Introduction: Since ages, the world was following the methodology of conventional selling that was to present the available products in the retail shops or counters. But then, a boom of technology overruled the existing norms and traditions. Online store and e-commerce came into being as a result of these technological advancements. E-commerce, a trend, or a need? Experts and professionals are still finding that either it is just a trend or it is becoming a need. One of the most basic things regarding why people prefer e-commerce platforms over market places, is the ease of access and time-saving approach. E-commerce and online stores are structured in such that it becomes a driving force for the people to end up buying some products. In short, the online store has a complete solution, starting from basic information to online payment options, covering every aspect of shopping.
Even though retail stores have their importance and significance, marketing experts claim that online stores will be the future of shopping, especially for consumer products. Following are some of the benefits of having an online store:
- Communication: One of the key factors of launching an online store is to engage the customers and consumers equally. At retail stores, there is no feedback mechanism for the products, but in e-commerce, communication with the end-user is possible. The consumer can share his views directly to the stakeholders of the product that enhances the trust and strengthen the bond between company and consumer.
- Increasing Outreach: The core objective of launching an online store is to increase the outreach of the product. When it comes to physical stores, the footfall is limited to the people who have heard about it or live nearby the shop, but in the case of e-commerce, retailers can enhance online traffic using technological advancement like search engine optimization and pay per click. If we consider an example of a printed tape manufacturer, the business would have been static of limited costumers, but e-commerce helped such businesses to expand and enhance revenues.
Moving forward, as we discussed some value-added benefits of having an online store, we will now discuss what the impacts of launching an online store are.
Impact Of Online Store On Sales:
- Innovative Tools And Marketing Gimmicks: Every passing day, we observe a new technological advancement that intends to improve connection with the consumer. Technological advancement like online stores and e-commerce has become a tool which creates a significant impact on sales and revenue. Promotional activities, detailed ads, discount offers, and many more tools frequently help to grow sales. Previously, sales were limited to some clients, but after utilizing online stores, business concerns claim that their sales increased by 15%.
- Retain The Existing Customer: Apart from increasing outreach, e-commerce has been a tool that allows the business models to maintain existing clients. Recently, marketing techniques like loyalty vouchers are in a trend that not only retains the existing customer but also helps to increase sales for the company. One thing that is most important in retaining exiting clients is the quality of the product. If your website provides authentic and reasonable products only then you will be able to generate sales.
- Comparative Analysis: By the end of 2015, marketing experts came up with the idea that online stores must have a comparison tool. They presented the idea that this tool will allow the costumers to compare homogenous products for their features, price, and alternative options available in the market. This tool was introduced only in the online store that resulted in a significant peak in sales. Some business models also claimed that they had observed a vertical peak in sales by stepping into e-commerce.
- Anytime Easy Shopping: Have you ever thought why it is more convenient to shop online. People claim that it is difficult to go shopping from a retail store due to certain reasons that are eventually being resolved by the use of digital shops. Online stores allow you to shop 24/7 without the hassle of standing in long payment ques. You can enjoy shopping on your relaxing chair with a cup of coffee. This hassle-free shopping has been the reason for increasing revenue for online stores.
- Awareness To Action: Specifically talking about the main difference between conventional stores and online stores, there is a difference of communicable information. Conventional stores lack the factor of sharing information other than the details mentioned on the packaging of the product. The online store tends to share maximum information about the product, and this shared information helps the consumer to resolve queries that result in the form of sales and greater revenue.
Conclusion: In the entire discussion, we have tried to explain how your conventional retail store can observe an increase in sales and revenue. Several tips and tricks are present to improve sales, but all of them will be providing short term benefits. Long term benefits are possible by the use of an online store for your existing business model as technology is the future.