With eCommerce carrying a huge percentage of retail and sales on its shoulder during the pandemic, building trust & reliability for your eCommerce business has become more relevant and essential as purchases and transactions become more and more popular online. Building trust & reliability for your business is integral in guaranteeing that your customers come back for your products or services. It is one of the key driving factors in generating sales that heavily influences your customers’ buying decisions. According to a study by HBR in 2021, 1,000 consumers stated that 80% of the surveyed population consider trust as a deciding factor for their purchasing decisions.
As the vast majority of day-to-day shoppers, consumers, and businesses have purchased goods, products, and services through digital platforms or eCommerce stores. This article will impart knowledge on how valuable it is for you to build trust & reliability for your eCommerce business.
Definition of eCommerce
Ecommerce or electronic commerce is the process or transaction of buying and selling of goods, products, and services between a seller, usually a business and a buyer, which is the customer. These transactions are fulfilled online with the ability to order and pay online through an eCommerce store either through a website or mobile application. Ecommerce has maximized convenience for customers through the power of technology, allowing them to order and purchase items without having to step out of the house.
The eCommerce Marketplace
This is where all the transaction happens. An eCommerce store is usually a website or a mobile application platform where consumers can buy and where businesses can sell to its customers. Sellers, organizations, and businesses may set up stores in eCommerce platforms to market and sell their products in the marketplace.
In an eCommerce platform, goods and products are classified in a product category where customers can easily look for the items they need and where sellers can identify their products, making it easier to sell. Examples of these product categories are electronics & gadgets, cosmetic products, fashion & accessories, furniture, and other item categories. With hundreds of thousands of products readily available online, it has made it easier for customers to purchase and the items they need, delivered right at their doorstep.
The Advantages of Setting Up an Ecommerce Store
Delivering fast and convenient transactions to your customers while having the potential to generate sales 24/7 is a bargain for your business. Using eCommerce as another source of sales and income for your business is definitely free real-estate. Using technology as a way of marketing and selling your products streamlines your overall sales, making it easier for your business to function digitally.
Low cost operations
The great thing about eCommerce is that it allows any scale and types of businesses to get their stores up in a marketplace. Unlike setting up an offline or physical store, it costs a huge amount of resources and finances to start one. The flexibility of pricing that eCommerce has to offer lets you determine the functionality and tools you need in running your eCommerce business. Whether you’re a home business, SME, a startup, or a largely established corporation, eCommerce platforms have the right tools and everything you need to set up a store online.
An eCommerce business can be operated remotely
Another advantage of running a business through eCommerce is that it allows you to operate it at the convenience of your home. Ecommerce platforms offer more than just a marketplace where you can list your products and sell online. They also offer shipping and delivery services as fast as the same to next day delivery, inventory management, product fulfillment, and customer service. You can just sit back, relax, and do what matters most for your business while letting eCommerce do the heavy lifting for you.
Track your sales performance easily
With everything going online and digital, eCommerce has made it easier for businesses to track their sales performance live. Every order, purchase, sale, and transaction made are digitally encoded automatically in your store’s database. You can create proactive strategies and decisions in your selling and marketing strategies on-the-spot.
You can sell to anyone
In an eCommerce marketplace, you can technically sell to anyone. As a consumer, everyone has different wants and needs in the most unexpected moment. With over thousands to hundred thousands of products readily available for purchase, any demographic and even outside your target market can purchase from your store. But don’t confuse the term ‘you can sell to anyone’ vs ‘you can market to anyone’. Partially, it’s true but it doesn’t mean you should create a sales and marketing strategy with the thought in mind that everyone is your customer, which is a common marketing rookie mistake. Point is, joining an eCommerce platform grants you a great opportunity to sell to anyone online.
Cater easily to market demands with trust & reliability
The eCommerce industry never sleeps. Ecommerce marketplaces are open and functional 24/7, unlike a physical store. With most people surfing the internet on a daily basis in different timezones, the internet is always available and same goes for eCommerce marketplaces. Any customer can purchase their wants and needs around the clock.
Most transactions are done online in which you can decide to order and pay online. Although, skepticism with consumers is unavoidable since not anyone is willing to risk their giving out personal information such as credit/debit card details. As a business, providing the best service, reliability, and strong customer relationship is essential in guaranteeing sales.
Research suggests made by Adobe that 7 out of 10 customers will buy more from brands that they trust. Results in creating a solid customer trust will lead to more purchases and word of mouth recommendations which are both for your business marketing and sales markup.
A study made by Accenture that over 7,000 companies found that trust is as important as growth and profitability.
Joining a reliable eCommerce marketplace for your business provides trust and confidence in your customer’s buying decisions.
Takeaway
Ecommerce has changed how people buy things and do business in the modern world. As it gives customers a quick and convenient alternative to purchase, ecommerce has been and will continue expanding, and you would not want to miss sales potential for your business.
An eCommerce platform like Shoppable Business can enable your company in developing dependability and confidence for your online brand. Shoppable is an online marketplace platform where you can purchase and sell branded, genuine products. For a limited period, start selling your items on Shoppable’s platform for FREE!