Traditional businesses are finding it hard to compete with ecommerce stores today. The ecommerce onslaught is still in its infancy but growing at a phenomenal pace.

As per Statista, the retail e-commerce sales worldwide amounted to 2.3 trillion US dollars in 2017 and e-retail revenues are projected to grow to 4.88 trillion US dollars in 2021. And this is just the B2C market ecommerce market.

The market size for B2B ecommerce is even bigger. Frost & Sullivan projects that B2B eCommerce will hit $12 trillion in sales worldwide by 2020.

Simply put, no business can afford to ignore ecommerce. With more than 4 billion internet users worldwide & mobile internet means buying things online has never been easier for the consumers.

Selling your products or services via internet is the way to go. As a business with an eCommerce website, you can create a distinctive brand for your business, showcase your products and grow your business online.

If you’re still thinking whether you should start an ecommerce website or not, please read on why you must build it.

1. Worldwide Market : 

An eCommerce website will help you to reach out to the customers around the world. Your products and services can be offered to people all around the world with an ecommerce website.

There are international courier options readily available these days for shipping your products, payment processing and management has also become easier than ever before.

An ecommerce business offers a wide spectrum of audience and an opportunity for you to increase your sales without much additional efforts.

2. All time Open Store : 

With an ecommerce website, you create a business that works round the clock for you, across time zones and locations. You dont have holidays on internet. So effectively you can leverage all days of the week for your online store.

The ability to sell your products without restrictions of physical stores can boost your sales. You can also augment your local sales by an ecommerce store.

3. Marketing Through Social Media & Search Engines :

A study by GE Capital revealed that 81 percent of consumers perform online research before making a purchase. More and more customers are looking at online before they make a purchase.

When you build an ecommerce portal, you give yourself a good chance to appear in front of the users. Good search engine optimisation, social media marketing will help your website rank higher and will attract more users for your products.

Prominent ecommerce websites also maintain social media channels on FB, Twitter, Instagram etc to engage with their users. These are helpful in branding your company, its products and bringing more traffic to your ecommerce portal.

4. Organised Business :

An ecommerce platform makes operations easier to manage than a physical store. With an ecommerce portal, you have the convenience of adding new categories & products as per your needs.

Tracking the quantity of the inventory, shipping information and overall administration can be enhanced with an ecommerce portal. A good back-end platform will help you manage the operations with ease.

There are wide range of technology tools that can help you with your ecommerce business set-up. Once the online store is set-up, you can run your business from the ecommerce portal. You can track all important customers, inventory, get automated notifications for reordering items and delivery etc.

You can plan your online store with a selected category of products and building things gradually until you can administer things completely from the online store.

5. Customer Experience, Loyalty & Support :

Your online business can shape your customer experience positively. The ecommerce store offers frictionless way to order products, ask questions, and interact with your business.

An online business can cater to the customers at the time of their choice. Today customers are looking for 24X7 support, technology can help in assisting the customers.

With an online store, you can build customer loyalty scores & offer them personalised discounts etc. You can serve your customers, attend to their queries and delight them with advanced service tools in your ecommerce portal.

6. Personalisation : 

One size doesn’t fit all. Personalisation is the way forward, especially on the web. You can track all your customers using ecommerce website. You can maintain their orders, preferences, locations, delivery confirmations, complaints, queries, demographics and other information.

With all the customer information and automated algorithms, you can create product recommendations and suggestions for your customers. The browsing history, location and all other customer information makes it easier for brands to pitch the right product recommendations for their customers.

An ecommerce website helps you build great customer loyalty by  personalised services and taking care of their preferences. Customer loyalty increases with personalisation.

7. Influence with Design :

How do you stand out from the crowd? Well, a lot of the top ecommerce portals use amazing and creative designs. It helps them brand their products better. An eye catching website with creativity, innovation and great designs can do wonders for your branding.

Designs can influence your customers purchase decisions. How you present your products and services, the images, the graphics, the best selling products, recommendations etc. go a long way in increasing sales for your business.

A good ecommerce site will not only bring more revenue for your business, but will also create a stronger brand.

8. Convenience & Great Experience : 

Whether you run a car rental company or sell retail products, the customers are looking for convenience and frictionless ways to get things done.

Ecommerce website offers great convenience for customers to shop things they like, at the time of their choice & get it delivered to their doorstep. Technology is the facilitator in offering great customer experience.

Businesses are looking at making the customer journey smooth. An ecommerce website saves time, provides easy checkout, product delivery, offers a wide range of variety and comparisons for the customers. Not to mention, saving you from the crowded stores.

9. Boost Conversions & Revenue : 

An ecommerce website fares much better when it comes to conversions and revenue. You can have a great website, but if it doesn’t sell your products and services, it will not boost your revenue.

Having an ecommerce website helps you to improve your conversion rate. People are looking at instant options to buy things as and when they can. An ecommerce website that works well on mobile devices helps them achieve that.

No one waits to visit the physical store, if they have a better online alternative available.

10. Higher Profitability & Scalability :

The global ecommerce market is ripe, it is growing rapidly and offering unfathomable scale to businesses of all types.

Traditional businesses involve lot of operational cost for running the brick and mortar stores. Many of these costs are cut down and eliminated by an ecommerce store.

