eCommerce – the expanding frontier
Over 51% of the American population shop online and 40% of internet users worldwide have purchased items online. With so many people turning to online stores, the eCommerce market is rapidly expanding: about 23% every year. Which is not surprising considering the fact that 54% of millennials have a desire to start or already have started their own business.
Several marketplace sites are popping up that make it easier to sell merchandise online, such as Shopify, BigCommerce, Magneto, YoKart and Big Cartel. You also have other sites like Etsy which boasts over 25 million shoppers, 35 million products and nearly $2.4 billion in annual gross merchandise sales.
Challenges to eCommerce:
There are several challenges for eCommerce businesses, competition, and conversion, just to name a few. While competition is a part of every business and requires creative thinking in order to stand out, conversion can be improved by making certain business decisions. The three biggest factors that will affect whether or not someone buys from your online store are prices, shipping cost, and discounts. In other words, online shoppers want to get the biggest bang for their buck.
Making money in eCommerce:
The biggest cost savings in eCommerce is the lack of a brick and mortar location. That is what allows many eCommerce businesses to sell merchandise at lower costs. The more money eCommerce business saves, the lower they can price their products while still turning a profit. It will also allow them to offer more discounts to incentivize shoppers.
Shipping is a big cost and the second largest deterring factor for shoppers. 80% of online shoppers will not purchase if the shipping takes too long or the cost of shipping is too high. Luckily, for eCommerce businesses, there are shipping solutions that offer significant discounts on expedited shipping.
eShipGlobal’s eCommerce Product
Our eCommerce product allows eCommerce businesses to ship their merchandise all over the world at discounted rates. It also gives businesses the ability to rate shop different carriers and compare the different shipping methods: overnight, 2-day, etc. This will help online businesses save money on shipping expedited, which can help them attract more customers.
It is now easier than ever to start your own online business. There are many tools and services that will help maximize your eCommerce business while saving you time and money. eShipGlobal is happy to be one of the services that help entrepreneurs and businesses to grow and expand. Our services are designed with you in mind.
By: Ashleigh Cue