Amazon dominates the eCommerce industry along with Walmart and a few other major brands. Just because you’re not a billion-dollar company doesn’t mean you can’t dominate a corner of the eCommerce industry with a wildly successful business of your own. This industry continues to expand on a daily basis because people just like you are seeing how simple it is to create and operate an online store. With the right platform and strategic marketing tactics in place, you can enjoy a piece of the multi-trillion dollar eCommerce pie.
Proof in the Numbers
According to research, the eCommerce industry enjoyed a cool $2.3 trillion in revenue in 2017. This number is expected to jump to nearly $5 trillion by 2021. In the United States alone, online merchants brought in more than $517 billion in 2018, which was a 15 percent increase from the year before.
The United States isn’t the only country benefiting from eCommerce. In 2016, roughly 19 percent of China’s retail sales took place online while in Japan, close to 7 percent took place over the internet.
Convenient Customer Experience
Shoppers enjoy online shopping for two primary reasons: convenience and a greater choice of products. Instead of spending money on fuel and adding wear and tear on a car to drive an hour to a local mall, shoppers go online, order what they want, and have it delivered directly to their front doorstep. The money they save from not having to travel puts more money in their digital wallets to spend on their favorite products.
ECommerce also saves time on traveling. With online shopping, consumers can shop essentially anywhere in the world on any internet-connected device. What’s more, they can purchase from anywhere at any time. Whether it be on the subway ride to work or while sitting at the doctor’s office, shoppers can leverage their free moments to order those last-minute gifts and essentials they forgot to pick up the night before.
Innovative Content Marketing
Companies that would’ve never had a chance to compete with major brands are leveraging online business-to-business (B2B) services to increase their sales and expand their product and service offerings. How? These businesses are tapping into a robust platform like Magento and search engine optimization (SEO) services to scale their operations to serve an audience that craves online shopping. ECommerce companies use blogging, social sharing, visual marketing, and other SEO tactics to achieve high search engine rankings and move their audiences through the buyer’s journey.
Minimized Operational Expenses
When compared to running a brick-and-mortar store, eCommerce operational expenses are usually minimal. There’s no need to lease an office or pay for utilities like water and electric. You can even take advantage of drop-shipping, which completely eliminates the need for inventory storage.
To further reduce operational expenses, eCommerce business owners leverage automation. As you learn how to use Magento, it’s crucial to use its automation features, like invoice processing, email dripping, and content scheduling. Furthermore, always take advantage of your platform’s compatible plugins. You can find numerous plugins for a Magento site through the Magento online Marketplace.
As eCommerce continues to dominate the shopping industry, it’s your responsibility to refine the online shopping experience for your customers. What are you doing to dominate a corner of the eCommerce industry?