Like it or not, e-commerce has totally redefined how business operates around the world. Companies of all shapes and sizes are constantly engaging in fantastic new opportunities to sell their products and services online – which is why researchers at Statista are forecasting a 246% increase in worldwide e-commerce sales by 2021! In 2016, Irish consumers spent €850,000 online every hour. In that year alone, online shopping revenue grew 45%. With retail growth slowing, it’s definitely time to think about how new technologies could benefit your business.
1. Flexibility
Unlike traditional retail, your eCommerce store can be up and running in no time if you’re looking for a basic store! For owners looking for a quick start, there is no shop front to do up, and no mortgage to secure. As long as you have a connection to the internet and a computer, you can run your business from anywhere, even from your couch!
2. Increase Brand Awareness
In 2014, 81% of shoppers researched online before making purchases, whether they bought online or in store. Having an online presence increases the chances that you are the company they do their research with. When they do a product search online, you want to be listed among the top results. This increases your brand awareness so you’re always in front of your customers.
3. Be Right Where Your Customers Are
The majority of customers now research products online. With modern advertising tools on platforms like facebook, google and youtube, you can advertise directly to people who are already looking for your product.
4. Serve Niche Markets
eCommerce makes serving niche markets a breeze. It can be hard for that rare coin collector to find a seller locally. However, the sheer breadth of the internet makes that search for a buyer easier, and with your store online they may also be looking for you! If you sell a niche product or serve a niche market, you will probably find it much easier to distribute your products online. You’ll open your business to a greater depth of consumers.
5. Stay Open 24/7
When you’re selling online, as far as your customers are concerned, you are never closed!
The Irish Digital Economy is among the fastest growing in the world
The Irish digital economy is the among the fastest growing in the world, with Indecon estimating it reaching 21.4 billion by the year 2020. One-third of Irish businesses now trade online, and in 2015 the companies who started trading online saw the following returns:
- An average increase of 21% in sales
- An 84% increase in customer inquiries
- 3 out of 5 moving into exports
- 89% of businesses agreeing that the digital side of their business is getting more important.
Over half of Irish consumers expect their online spending to increase in coming years. We are a nation that loves to buy online! So if you’d like to discuss moving your sales online, get in touch with us here at Upfront Digital.
