In the dawn of technological advancements, it’s either you innovate or evaporate.
E-commerce is developing in all directions. It’s becoming an essential component of the consumer experience worldwide. In fact, in 2019, a quarter of the world’s population is estimated to be digital buyers and E-commerce will form part 13.7% of retail sales worldwide.
Retailing is part of the businesses’ entire supply chain ecosystem. It’s important to note that the Internet has affected retailers in more areas than one. Fast-fashion retailers such as Uniqlo, Zara, TopShop, H&M, and Forever21 are leveraging the Internet’s superpowers in all aspects of their businesses including design, manufacturing, warehousing, and logistics.
Here are the reasons why retail businesses need internet:
E-commerce websites minimize the geographical restrictions you normally face with a physical store. Buying and selling through online marketplaces such as Amazon and eBay have changed the game of retailing.
There one likely explanation to it. It’s that most of the online brands have built strong and lasting relationships with their customers. It might be due to its zealous commitment to low prices, consistent mail communications, and a seemingly never-ending quest to make modern life more convenient.
A parcel in the United States can reach various continents and regions such as Africa and the Middle East, Australia, Asia & the Pacific and even up to Europe.
Retailing doesn’t stop in buying and selling. It encompasses areas such as merchandising, pricing, marketing, and distribution. What’s noteworthy in all this is the Internet’s seamless capability to integrate all retail mix into one convenient retail bowl.
E-Commerce is growing at an unprecedented rate all over the globe. Thanks in part to Michael Aldrich who immortalized online shopping sites in 1979, retailing has become simple.
Not too many years ago, customers were huge fanatics of shopping in their local stores, enduring long lines, while holding on to their wobbly shopping carts. Years passed and these same customers have become little intimidated and hesitant in sharing their credit card and billing information online to cyber-shops. However, that has all changed.
Consumers may still be concerned about the security of online shopping. But more and more are inclined to buying online. Faster delivery, easier return policies, transparent billing processes, low-cost to free shipping have increased the desirability of online shopping.
In fact, to keep its growth on pace, the once-brick-and-mortar company Marshalls is opening an online retail store by 2019. This US-based company, and its sister-store TJ Maxx which already has an online platform believes that the shift will drive a significant increase in store traffic. Thus, increasing sales and profit.
Fortunately, if you’re interested in setting up a wifi network, Xceednet can help you with the seamless transition to online retailing!
This cloud-based solutions company can help your business:
Definitely, the costs of putting up an online retail platform are significantly lower than of an offline business.
E-commerce has lower set-up and running costs because the whole system is automated online — purchasing, selling, billing, shipping. This means that an online business can mitigate (if not eliminate) fixed costs such as salaries & wages, rent, and other general administrative expenses.
Financial Management 101 teaches us that a healthy cash inflow will provide us with a better top line and bottom line. Hence, better financial margins.
Because of this, the amount saved from overhead expenses can then be invested to further enhance and upgrade the online platform.
This figure means that online businesses are able to connect with their customers through multiple communication streams such as Facebook, Twitter, and Instagram, and their shop’s website.
However, the secret here is not the number of channels the business has. It’s the ability to seamlessly organize and coherently integrate all platforms into one.
The Internet of Things (IoT) has the capability to expand the business’s market beyond the local audience at such a quick rate. A businessman may notice that some of his products are gaining more traction on the other side of the globe. Through targeted marketing — offering a page translator to your website, or partnering with another online firm in that area — the gap can be closed.
With the Internet, the possibilities are endless.
Data enables the business to better understand their customers, their competitors, and market trends. This is why data gathering and analyzing is a crucial part of every business.
An IBM survey showed that 62% of retailers report a competitive advantage from using intelligence and analytics. Customer Intelligence is the ability to utilize online marketing tools to convert leads to actual sales and obtain more data to help retain customers.
The power of the Internet is being able to capture all these data, analyze them systematically, and tailor an offering that matches an individual’s online taste and behaviors. This strategy is familiar in ads running through your social media sites.
Data will always be the main driver of decision-making. Online retailers are constantly evolving in the way they collect big data in order to improve operations. New approaches in collecting and analyzing data are now made possible by technological advances — all supported by the Internet. In effect, online retailers now have the eyes to view the retail environment differently.
The Internet has allowed retail businesses to communicate with potential customers and relay their brand’s message in various methods.
Because of this, brick-and-mortar stores have now only become a component of their sales strategy instead of being the only method to reach customers. In fact, 65% of shoppers look up price comparisons on their mobile phones while inside the physical store.
Here is how WiFi affects retail in regards to time factors: