The global e-commerce market reached a value of $13 trillion in 2021—and is forecasted to rise to $55.6 trillion by 2027. What are some of the major factors that led to this growth? There was an explosion in demand for smart devices like smartphones and tablets, making it easier than ever for people to shop online from anywhere. COVID was another big factor: when stores closed, consumers all went online—and they liked it.
In this article, we'll share some of the benefits of the current e-commerce landscape, then give you some tips on getting your e-commerce site to perform at its best this year and beyond.
Reasons to Ramp Up your E-comm Presence
There's no doubt that online sales are more important than ever, regardless of your company structure. With a growing population of e-comm shoppers and a marketplace that's constantly expanding, it's essential to have a strong e-commerce presence if you want to stay competitive and meet customers’ demands. Here are five reasons you should focus your efforts on e-commerce:
Meeting Consumers Where They Are
Since the onset of the pandemic, consumer behavior has dramatically changed, shifting more towards digital shopping habits. A study done by Pew Research states that 79% of U.S. consumers shop online, indicating that this new habit is here to stay. And for good reason: it’s far more convenient than having to step foot in any physical retail store. It saves time, gives consumers the flexibility to shop for the best prices, and allows them to choose from a wider range of products.
Unrestricted Store Hours
Having an e-commerce site means your store is theoretically open all day, every day. With 24/7 access consumers can browse whenever they want, be it 1 AM or 1 PM. Not only does this make digital shopping more appealing for customers, but it also increases sales opportunities.
Manage Your Business From Anywhere
As opposed to a traditional brick-and-mortar storefront, using an e-commerce site allows you to run your company from anywhere. Whether you prefer to sit in an office, work from home, or even your local coffee shop, you can watch your business grow without being tied to a physical space.
Extend Your Reach
As an e-commerce company, your number one priority is to get the word out about your products and services. It is possible to advertise in different ways and improve traffic to your site. However, this is easier said than done. It's always hard to get noticed online with so much noise and competition shouting their message out. By honing in on the right niche messaging for your target demographic, and utilizing an omnichannel marketing approach with SEM, email marketing with proper authentication protocols, influencers, and more…you can "find your people" on a global scale. Once the right brand message is identified, the opportunity to extend your reach to a wider target audience is virtually limitless.
Reduce Your Costs
If you were at all hesitant to start an e-commerce site because of the cost, think again. Launching a site is more affordable than owning a store, and it minimizes infrastructure, communication, and other overhead costs.
Tips for Creating a Profitable E-commerce Site
Follow the Latest Trends
With e-commerce best practices constantly evolving and changing, it’s vital to keep your e-commerce site current and your business competitive. By keeping up with the latest trends, you'll find new and innovative techniques that will offer your business huge value, while identifying the tactics that may not be suitable for your specific company needs. To determine which trends are worth pursuing, know your customers and competitors well so you can make the right move.
Understand How to Optimize your E-Commerce Presence
Adopt advanced conversion tactics and push your organization to improve your baseline goal. Routinely examine bounce rates, exit rates, click-through rates, and average session durations. It is also wise to invest in e-commerce tools that can help analyze your current conversion rate issues. Some other strategies for boosting conversion rates include using high-quality images and videos on your product pages, providing limited-time coupon codes, and tweaking your store checkout process.
Develop Strategic Shipping Policies and Options
Offer your consumers free shipping on orders over a specific amount and offer expedited delivery options like three-day shipping or two-hour delivery windows for customers who need their items immediately. An effective product delivery strategy will help to differentiate your business from competitors.
Include Customer Reviews on Product Pages
Without a storefront, customers can’t physically experience an item before purchasing it. Give them the confidence they need to make informed decisions about products by providing them with easy access to online product reviews. By helping them navigate your business’s digital space, you maintain a positive reputation and a strong brand name, leading to happy customers and returning business.
Create Social Media Profiles for Your Brand
Having a social media presence allows you to connect with existing customers and reach out to potential new ones. Statista data indicates that users spend an average of a whopping 147 minutes per day on social media. Using social media to market your e-commerce store allows you to reach shoppers directly, advertise new products, or engage them with attractive promotions. According to BigCommerce statistics, businesses with an active and unique social media presence have at least 32% more sales than those without one.
Integrate your Point of Sale and Inventory Management Systems for Best Results
Consumers prefer a seamless shopping and purchasing experience, with expectations that their products will arrive at their doorstep as fast as possible. Backend integration can help streamline e-commerce operations like inventory management, so that your customers remain satisfied and get what they want, when they want it. Integrating inventory management allows your organization to track its stock so you can balance the quantity of products on hand while meeting customer demands. By being able to analyze trends and sales patterns, you can also successfully maximize sales margins.
Make your Site Mobile Friendly
Making sure your e-commerce site is mobile-friendly is the key to driving more sales and ensuring a smooth customer journey. A mobile-friendly design leads to more page views, stronger customer loyalty, increased online purchases, and many more benefits.
Site Speed Matters
The last thing you want is a slow-loading website that will irritate your visitors. If your site can’t move fast enough for your customers it will negatively impact the user's perception of your brand, increase bounce rates, and encourage buyers to look elsewhere. In fact, studies prove that if a page takes longer than 3 seconds to load, 40% of users will quickly give up and leave.
Not only is centralizing your business to an e-commerce website cost-effective, it’s also been the preferred way for customers to shop for several years now. To stay competitive, it's essential that you get your website running like a well-oiled machine.
Not sure where to start? MarinOne can help by streamlining your advertising efforts and give your website a jumpstart in sales and traffic. This will buy your team time to get the web backend exactly how you want it while we build your front-end brand through advertising on marketplaces, paid search, and social. With MarinOne, you can gain an edge over your competition, maximize performance across all channels, and utilize impactful retail marketplace advertising features to set your e-commerce site up for success.
Learn more about how MarinOne can help. Get in touch and speak to one of our team experts or schedule a free demo today.