Now is the Time to Invest in Your Ecommerce Site. Here’s Why.
Discover the benefits of ecommerce and how it can continue to shape the success of your business.
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As ecommerce continues to grow rapidly and alter the business landscape, there is increasing discussion about its impact on the world. We know that there are advantages of business selling online by expanding their reach and cutting overhead costs, but what about ecommerce’s impact on the environment?
In this article, we discuss the economic and environmental advantages of internet selling and what the implications mean for all online businesses.
Ecommerce is growing at a striking pace, on track to surpass $1 trillion in sales by 2022. With greater market share and fewer barriers to entry than traditional brick-and-mortar commerce, the current ecommerce climate is driving entrepreneurship and encouraging businesses of all sizes to compete. This sustained growth and activity leads to more online experiences for all customers.
Ecommerce has grown in popularity because of the convenience, value, and choice it offers consumers. The increase in online shopping generates new economy growth and spurs innovation among sellers, getting them to pinpoint what makes their product unique and create a compelling experience that keeps customers coming back. This creates greater incentive for customers to shop online and drives growth for the economy overall.
Ecommerce has empowered individuals to shop online on a global scale. This has led to an increased focus on the customer experience, which fuels growth across all industries and business models. Sellers can increase their potential market share by attracting new customers and opening new channels for their business.
For B2B sellers, ecommerce has streamlined much of the complexity involved in the traditional buying cycle. Online B2B sales in the US are projected to reach $1.8 trillion by 2023. The growth of B2B ecommerce and its technology has also contributed to higher order volume, more efficient supply chains, and less expenses involved in order management for wholesalers, manufacturers, and distributors alike.
Ecommerce has also had a major impact on B2C sales. In particular, many digital-native brands, startups, and legacy companies have found great success with the direct-to-consumer model. The number of customers served by DTC businesses is expected to reach an estimated $103.4 million by 2022. While an ecommerce site was nice to have before the current shift in the commerce landscape, it has become a channel for growth and competition.
The growth of these online channels also means increased career opportunities in the ecommerce realm, including sales, marketing, design, web development, and IT roles. Lastly, ecommerce has impacted the overall market by influencing how companies use production, supply, and demand to achieve the highest possible revenue.
One of the benefits of online retailing is that it is a viable lifeline for businesses during turbulent economic times. The impact of the global pandemic has accelerated a mass pivot to online selling. Ecommerce has become essential for virtually all product types and a way forward for businesses. By actively investing in ecommerce, companies are in a better position to achieve successful results in the future.
While the ecommerce space is more competitive than ever, it also provides tremendous opportunities for businesses to stand out. Online merchants are focusing on more strategic initiatives to garner a competitive edge and future-proof their business.
Ecommerce has made it easy for buyers to shop anytime, anywhere, and on any device without being limited by store hours or geographic location. Consumers can access to a nearly endless amount of products and goods, and they can easily compare prices, features, brands, and companies. This ease of access has led to consumers being more tech-savvy, connected, and engaged. An increased focus on customer experience also led to demands and regulations around greater accessibility online, as well as an online community of shoppers who to keep coming back to their website online store.
The rise of this technology has also led to a greater interest in shopping among younger demographics like millennials and Gen Z. Millennial consumers, in particular, are changing the game in B2B ecommerce and impacting the way online shopping is done.
Beyond the ways ecommerce can improve the economy of a country, it can also reduce its carbon footprint. According to a global study by Generation IM, ecommerce is 17% more carbon-efficient than traditional retail stores. Carbon efficiency includes areas of the business like product transport, buildings, warehouses, product packaging, and manufacturing. Since online companies rely less on physical store locations, they have more flexibility when it comes to implementing measures that can reduce their carbon emissions.
Today’s consumers are increasingly favoring sustainable businesses that can help them become more responsible shoppers. Leading companies are responding to this consumer demand by using their influence to adopt more sustainable practices and build more trust with their customers. As ecommerce brands continue to make real and impactful changes to promote sustainability, this will lead to more positive long-term benefits for the environment.
With interest in online shopping still on the rise, there are increasing concerns about its impact on the environment. Today’s shoppers are calling for businesses to be more sustainable and transparent. Sellers are finding that it’s imperative to improve the sustainability of their business practices and operations, especially as today’s shoppers prefer to buy from eco-friendly brands.
In a competitive market in which brand loyalty is not guaranteed, sustainable programs can serve as a way for online companies to win over shoppers and differentiate from their competitors. Whether it’s making changes to their supply chain or updating their packaging, online sellers are innovating their businesses to increase productivity while reducing waste and minimizing their impact on the planet. This will enable ecommerce to become greener, faster, and more sustainable in the long run.
The rapid shift from offline to online sales has shown no signs of slowing down. Ecommerce boosts the economy by increasing productivity, encouraging innovation, and driving better shopping experiences. In addition, ecommerce creates opportunities for protecting the planet, both for forward-thinking sellers and for eco-conscious shoppers. As ecommerce continues to grow, the economic and environmental benefits are sure to follow.
Looking to increase your company’s sustainability efforts? Download this guide.
This blog was updated on October 27, 2021.
Miva offers a flexible and adaptable ecommerce platform that evolves with businesses and allows them to drive sales, maximize average order value, cut overhead costs, and increase revenue. Miva has been helping businesses realize their ecommerce potential for over 20 years and empowering retail, wholesale, and direct-to-consumer sellers across all industries to transform their business through ecommerce.