Advantages of E-Commerce for Consumers & Businesses
Why will e-commerce expand?
Before COVID-19 put e-commerce on a faster trajectory and accelerated the industry's growth by 4-6 years, its growth was predictable. The pandemic brought attention to the many benefits of online shopping, especially how convenient it is. Global e-commerce sales hit $82.5 billion in May alone, up 77% from the same month last year, when there was a Coronavirus lockdown.
Top 5 benefits of online shopping for consumers
1. Reduced costs
Consumers can save money since operating an online store is less expensive than operating a physical one. One of the biggest benefits of e-commerce is this. Prices are often lower online than they are in physical stores, and e- commerce websites can offer additional discounts and promotions that are simpler to redeem.
2. Feasible and secure
In this COVID reality, we now inhabit, shopping whenever you want from wherever you want is far preferable (and much safer) than going outside. Putting the coronavirus aside, there is something to be said for buying from the comfort of your own home, avoiding the hassles of going outside, standing in lines, braving the elements, and other difficulties associated with consumerism.
3. A wide range of goods
Customers can purchase gadgets from China, books from England, clothing from Paris, and traditional US goods all from the comfort of their homes in the global marketplace that is the internet. There are no rivals for the breadth and depth of products offered online.
4. Making more knowledgeable decisions
 When shopping online, information is immediately at your fingertips, including: Reviews from actual consumers are likely the most persuasive, merchandise descriptions, usage videos, product manuals and social acceptance. One of the greatest advantages of e-commerce for consumers is the ease with which they can compare products, brands, and websites, sometimes even side by side. With the express aim of enabling customers to compare products side by side based on price and discount characteristics, many comparison shopping websites exist.
5. Saves time
Online shopping allows consumers to save a significant amount of time in an era where time is a precious resource. Considering that 63% of shoppers begin their shopping journeys online, it makes sense to be able to make purchases from wherever you are (Thinkwithgoogle, 2018). You can access a wider selection of goods at lower prices from the comfort of your home, so there's no need to leave the house, go shopping in a store, wait in line and then go back.
Top 5 benefits of online shopping for businesses
1. Reduced prices
Since there is no longer a requirement for a physical storefront, going online results in fewer fixed expenditures for the company. Additionally, fewer employees are needed because e-commerce is largely automated. Using Google AdWords, promote your e-commerce site. For instance, Facebook advertising and social media marketing are far more affordable than offline marketing. Consumers will pay fewer thanks to these cost reductions, and the company will make more money. One of the main advantages of e-commerce for companies is this.
2. Client information
Online sales give a merchant access to a wealth of customer information that is simply not available through traditional brick-and-mortar retailing. Online shoppers typically give their name, email address, and phone number when making purchases or signing up for services, but they also provide a wealth of demographic and consumer behavior data that is accessible through Google Analytics and can be used by online retailers to improve the customer journey and execute more precise and effective marketing campaigns. Based on the stage of their customer journey, e-tailers can also carefully nurture and retarget customers. For instance, an online store might utilize data insights to email potential customers who have abandoned their carts to encourage and remind them to complete their purchases. They can also use retargeting advertising.
3. A larger market
With the use of e-commerce websites, distances between locations are irrelevant. You might market your goods to online customers all around the country or even the world. You are not restricted to customers who visit your actual store. Additionally, the internet gives your retail store access to specialized audiences that you otherwise wouldn't have. Utilizing a variety of online touchpoints, such as social media, forums, and Google searches can allow you to reach customers from all directions.
4. Generally open
Your business is open 24/7/365 when you sell things online. Automation makes sure that the rest of the sales process is always running and that customers may make purchases whenever they want, even if your customer support is asleep.
5. Scaling up is faster
More floor space (and the associated cost! ), staff, and shelf space are needed to scale up or expand a physical business. In contrast, one of the less obvious advantages of e-commerce for firms is how easy it is to expand an online store. The only things you need are additional products, a few digital adjustments, and perhaps more storage space—which is much less expensive than storefront space. Being online also eliminates the need to establish a new location for a store because you are already accessible to a worldwide market.


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