E-commerce is certainly not the new kid on the block when it comes to successful business models and given the current climate it might just be businesses saving grace.
Here’s why we believe e-commerce is a smart investment for your business right now.
It’s good for everyone
Considering the wider impacts on our economies, many hope that the existence of e-commerce and growth in businesses when turning to online retail, will help soften the blow of the effects of coronavirus on the global economy.
Changing habits
Everyone’s at home hence everyone’s online. We know this. This movement to online shopping will forge habits that will outlast COVID-19. Businesses that cement themselves as big online players now will continue to reap the benefits for years to come as consumers’ spending habits continue to move more and more to online.
It’s a low-cost investment
This is particularly true for established businesses and brands, as the costs of running an online store is significantly lower than that of a physical store. This is not to say it’s that simple – heavy competition, pricing and the fact anyone can set one up, present challenges. Execution is paramount in launching an e-commerce store so engaging an expert will ensure the best success.
We’ve seen a boom (from gloom) before
Alibaba.com grew significantly out of the SARS epidemic in 2002/3.
Make use of existing marketing and operation channels
E-commerce can be supplementary to your existing digital offering without having to invest in new forms of marketing. Most website platforms offer an e-commerce component, while Facebook and Instagram can be converted to shopping platforms. Most existing warehouse management systems, CRMs and shipping providers have an online component that you can integrate with.
Practicing what we preach – an F+S case study
In what’s proven to be a timely decision for one of our clients, the introduction of e-commerce into their traditional B2B model has paid-off ten-fold. Their loyal and engaged customer base were left frustrated in-light of COVID-19, as they were unable to access their beloved products in-store. Establishing an e-commerce platform has had multiple positive effects for the business, not limited to a new solid revenue stream. It has provided additional visibility online and allowed their customers to continue to engage with the brand and purchase products without compromising their B2B business model.
The knock-on effects (and best part)? A surge in Instagram performance and pretty amazing return on advertising spend (ROAS).
- ROAS for FB Ads campaign – $35.36 (CPP $1.65)
- 36% increase in reach on social media
- 60% increase in social media engagement
- 10% increase in daily likes
(When compared with a month prior to ecommerce)
Want to introduce e-commerce into your business?
Get in touch with us at Find + Seek and find out just how easy it is to get started – hello@findandseekdigital.com.au.