We’ve been experiencing the global rise of eCommerce marketplaces since the mid-1990s. That’s when giants like Amazon, Alibaba, and others were launched.
Selling on marketplaces is a win-win situation for both the seller and the marketplace owner. Sellers make high profits and marketplace owners grow their revenue when more sales are generated on their platform. As online shopping continues rising, marketplaces will only continue growing.
By selling through marketplaces or starting your own, you can scale up your business and improve your ROI.
4. B2B Companies are Adopting B2C-Like Customer Service Strategies
With the growth of eCommerce, B2C companies have been providing seamless customer experiences to remain competitive. This has forced B2B companies to start working on their online customer service in order to catch up with B2C companies. This includes creating omnichannel experiences and personalizing customer experiences.
5. eCommerce Shortens Product Life Cycles
One of the impacts of eCommerce on supply chain management is that it shortens product life cycles. This has resulted in warehouses seeing larger amounts of stock going in and out of their facilities very quickly. For this reason, warehouses have found themselves forced to start improving their delivery services to help make retail operations and eCommerce more seamless.
There are many advantages to eCommerce, and these benefits will continue rising. A prominent benefit of eCommerce is that it has led to the rapid rise in marketplaces. eCommerce helps businesses of all sizes reach their customers with ease. It also streamlines business operations, shortens product life cycles, and helps improve your ROI.
Adopting eCommerce operations for your business is quite easy — only if you get a hold of the right experts. Contact Us so we can have a discussion on how you can start your eCommerce journey.