Retail vs eCommerce: Maximizing Opportunities
Imagine a time you had to wait for your favorite store to open or travel long distances to shop at a mall. All this is behind us, with eCommerce gaining popularity shopping has become easier. Online platforms such as Amazon, have been growing since the 90s and haven't stopped since then. In this blog we’ll discuss the contrasts between a retail and an online store and explore the key factors of Retail Vs eCommerce.
Did you know a recent study conducted by George Washington University found that 54% of millennials make their purchases online and nearly 60% of their shopping experience on their mobile phones or tablets?
While shopping offline does satisfy our joy of purchasing something right away and experiencing that joy of shopping in person, shopping online without having to step out of your house has it’s own advantages.
Retail vs eCommerce - What do the statistics say?
According to a few online articles, statistics provide interesting details why customers have started preferring eCommerce over retail such as -
1) Consumer Behavior: 75% consumers shop at least once a month in India.
2) Market Growth: The global eCommerce market is growing at a 14.7% annual rate
3) Popular Industries: Most popular industries include apparel, consumer electronics and accessories.
4) Regional Insights: The biggest eCommerce platform is in Asia Pacific, followed by North America and Western Europe.
5) Revenue Predictions: The revenue generated from these online platforms is predicted to touch $7.4 trillion by 2025
6) Average Screen Time: 4.6 hours globally
When considering retail vs eCommerce, it’s evident that online platforms generate a higher revenue and people spend a significant amount of time on their mobile devices. Additionally, social media platforms such as Instagram are also becoming increasingly popular with GenZ to shop online. Therefore, it’s becoming even more crucial for businesses to invest in creating eCommerce platforms to stay ahead of the curve!
Rise of eCommerce Platforms
With the rise of eCommerce platforms in the current times, these platforms have much more to offer as compared to a physical store in your neighborhood. Having a retail store does guarantee in supporting the local economy and having a much more secure transaction, on the other hand, an eCommerce store has more benefits to offer to their customers such as -
1) Lower Costs: Running an online store helps you to reduce your expenses. It gives you the opportunity to reinvest in your business such as improving your products or increasing your profits.
2) Scalability: An online shop is designed to expand. Your ecommerce store can manage it effortlessly, unlike a brick-and-mortar store that may face challenges with space or manpower.
3) Consumer Insights: eCommerce platforms provide valuable insights on customer data such as their browsing habits and buying preferences.
4) Wider Consumer Reach: An online store opens your business up to a global audience, it creates an opportunity to exciting new markets and demographics.
5) Open 24x7: Being available around the clock and throughout the week significantly helps customers in getting their queries answered by customer care.
6) Efficiency: Having an online platform has the capability to automate a range of tasks such as inventory management and order processing. This greatly leads to increased efficiency!
When comparing retail vs eCommerce, it’s clear that online platforms offer businesses greater flexibility and access to their customer base.
Retail vs eCommerce digital trend for consumers
Running an online store isn’t a passing fad; it’s a platform you really need. No matter how big or small your business is, having an eCommerce platform is extremely important due to the amount of time people spend on their mobile screens.
1) Wider Selection
Online retail websites offer a wide range of products, such as handmade goods from talented artisans worldwide, tech gadgets, books, home decor and much more!
2) Convenience
eCommerce websites allow their customers to shop from the comfort of their homes, check out the latest deals and compare prices with ease.
3) Competitive Prices
eCommerce allows you to compare prices with other retailers, making it easier for you to make your decision faster.
4) Product Information
Customer testimonials, product specifications or an instructional video helps the customer to know more about a product they might be interested in purchasing.
5) 24x7 Customer Support
With this feature, customers can get all their queries answered related to their online purchases easily. Help is readily available, ensuring a smooth and stress-free shopping experience.
6) Skipping the crowds
Say goodbye to lengthy checkout queues and packed stores! Online shopping removes that inconvenience, making it a faster and much more convenient way to shop.
7) Offers and Discounts
Numerous eCommerce platforms provide special deals and promo codes as a way to thank the customers for choosing to shop with them.
Conclusion
Nowadays, eCommerce platforms offer you flexibility in managing your business online, receiving customized marketing plans, increased profit margins - you name it! Building a successful eCommerce platform is about creating a seamless digital experience. As a leading eCommerce website development company, OrangeMantra uses the latest tools like Magneto, WooCommerce, Shopify and Drupal to develop visually appealing and user-friendly platforms that seamlessly align with your business needs. With our eCommerce consultancy, we provide personalized solutions for the eCommerce industry, ensuring your business flourishes in the digital market. Additionally, our retail management software solutions company helps streamline your operations, offering comprehensive support to enhance your retail strategy.