The digital world offers huge scale & unparalleled market size for businesses. An ecommerce store creates an organised business that can be scaled up on customer demand. This is where ecommerce businesses are surging ahead of their traditional competitors.

You don’t need to create multiple physical stores. Infact, the growth is entirely customer driven. Hence even with a smaller physical base, you can server a larger pool of customers in an ecommerce business.

With the advancement of technology, you don’t need a big technology team for running your ecommerce business. All operations can be managed using standard or customized ecommerce portals.

The ecommerce portal will require fewer staff, reduce capital expenses, inventory costs and operational expenditure for the company. It helps to scale efficiently making optimum use of resources and increasing profitability.  

Conclusion :

The growth of ecommerce around the world is a great opportunity for businesses to tap into the online world. While it takes a little bit of effort to set-up things in the first place, the rewards can be disproportionate. This is an opportune moment for businesses to foray into ecommerce and build global companies.

Kreyon Systems is helping companies to launch their ecommerce websites and automating their business operations. If you have any queries for us, please reach out.

The post 10 Reasons for starting an ecommerce website for your business appeared first on Kreyon Systems | Blog | Software Company | Software Development | Software Design.

Consumerization has changed the way people work with enterprise software solutions. Business intelligence in software is more about providing relevant solutions to solve day to day problems for organisations. It is about uncovering the hidden bottlenecks, highlighting the growth levers and providing a comprehensive platform for operating business. Self Service business intelligence tools are transforming Industries with their ability to analyse information and provide insights that add real value.

1. Mobilize data access :

Data is the new decision maker. A matured mobile strategy can facilitate data and information on the go to organisations. Which aspects of a business benefit from mobility, how information can be accessed, what security measures need to be adopted for for accessing data remotely are some of the issues that mobile solutions need to address. The business intelligence solutions address these concerns.  And provide a framework for collaboration, sharing and informed decision making.

2. Contextual & Configurable Dashboards :

Dynamic dashboards are the new personal assistants with informed data insights. The business intelligence solutions are developed to uncover hidden trends valuable for business than simply present data. These dashboards present information in a contextual sense. They also present information which is configurable. For e.g. a help desk manager will see all escalation related parameters on his dashboard, whereas a sales manager would get to see the key metrics related to Sales of his team.

3. Event Driven Alerts :

Business intelligence solutions are meant to drive organisations. They create workflows for key business events. The systems trigger alerts & drive actions. For e.g. when a new escalation is raised, the support team will get the alerts related to the issue. In a banking sector, when the value of the collateral falls below the outstanding loan amount, an alert is sent to the concerned manager. These key events can be defined and configured in the system.

4. Integrated Systems for Analysis :

One of the key challenges today in most organisations is integration of disparate sources of data. The quality, relevance and timeliness of information can have serious impact on the desired outcomes. It is important to have integrated information from various systems in a company to evaluate data & predict trends. The insights from various data sources can be used to improve the core operations of a business. The insights could be related to predicting the demand of goods for an ecommerce development company, finding out the root cause analysis of power failures for Energy Company or some critical decision making parameter in any other industry.

5. High Performance Computing :

Making meaningful correlations from data collected from various sources requires lot of complex operations. It requires scanning through huge volumes of structured & unstructured data. A good business intelligence solution should bridge the gap between insight & action for critical functionality.  The solutions are geared for high performance for best business outcomes.

6. Information flow & Visualisation :

The ability to extract information from different solutions if the first step in aggregating data. The data is then analysed and presented in a meaningful way. The information patterns are visualised to provide actionable insights for the business.  These tools will collect information from different systems, analyse it and then present it in context of business functionality. For e.g. supply of critical inventory items for energy sector is ensured with Supply Chain solution maps.

7. Right KPIs :

The key performance indicators of a business are imperative for its growth. Many a times, it is hard to measure what matters. The right solutions find a way to collect the realtime information for measuring the KPIs accurately. Contextual insights are provided to users to aid decision making and take corrective measures.

8. Social Data :

The access to social media data and its relevancy to organisations is growing. Brands across the world are trying to connect to consumers on these social media channels and trying to study their behavior. Organisations are now leveraging social data for improving their products and studying consumer patterns.

9. Prediction Accuracy :

Every company is looking for ways to improve forecast accuracy for various areas like marketing, customer retention, supply chain demand, growth areas etc. These models depend on historical data and information. The big data technology allows analysis of huge streams of data with advanced analysis tool to predict outcomes with greater accuracy. For e.g. an energy company may be able to predict power failures based on historical data and take proactive measures to plan maintenance activities.

10. Advanced Communication :

Business intelligence is about facilitating a knowledge base for companies to make better decisions. It has a reporting system, which is configurable and dynamic to suit the needs of the users. The sharing, collaboration and searchability of information for users. The knowledge management ensures that organisation acts on data insights in line with key objectives and goals.

Business intelligence is about identifying levers that can help the organisations to reach the next level. BI is about predicting most profitable avenues for growth of a business based on data patterns. It is empowering your organisation with the best IT tools to deal with the changing world.

Kreyon Systems builds BPM tools with business intelligence for several industries. An AI software development company with leading software products for end to end business automation. If you have any questions or need assistance, please get in touch.

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