Which Businesses Should Have an eCommerce Website and Why?

The global eCommerce market is a trillion-dollar industry! Talking about numbers, online retail sales will reach $6.51 trillion by the end of 2023, with eCommerce websites taking up 22.3% of total retail sales! (source: eMarketer and Statista)

Today, more and more businesses are going online towards eCommerce to attract more and more customers. Even though there are already many established businesses online, there’s still room for SMEs and startups to invest in this segment to sell their own products.

The times are changing rapidly, gone are those days when customers used to travel to the high street to buy products. Now, they want to buy everything from the comfort of their own homes and that’s the reason why businesses should opt for eCommerce websites.

But, how beneficial is it to invest in an eCommerce website?

There is no doubt that an eCommerce website comes with a host of benefits for consumers. Shopping online not only gives them access to a vast majority of products while sitting comfortably at their home while saving their precious time and money as well.

Definitely, there are a ton of benefits of having eCommerce websites for consumers, but what about business owners?

Have a look at some benefits of eCommerce websites for business owners.

Sales opportunities

Unlike traditional stores that are open for a specific time period in a day, an eCommerce store is open 24/7. In short, people can browse and shop their favorite products anytime and from anywhere they want, thus bringing in more ROI for businesses.

Expanding customer reach

Having an eCommerce website will put your business into the hands of the no matter what device they are using. Giving your customers the liberty to shop from any device will not only grow in revenue but will expand the customer reach as well.

Low start-up and running costs

Compared to traditional stores selling products, developing an eCommerce website is much more convenient and affordable. When you choose the right platform to develop your eCommerce store and the right eCommerce development company, your online store can be up and running in no time.

Then hiring a digital marketing company can help rank the website on the search engine and can even automate customer relationship functions. After that to increase sales, provide the customers with offers that perfectly align with their requirements.

Ability to run the business from anywhere

Another benefit of having an online marketplace is that you can run the business from anywhere. In fact, due to this obvious reason, many businesses are going online. As long as you have an active internet connection, a laptop, a smart device, and access to emails, you can set up your business from wherever you want.

Go global

Another reason to start an eCommerce store and get more market share over your competitors is the ability to sell products worldwide. Selling products on a global level will not only increase global presence but will also help you build business faster, allowing you to make more money than your competitors.

Is easily scalable

Having an online store gives you the advantage of scalability. For instance, if you are running ads on social media like Twitter, you can optimize them according to the users' needs. And if it doesn't work as per your plan, you can change the strategy and run the campaign again. That being said, having an eCommerce store gives you the edge of being scalable which will help you optimize and learn more about your consumers in the long run.

Affordable advertising techniques

Can you afford to advertise in Times Square, New York? It’s not everyone’s cup of tea because it is pretty expensive. And that’s where digital advertising comes to the rescue. Advertising digitally is not only inexpensive but can be easily adjusted to fit the budget of all sizes.

If you have enough budget reserved for the advertising, you can either use the digital space or use a blend of both to promote the entire business to the world.

Enhanced customer service and flexibility

Your online marketplace can provide consumers with the ease of browsing and ordering but with little to no shipping costs. Along with that, you can even implement a chatbot to the website that can answer queries to your customer’s questions.

In short, ordering from an online marketplace is much more convenient than visiting a traditional one. That’s because you can order things from your home and avoid driving to the nearest store and getting stuck in traffic as well.

Types of business models

Here are some types of business models that you should know about.

B2B (business-to-business)

As the name suggests, B2B businesses are generally those that sell goods to other businesses.

B2C (business-to-consumer)

The second category is business to consumers or B2C where businesses have the power to sell goods directly to consumers.

C2C (consumer-to-consumer)

Talking about C2C, there is no business/industry involved here, meaning it is like a garage sale.

C2B (consumer-to-business)

C2B is the business model where consumers sell their services to the business.

Industries that should have an eCommerce website

Now that you know the advantages of having an eCommerce store, you might be thinking which industry should I start with, right?

Well, worry not, here are some industries to get started with.

Entertainment sector

When talking about the entertainment industry, the first thing that comes to mind is Netflix, right?

But, the entertainment sector is more than just Netflix and chill! Books, film & TV shows, music, games, and even stationary, all come under this category. And this category is slowly becoming the epicenter for all people, especially during times like the Covid-19 pandemic.

And the need for entertainment will never go out! According to Statista, the revenue from selling books, films, music, and games online is worth $23.5 million in the United States alone!

Now, that could be one of the reasons to start an online store for the entertainment sector, isn’t it?

Fashion and apparels

There are already many eCommerce websites available under this category, but still, there is a lot of room to grow! The fashion and apparel sector is the largest B2C segment in the eCommerce market and it’s growing at 11.5% per year, which means, it will reach a whopping $1500 billion by the year 2027 as per Statista.

So, you can consider opting for an online store for fashion and apparel, as shoppers are always on the hunt for the latest and trendy styles.

Beauty and personal care

Another category that is blooming right now is beauty and personal care as it goes hand in hand with the fashion industry. Apart from that, consumers have a vast range of beauty and personal products to choose from, and that too from some well-known brands like SKKN by Kim Kardashian, Rhode by Hailey Bieber, and more.

The beauty and personal care industry is a billion-dollar industry! As per the estimation by Statista, this sector will grow close to $79 billion by the year 2025!

So, if you are interested in building an eCommerce industry, get in touch with the best eCommerce development company right now!

Household goods

In 2020, everyone was working from home due to the Covid-19 pandemic and that was the reason there was a rise in the online household goods industry. The household goods industry includes soft furnishings, white goods, cleaning items, and home accessories.

Getting these things before was never been this easy. The biggest advantage of having an eCommerce platform for household goods is that it is a profitable business, thus increasing your revenue.

Electronic

The electronic market is very lucrative, all thanks to the launch of the latest gadgets and gizmos. The demand for the latest gadgets and smart tech is increasing day by day.

According to a report by Statista, the revenue for the consumer electronic market will reach close to $1,103 billion by the end of 2023. That means the market is expected to grow annually by 2.17%!

Therefore, if you want to be a part of this electronic marketplace, start by contacting the best eCommerce development company.

Final takeaways

So, this article will give you an insight into which industries should have or already have entered the eCommerce market. And if you are planning to jump into one of these businesses, you better do it right away as it is a challenging market with lots of competition.

Therefore, to turn your business idea into an eCommerce store, you need to get in touch with the best eCommerce development company like Bytes Technolab Inc. They are known as the top custom eCommerce web development company that has been helping global brands to enhance their digital presence, customer base, and online sales.

Got an idea for your next eCommerce store? Give them a call and get a free consultation today!