We’ve talked a lot about eCommerce strategies, choosing the right software, and optimizing your site for Google. A visible online presence offers several crucial benefits.
- Added revenue channel
Attract more people to your business than ever before! By making your site optimized for search engines, eCommerce becomes a huge addition to your already existing sales channels. The opportunities to up-sell and cross-sell are easier and buyer behaviour can be tracked automatically.
- Reduced cost of transaction
By automating the agreement and ordering processes, both the buying and selling organizations can reduce the cost. This also improves customer loyalty, as buying becomes easier and faster when agreements are already in place.
- Reduced time for transactions
Before business was done online, procurement managers from the customer’s organization would set up meetings to initiate the buying process. Thanks to eCommerce, the buying process has been vastly reduced. Products are available for sale at all times, providing convenience and instant purchases.
- Clear structure in online purchase
In the case of eCommerce sites, products should be easily searchable and integrated with inventory updates in real-time. This improves the accuracy of product availability and transparency throughout the buying process.
- Increased brand awareness
Being online and searchable not only improves your bottom-line over time, but also improves your brand awareness. This in turn will make it easier for you to introduce new products and brands to your loyal customers.
- Supply chain efficiency
Apart from the customer lifecycle benefits, eCommerce has the ability to improve your internal operations. A tightly integrated inventory and online store front can reduce your inventory cycle time. By analyzing purchase order information, you will see inventory patterns; which products move fast and which can be phased out? This information will be useful in pricing your products and planning future promotions.
- Stronger partnerships
eCommerce paves the way for improved collaboration with your suppliers. By opening up your inventory levels, suppliers can get first-hand information on surplus and shortages and match their supplies accordingly. Your order cycle with suppliers will be more streamlined. By keeping your stock levels visible, you will also build trust with the customer.
What benefits did you notice after taking your business online? Share your stories in the comment section below!