If you google the definition of “eCommerce,” you’ll find a description that reads “commercial transactions conducted electronically on the internet”. In simpler terms, eCommerce is the practice of buying or selling products online. So anytime you head over to your favorite online retailer to purchase a new pair of pants or open Amazon, you’re engaging in eCommerce practices.
Short for electronic commerce, this activity gained serious traction after the advent of computers and online payment systems like PayPal came into play. Fast-forward to 2018, where eCommerce sales continue to grow year over year. By 2020, it’s estimated that global eCommerce sales will reach $4,058 trillion. So, it’s safe to say it’s a growing and profitable industry to be in.
- You can access an eCommerce store from anywhere in the world. As opposed to a brick-and-mortar, eCommerce stores eliminate the constraint of a particular geographical area that you can serve. Instead, the whole world is at your disposal.
- Marketing is more cost-effective. Instead of traditional, more costly marketing methods, eCommerce affords you the ability to utilize SEO, social media, eCommerce videos, and paid search to access more customers.
- Customers feel more confident about purchasing. Customers can easily browse the internet for product comparisons, reviews, and other factors that contribute to their buyer confidence. There’s an abundant amount of information offered to facilitate a transaction in a more smooth, effective manner.
- Target your customers efficiently. You can capture a ton of information about your customers through online profiles and search history, so why not use this information to communicate relevant messages?
- Stay open 24/7. This is a no-brainer. Online, your stores don’t close at a certain hour so that customers can purchase products at any time all over the world.
- Use effective tactics to increase sales. There are tons of things you can do online to better showcase your products. From eCommerce product videos to coupons and deals, make sure to take advantage of every opportunity the internet affords.
While there are also certain disadvantages to eCommerce, growth continues to remain strong as we see hundreds of brick-and-mortar retailers shut their doors. By staying on top of the trends, savvy online sellers can employ eCommerce best practices to effectively target and sell to their customers through a seamless purchasing funnel.