Last updated on June 14th, 2016
It is hard to imagine a world with no online shopping. In just a few short decades the way consumers shop has changed immensely. More than 80% of the total online population has purchased something online in their lifetime, and 50% of these people have made online purchases multiple times. Compared to shopping at a brick & mortar store, online shopping saves time, makes comparing prices easier and can ultimately save shoppers money.
But what are the advantages of online selling as opposed to a brick and mortar store for retail business owners? Let’s take a look at the top reasons you should take the dive into starting your ecommerce business.
One of the main advantages to having an online store is the number of potential customers you can reach. As of 2014, the number of internet users was 2.92 billion people, meaning that this many people have access to your website. Unfortunately, brick & mortar stores have taken a hit with the increased online traffic. In fact, studies show that brick & mortar traffic is down 6.5% YOY.
With online marketing, search engine optimization and email marketing you can broadcast to a bigger audience to get word out about your retail store. With the option to buy online, the consumers you reach don’t need to be in one specific geographic location.
Another advantage of an online store over a brick & mortar store is the ability to capture visitor data. This data can be used to convert potential customers and to streamline your business. Some beneficial data that can be captured includes:
Abandoned Shopping Cart Data
Many ecommerce platforms today (including Kevy) feature tools to track abandoned shopping carts. When a potential customer leaves items behind you are able to view exactly what was left and when. Best practice is to follow up with an email reminding the shopper of the items they were interested in to get them to convert.
While you are able to capture some customer data in a physical store during the checkout process, you are unable to capture the information of those who have not made a purchase. Outside of chasing them down the street, which we do not recommend, there is very little you can do to reengage a window shopper or in-and-out visitor in your physical store.
Visitor data can be captured the same way abandoned cart information is. Tracking visitor data allows you to get to know your potential customers. Find out what products or brands are viewed the most, how many times certain items have been viewed, how frequently customers visit your site, how frequently customers make purchases and the last time a customer made a purchase.
This information helps you customize your email marketing to best fit the needs of your consumers and entice them to continue doing business with you. Segment shoppers by amount spent to send personal messages to your VIP buyers. Or segment by a certain product to send special offers to move products faster.
When you are able to capture detailed information, you can turn big data into actionable insights so you can create more personalized interactions with every customer.
In the words of Nike: Just do it. It is sometimes easy to talk about implementing these tools, but too often online sellers let these revenue-building tools slip through the cracks. We know that the amount of tools out there can get overwhelming, so finding a tool, like Kevy, that combines the best of ecommerce marketing can take the work out of online selling.