E-commerce is an undeniable powerful way for retail stores, increasing sales and achieving new customers.In fact, Statista predicts that e-commerce sales in the United States will exceed the $ 638 billion mark by 2022.
Brands that have introduced e-commerce are successful, especially because the trend is increasingly towards online shopping.But for companies that think about how to get into e-commerce, such a drastic change can feel like a challenge.
More than 80 % of people go online to evaluate a product before you buy it.There are review sites, blogs and forums where people go and get all information about a product or service that they want.If the product or service is not online, you run the risk of losing potential sales and new customers.The advantages of a website for the company are immeasurable.This trend can be clearly felt in almost all areas such as in casinos or in the fashion industry, where more and more people are deciding to shop online or conveniently visit an online casino from home.
The operation of an online business requires special skills.Although the basics are similar to the operation of a traditional business, there are significant advantages and disadvantages.Knowing how to use the former and control the latter is crucial for success.Even if you should still decide to found a traditional company, you can still move it on the Internet later and thus use the advantages of both channels and achieve more customers.
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Many traditional companies are limited to a local market, which can mean a small city or a region.Relocation to the Internet will attract customers worldwide.This means an increase in income and, moreover, the establishment of a website for a company means that the company is open around the clock and visitors can make purchases every hour if it is an e-commerce website.The relocation of a company to the Internet does not mean closing the traditional company, it only leads to increased visibility in this very demanding market.A traditional company can be supplemented by its online version.One of the greatest advantages of relocating business to the Internet is to reduce certain costs.This includes costs for storage rooms: by an online business you can simply arrange for the products to be sent directly from the supplier to the customer.This also enables faster delivery and less paperwork for the online business owner.However, an online business means that you have to meet the same requirements that also apply to traditional companies and that you have to stay away from online frauds.It is much more difficult to stay in touch with customers and get feedback from them if you only run a traditional, inpatient business.The operation of an online business, on the other hand, will definitely improve this part of the business and thus increase its credibility.In addition, good customer care will attract more customers over time.Having an online business or relocating a traditional company online definitely brings with it several advantages, the flexibility of which is one of the most important.
Digital speed: Companies simply work faster, from reviewing strategies to the assignment of resources.For example, they share talent and capital four times faster than their offline competitors.
Ready to reinvent yourself: While companies have to maintain the profitable elements of their business, "Business as Usual" is a dangerous attitude.Digitized companies invest both in the modernization of the core of their business and in innovation, often through the use of technology.
These companies not only make their decisions faster, they are also braver.Two of the most important areas in which this type of commitment comes to light are large acquisitions and capital operations.
Data -controlled decisions: The path to recovery is paved with data, because data provides fuel to make better and faster decisions.
To be customer -centered is well established.But competing constraints and priorities mean that the customer is often pushed out of the way.Top companies that maintain a comprehensive focus on the customer (in addition to operational and IT improvements) can achieve economic profits of 20 to 50 percent of the cost basis.
However, not everything runs smoothly at online companies.The fact that 90 percent fail within the first 120 days shows that there can also be some significant disadvantages.But if you know how to concern and defuse these challenges, you increase your chances of survival.This disadvantages include credibility, because physical companies have a certain level of trust between the customer and the company itself.Since the entry barriers in e-commerce are so low, you don't necessarily enjoy the same level of credibility.In fact, many online companies find it difficult to prove their legitimacy, especially when they are small and just start to increase.
Customer service is also a challenge, as many customers prefer to stand in front of a person and to speak to them and have the opportunity to make a personal appointment.Online companies often do not have the resources or opportunities.
(Source: Unsplash)
In contrast to offline companies who may have one or two competitors in the area, online companies have to assert themselves against dozens or hundreds of competitors around the world.This degree of saturation can make it difficult to win a market penetration.
In order to be successful in the online business, a realistic perspective is required.It is absolutely essential that you understand the advantages and use it fully, but at the same time recognize the disadvantages that you face.In this way, a growth strategy can be developed that is both reasonable and sustainable.However, it is very clear that the trend is unstoppable and companies should not miss this and jump on this train so that they will continue to exist and grow in the future.
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Image sources:
Aliexpress Shopping on My iPhone: Unsplash
Statistics on a laptop: unsplash
