The Importance of an E-commerce Website for Business Growth
Standing in 2023, we can say e-commerce websites have become very important; we do not need to mention that the reason is COVID-19.
Well, the COVID pandemic can be an immediate cause of this, but there are other factors as well that make having an e-commerce website important.
They cover both business and customer perspectives, making e-commerce a must to survive.
Here, we mention them so you have an idea of the Importance of an E-commerce Website.
Factors making e-commerce website important for business growth
More Mobile Phone Users
Gone are the days when going to the computer desk was a thing. Now, more than 50% of the population uses mobile devices, which are used for anything, anytime, and anywhere. When we say anything, online shopping perhaps tops that list.
According to a survey by Pew Research
91% make online purchases using their smartphone
While Insider Intelligence estimated–
Mobile commerce sales will account for 6% of all retail sales in 2023.
Mobile commerce sales to account for $710 billion in commerce sales by 2025
Digital Marketing Platforms
E-commerce website design is obviously a digital marketing platform that is a must-have. In addition to this, ways like Google PPC ads and paid campaigns through social media marketing are also giving e-commerce an edge.
Growing volume of Voice search
Voice assistants help users to find things they are looking for easily. Previously, only users who could write or type or who knew the features of using e-commerce platforms were potential customers.
But now, even those who do not know how to write just look for that “microphone” option and tap on that speak whatever product they want, browse, decide and eventually purchase.
Get to know about Website Design Mistakes to Avoid When Building or Revamping Your Site.
Rise of Augmented Reality
The arrival of AR in the e-commerce industry is changing it for the better.
The interactive experience of products via augmented reality is given to customers, helping people to buy things from their homes.
It not only shows a 3D model of the product to the customer but also gives an idea of how it actually will look when used.
- 35% of people in a poll say that they would be shopping online more if they could virtually try on a product before buying it.
- 22% would be less likely to visit a brick-and-mortar store if AR was available via their favourite e-commerce store
Chatbots improve shopping experiences.
Because you cannot be available every time customers have a query, the website chatbot helps them even at 2 a.m.
This not only benefits you by increasing the chance of holding a potential customer but also assists the user in solving whatever their queries are.
In website design, and especially in e-commerce web design, chatbots have a small yet very important place, yielding significant ROI.
In fact, if we refer to Juniper’s estimates.
It said that by 2023, chatbots will drive $112 billion in online retail transactions.
Continuous growth of different models of e-commerce
No matter what model of e-commerce you deal in, i.e., if you sell B2B or B2C, the overall e-commerce industry is growing
According to Statista
If we talk about the growth of B2B or B2C models individually, here are some stats.
- In 2021, retail e-commerce sales amounted to approximately 5.2 trillion U.S. dollars worldwide.
- This figure is forecast to grow by 56 per cent over the next years, reaching about 8.1 trillion dollars by 2026. (Source)
- The United Kingdom ranks second with the highest percentage of retail sales taking place online(36 per cent)
- In 2022, global e-commerce sales grew by 6.5 per cent compared to the previous year. In that period, e-commerce accounted for approximately 19 per cent of all retail sales worldwide.
- By 2024, 2% of total retail sales will happen online.
- The UK is forecast to do more than $143.8 billion in e-commerce sales in 2023 (Statista).
- market
- The global B2B eCommerce market, valued at US$17.9 trillion in 2021, is over 5 times that of the B2C market.
- B2B eCommerce sales are projected to surpass $1.8 trillion in the U.S. alone by 2023
- The global B2C e-commerce market size was valued at US$ 3.86 trillion in 2021 and is expected to hit US$ 7.45 trillion by 2030
Read also: Budget-Friendly Web Design: How Our Payment Model Benefits Startups.
Website for different Types of eCommerce Business Models
Now that you know, there is no single factor, but many that are making e-commerce even more important. As there are both aspects, i.e. opportunities and competition, missing out on any of them would mean compromising the growth of your business.
Whether selling to businesses like yours or directly to consumers, having a website design is the first step to becoming a part of the e-commerce industry. Then there comes e-commerce with various benefits of e-commerce selling that yield outcomes required for your business growth.
Benefits of having an e-commerce website in different business models.
Business-to-Consumer B2C
If you sell directly to customers, then a B2C e-commerce website can benefit you.
Benefits
- Global reach of customers
- 24×7 sales
- Data-driven decision-making
- Brand visibility and credibility
- Targeted Marketing
Some examples of B2C companies include:
- Amazon
- Walmart
- TARGET
Business-to-Business (B2B)
If you sell product to retail business, a B2B e-commerce website help you
Benefits
- Reach beyond geographical boundaries
- Streamlined order processing
- Round-the-clock business operations
- Lower or no overheads for physical storefronts.
- Flexibility to add new products
- Faster transactions and communication with business partners
Some examples of B2B businesses include:
- Alibaba
- eBay
- SAP
Consumer-to-Consumer (C2C)
If you are a consumer selling something to consumers like you, a C2C e-commerce website benefits you
Benefits
- Diverse Product offerings
- Global reach of customers
- 24×7 sales
Some examples of C2C businesses include:
- eBay
- Facebook Market place
- Poshmark
Want a website for your business?
If you are looking for an e-commerce website design in London, then our expert team can help you. You can contact us at this number: 020 374 52786 or reach us at our physical location.