E-commerce is slowly but surely becoming the future of business brands. If you are doubtful about whether or not you should invest in e-commerce, let us take a look at some of the reasons why the recent developments in E-commerce Singapore should come off as a lesson for people to start investing in e-commerce.
1. More People are Making Purchases Online
It is safe to say that online shopping has become a routine for many people in today’s digital world. Several stats show that by the end of 2023, e-commerce will make up more than 22% of global retail sales. Seems about right if we compare the global retail sales from e-commerce in the year 2019 which is at 14.1%.
What is even more impressive is that over more than 75% of people are shopping online at least once a month. If you are looking to create an e-commerce strategy, make sure to keep these statistics about people that are buying online in your mind.
2. Revive More Credibility
It is common knowledge that having a beautifully designed e-commerce website can help your business to be more credible. People get the option of directly looking at the products or the services that are offered to them by you along with all the specific details about them.
Having a presence on the internet is a big yes in today’s world. If you don’t maintain your presence on the internet, you will come off as suspicious and customers will turn to other brands that seem more established online.
A modern and up-to-date e-commerce website is more than enough to boost the image of your brand, provided that the two conditions mentioned are fulfilled.
3. B2B E-Commerce is Growing
Every time someone thinks of investing in E-commerce, B2C businesses are the first thing that comes to their mind. Not anymore, as B2B has also grown in the reign of B2C and the tables have turned in favor of B2B businesses.
In 2019 alone, the market of global B2B e-commerce was valued at 12.2 trillion dollars which is six times more than B2C. This is why B2B businesses shouldn’t wait any longer to invest in e-commerce.
4. Stay Open Round the Clock
It may not seem like it but having an online store that allows you to sell your products or your services to the customers 24/7 is pretty amazing. Certain regular store hours are there as well, which makes it possible for you to stay open all the time, which can further help you to boost sales.
The best part about having an online storefront is that there is no sort of time or geographic restrictions. Customers get the option of spending as much time as they want to decide what they want to buy along with the option of coming back to the website at whatever time seems convenient to them.
5. Retail E-Commerce is Thriving
All of the stats and studies regarding e-commerce have one thing in common. If anything, the current covid outbreak has only added to the success of e-commerce since many physical stores have been shut down temporarily.
Statistically, this has led to the merchants earning a whooping extra 107 billion dollars in 2020. Another stat that may blow your mind states that in between Q2 2018 and Q2 of 2019, more than 59% of U.S. shoppers have bought clothing and other stuff online.
Retail businesses that already had an online presence benefitted the most from this as they had multiple points of sales instead of just having the physical stores.
6. Online Shopping is Preferred by Millennials
Around 67% of millennials and more than 56% of generation X generally prefer to shop online. Another stat shows that 45% of millennials prefer to shop online as doing so gives them the option of comparing products and prices.
Online reviews have become pretty increasingly important to shoppers who fall in the millennial category. According to a survey, every 8 out of 10 millennials say that they will never buy anything without first reading a review of it.
With millennials deciding to shop online, this makes it an easy choice to focus on e-commerce.
These are some of the major reasons why users should invest in e-commerce. The recent developments in markets such as E-commerce Singapore, E-commerce Dubai, etc are enough proof that e-commerce is the future of business.