We’ve seen first-hand of how e-Commerce helps businesses grow, especially during the COVID-19 pandemic. From lockdowns to closure of physical stores, many traditional retails have resorted to opening up online stores on e-Commerce platforms in hopes to make ends meet. While this abrupt shift has posed challenges for traditional retailers, many opportunities for them to expand and grow have also been created. In particular, e-Commerce sales for products such as household items normally sold through physical stores were reported to increase significantly due to COVID-19 according to research by EY-Parthenon.
If you still remember the panic buying sensation both prior and during to the lockdowns, you’ll see the significance and convenience e-Commerce has brought about. Now, this is a golden opportunity for traditional retailers to adapt and establish themselves online, which allows them to enjoy high profits in return.
But just how exactly can e-Commerce help traditional retail grow? Let’s find out below.
Benefits of e-Commerce for Traditional Retail
1. Reach Out to New Customers
Most traditional retail stores only cater to customers living in nearby areas. However, with an e-Commerce store set up, your business can easily reach out to customers who live in different regions (even around the world!). Most e-Commerce platforms have existing networks and logistics you can leverage on. Yet, if you’re interested in truly developing your e-Commerce potential, you can partner up with a fulfillment provider with comprehensive e-Commerce fulfillment services. Your fulfillment partner can help streamline and improve your e-Commerce business’s capability with services such as inventory management systems and last mile service.
2. Leverage on Technology
With so many e-Commerce platforms in the market, setting up an online store has become much easier and often—just a few clicks are needed! In addition, most major e-Commerce platforms have integrations with fulfillment providers or vice versa, making partnerships easier than ever. You’ll have full access to the platform or partner’s intuitive technologies and expertise, alongside campaigning tools that can cost up to thousand or millions. Partnering up with a fulfillment provider will be the best solution for you as you can access all these technologies at a significantly affordable price compared to developing your own systems.
3. Adapt to Changing Consumer Needs
Consumer patterns are always changing, and it’s even more difficult to predict when your business only operates in traditional retail. Aside from being able to monitor what your competitors are doing with their e-Commerce businesses by setting up an online store; you’ll be able to easily adapt to changing consumer needs by stocking up on products in demand, especially if you see customers buying tons of specific products from your competitors. In response, you can easily create deals or promotions to attract customers to your business instead. Moreover, e-Commerce platforms usually feature trending products that are currently desired by customers—so be on the lookout and watch for the next high-tide for your business!
4. Easy Product Listing
Have you ever had employees come running to you when they are unable to answer customer’s questions regarding a product? Chances are, it may have happened to you as well when running a physical store. Now, one good thing about e-Commerce is that you can list out all the information of your product in a centralized area, such as the product details section. From product information to estimated shipping times, product listing will save you the hassle of answering repetitive questions and you can allocate more time to other aspects of your business. Also, just think about how easy it is to customize product listings online compared to changing physical labels in-store!
5. Lower Costs
If you dreamed about lowering costs for your business, having an e-Commerce store set up instead of a physical store is your best solution. Besides saving on rent and utilities, you can easily expand your e-Commerce business to new regions (thanks to your business being online) with just a few clicks! Here, you may also consider partnering with a fulfillment provider who are experts in e-Commerce fulfillment. Lastly, an e-Commerce store is also great for start-ups or businesses with limited capital due to its low risk nature. You’ll have more funds and energy available to invest in other parts of your business, so save away!
6. Better Customer Targeting
If you’re always cracking your head over how and where to set up your promotion banners, let us tell you that e-Commerce helps eliminate all these issues! Establishing your store on an e-Commerce platform means you are granted a variety of digital marketing tools to help promote your business. From social media marketing to advertisements on e-Commerce platforms itself, you will no longer have to worry about paying expensive fees to rent a physical location (billboards etc) for your business. Also, one great thing about digital marketing is that it allows you to create advertisements specifically targeted towards your customers all thanks to data and analytics. Say goodbye to ineffective campaigns with the help of almighty algorithms!
7. Improved Customer Experience
It is all about the convenience. When your e-Commerce store is set up right, customers can easily navigate around your store while shopping from the comforts of their own home. Moreover, finding and selecting products have never been easier as customizing shopping carts and checking out is just within a few clicks or taps. Customers would be more than willing to pay extra for shipping costs as the benefit and convenience is far greater than them having to visit your physical stores (think petrol, time and energy!) This is especially true during the pandemic when customers are still hesitant on shopping physically, so make sure you give them the best possible experience online to keep them coming back.
Looking to Expand Your Traditional Business into e-Commerce?
Embracing change may be scary, especially when you’re new to e-Commerce with no idea how to get started. We understand how shifting from traditional retail to e-Commerce may seem difficult, but it doesn’t mean that it’s impossible nor are you completely abandoning your established storefronts! If anything, having an e-Commerce store set up for your Traditional Retail will add value for your business in a variety of ways.
Looking to expand your traditional retail into a successful e-Commerce business? iStore iSend as we provide you the necessary tools namely our end-to-end E-enabler Gateway and e-Commerce fulfillment services that are specially created for aspiring e-Commerce businesses like you.
Now, what are you waiting for? Get in touch with us!