The Significance of E-Commerce for Your Business

Team Udayavani, Aug 24, 2022, 2:52 PM IST

Credit: iStock Photo

As the digital age took over the global retail sector, it eliminated the need for people to step out and buy products from a physical shop. And guess what? Many businesses across the globe took the full brunt of it. While most business owners panicked, many saw an opportunity to sell their products like never before. And this gave birth to the era of online marketplaces called E-Commerce websites. This new revolutionary idea was so successful that there is now almost nothing that cannot be purchased online.

However, even after e-commerce has become the norm for selling a wide variety of products, many businesses struggle to find success online. That’s why this article will take you through the impact e-commerce has had on businesses across the globe and what role E-Commerce plays in the successful operation of your business.

Like everyone else, if you have ever shopped online, you must have come across Amazon. They are the biggest name in e-commerce hands down. Even though you won’t find B2B products on Amazon, they seem to have everything else. Following in their footsteps, many kindred platforms have also found success amongst the populous. An online presence for your company and your goods has consequently become increasingly important. However, to better understand its significance, let’s look at some of the most important pros of e-commerce for your business.

The Importance of E-Commerce for Your Business

These are the various ways E-Commerce can help your business grow exponentially.

1. Wider Reach

Let’s face it, even our best efforts can only do so much. And if you own a small-to-medium-sized business, it’s downright impossible. However, an e-commerce platform makes it drastically easier for businesses to put their products out there. And not just that, these platforms also help you promote and market your products. Your product can become extremely popular if you have a great product and an effective sales strategy. And it doesn’t end there! You get to sell your products to people in Tamil Nadu while you are in Delhi. This sort of reach wasn’t possible before the arrival of e-commerce platforms, especially not for small businesses.

2. Visibility

Another major problem faced by small or new businesses is that their products don’t get enough visibility. As a result, your products don’t sell very well, or at all in some cases. This issue is easily taken care of by these e-commerce platforms without the need for you to spend bags of money. 

3. Social Proof

Social proof is the biggest player for the best-selling products and services online, and this has been facilitated by popularity and the ability to leave reviews and ratings for a particular product and service. People seem to copy what others are doing. In this instance, a huge number of people are buying products online rather than going to the shops. So, others follow suit, thinking if so many people are doing it, this must be the right way.

4. Influence

Over the years, these platforms have garnered such a humongous following that if a kid wants a new phone in a remote corner of our country, these e-commerce platforms are the first thing that comes to their mind. How is it possible must be a question on your mind. It’s quite simple. These platforms come up with various strategies that influence the buying habits of people. And the best part is, all this will be taken care of by the e-commerce company. You just need to provide good quality products.

5. Convenience

The next part takes you into the psychology of human beings. It’s always more convenient for people to order what they need online rather than go out and choose the best one. Furthermore, you don’t have to wait for your turn to buy a product. Everything online is pretty easy. When you see something you like, add it to the cart and place the order. It’s a completely hassle-free experience. 

6. Lower Costs

These e-commerce platforms are not just easy to adapt to, but also drastically cut down on costs. In an offline setting, there are so many things you need to set up and buy to ensure the successful operation of your business, whereas in an online setting, you just have to worry about marketing and producing good-quality products.

7. Sales and Offers

The final benefit of e-commerce is the ability to roll out offers and discounts for your customers. This strategy works in various ways, the most important one being building a sense of favour with your customers. Research shows that people tend to choose your products when they think they owe you something, and the best way to bring about this feeling is through coupons. While we are on the topic of coupons, GrabOn is the biggest provider of coupons in India. If you are a business owner, consider becoming a merchant with them. 

The concert of all the above-mentioned factors can help you grow your business drastically in a short amount of time. Check out the graph below, which shows Statista Research Department’s forecast of India’s e-commerce growth in the upcoming years.

The bottom line is that adapting to the new way of selling your products and services is much more important. As soon as you adapt to that, the better it will be for your business. Hopefully, this article helped you figure out how to excel at e-commerce platforms and grow your business. Happy Selling!