Did you know that eCommerce has a history that will make your jaw drop? Back in May 1989, SequoiaData Crop unleashed Compumarket, a game-changing internet-based system that lit the fuse for the eCommerce revolution.
It completely transformed the way businesses operate and sell products. With the passing of time and the advancement of technologies worldwide, eCommerce has made a strong place in today’s global economy. Undoubtedly, it is acting as a powerful catalyst for economic development.
According to the search results, the expected global eCommerce sales in 2023 are $6.3 trillion. This is a significant contribution to the global GDP.
It’s no wonder that its continued growth holds a lot of potential to shape the market dynamics. Moreover, the expansion of eCommerce web products brings with it various benefits, including-
- increased competition
- cost savings
- a shift in sellers’ pricing behavior
These factors can potentially exert downward pressure on inflation, benefiting both businesses and consumers alike. Let’s go deeper and have a look at the different benefits of custom eCommerce web development for businesses that you enjoy after investing in a top eCommerce development company.
But before that, just check the quick note on the eCommerce market:
General eCommerce Market Overview:
- By 2024, mobile eCommerce is anticipated to represent 42.9% of total eCommerce sales.
- Before making an online purchase, 81% of shoppers seek research online.
- Only 1.62% of visits to eCommerce websites result in a purchase on average.
- 52% of eCommerce websites, on average, have omnichannel capabilities.
- By 2024, it is predicted that B2C eCommerce marketplaces would produce $3.5 trillion in revenue.
Top 5 Custom eCommerce Web Development Benefits for Businesses
1. Business Can Generate More Revenue
- In a recent study conducted by Affilinet, it is found that a higher percentage of men (84.3%) tend to make purchases online compared to women (77%).
- Millennials and members of GenZ dedicate approximately six hours per week to online shopping, which is 50% more time compared to the older generation who spends around four hours.
Moreover, an impressive 56% of individuals from Gen X have expressed their preference for searching and purchasing products online rather than visiting physical stores.
These numbers clearly indicate that there is a tremendous opportunity for businesses to capitalize on this by creating a custom eCommerce web solution.
By doing so, not only can they enhance their online presence but also drive more sales and ultimately make money in the virtual space.
2. Having a Custom eCommerce Web Solution Lowers Running Costs
One major advantage of opting for personalized eCommerce web development is the significant reduction in overall expenses – from the initial setup to ongoing maintenance costs.
Furthermore, you won’t need to worry about the costs associated with maintaining physical stores: Investing in:
- Physical locations
- Paying rent
- Managing utility bills
Or any other related expenses are not necessary when you have a custom eCommerce website.
Instead, the costs primarily revolve around setting up your online presence, such as web hosting, domain name registration, web design, logo creation, and minimal sign-up fees on eCommerce platforms. By eliminating the need for a physical store, you can save a considerable amount of money.
Ultimately, going the custom eCommerce route allows you to cut costs and focus your resources on building an engaging online platform that caters to your target audience.
3. With Custom eCommerce Solutions, You Stay Entertain Your Customers 24/7
By investing in custom eCommerce web development, there is no more waiting for the store doors to open or closing up shop when the sun goes down.
This means more opportunities for customers to purchase from you and higher chances of increasing your revenue. And let’s not forget about customer service. Today, you can embed Chatbot technology into your solution.
These automated assistants enable you to provide support and assistance 24/7, without the need to allocate extra resources for staffing. This means your customers can always count on prompt and helpful responses, day or night.
4. Wider Customer Reach
Another incredible benefit of having a custom eCommerce web development for business is that it allows you reach to globally
Connected to the previous point, here’s a fascinating fact: with an eCommerce website, you can showcase and sell your products to people all over the globe. No need for them to physically travel to your location to explore what you have to offer.
If you’re currently operating a brick-and-mortar store, your reach is limited to the local area you serve. However, by having an eCommerce solution, you can expand your horizons significantly. Your products and services will be accessible to customers worldwide, regardless of distance or time zone.
The best part is, this eliminates any barriers posed by geography or language. By translating your eCommerce site into different languages, you can attract buyers from various countries. Thanks to a web app development company that lets you grab the eCommerce and mobile commerce benefits and let the entire world becomes your playground.
5. Easy to Gather Insight on Customers Data
In any business, one thing that matters the most is your customer data.
Did you know that online selling offers a remarkable advantage when it comes to gathering and leveraging consumer data?
By owning the consumer data, you can truly focus on delivering an exceptional customer experience.
Through online selling, you have the opportunity to collect first-hand data by closely monitoring consumer interactions.
This means you’ll have access to valuable insights that can continuously improve the customer journey. It’s nearly impossible to track how frequently a customer makes purchases or browses through various things in traditional brick-and-mortar establishments.
However, you can readily track and assess your consumers’ behavior if you have an online store. This invaluable information allows you to tailor your products and offerings to their unique preferences and characteristics.
Over To You!
With the myriad benefits that custom eCommerce web development brings to both consumers and businesses, it becomes abundantly clear that you should hire a reliable eCommerce web development company to help you develop one for your business.