However, eCommerce is usually generalized to just about online buying & selling experience; actually there’s lot more to it. Let’s look at some of the phenomenal benefits of eCommerce.
- Endless Customer Reach: The customer reach is no more confined within the limits of the sales & distribution stores. It can actually expand with the growth of internet network and that too at no extra costs. It’s not even limited to a specific geographical region and creates a global visibility of the company.
- 24/7 Customer Experience: The customer experience is dependent on the skills & energy levels of the sales person. An online store experience ensures consistent with no exception of time & energy in order to communicate the product details. This ensures that the company doesn’t need to depend on the consistency of the customer service and builds better customer relations over time.
- Limitless Information: There is a constraint of space as well as the product knowledge at the physical store. Whereas, online store eliminates these limitations and equip the customers with limitless details of the products. This information builds customer confidence and even reduces their queries in order to convince them. Thereby the sales person can only focus more on selling the product and less on explaining about the product.
- Direct Customer Connect: It is difficult to physically maintain or capture all prospects & customer data into the systems. An online store does this automatically and customer themselves provide their details. This ensures direct connect between the supplier & the buyer, and it even eliminates the dependency on the sales person skills in order to strengthen relations with the buyer. Buyers continue to get regular product updates and they can provide immediate feedbacks to the supplier.
- Market Demand & Research: Company invests a lot into market research & feedback mechanism in order to predict the demand and prepare their stocks. A slight change in product design or product price takes months to get the market feedback which can impact their business. E-Commerce platform provides constant market feedback, rather a company can launch a new product online and get direct customer & market feedback even before they start the production of the new product.
- Better Inventory Planning & Management: It is extremely critical for the companies to manage their supply chain in order to provide timely delivery of products. However, companies that are selling through distribution network find it extremely difficult to plan & manage their inventory levels at different stores. There’s always a risk of short inventory at higher demand store vis-à-vis excess inventory at the low demand store. E-Commerce brings all these discrete stores onto a common platform and it timely highlights the demand side in order to efficiently plan the distribution of inventory between the stores.
- Brand Building & Marketing Strategy: It’s commonly said it takes years to build up a strong and widely recognized brand. E-Commerce is repeatedly challenging this theory by the option of creating a tremendous branding over the internet. It can literally chase the buyer till eternity or till they buy the product. Yes, the digital marketing gets coupled with the eCommerce store and it keeps reminding the buyer about the products they showed interests. Therefore, nobody can find a better sales person than an eCommerce website.
eCommerce definitely cannot provide the touch & feel of the product that is available at the physical stores, and neither it can establish the interpersonal skills in order to impress the buyer. Yet, eCommerce is a very important strategy in order to grow the business, expand customer base, strengthen the brand and increase the profits.
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