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In today’s tech-hungry world, e-commerce is indispensable. It used to be that websites were once seen as a luxury that boosted business; nowadays, an online presence is your #1 ally for turning profit.
The Internet has steadily evolved as a gateway between business and revenue. As a result, consumers have turned their attention towards the web to make purchases and scout brands.
According to figures provided by comScore, e-commerce in the U.S. has experienced an annual growth rate of 16 per cent; peaking at $49.8 billion in 2013 for e-retail sales (see chart below).
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Despite the popularity of e-commerce in recent years, there are a surprisingly high number of SMB owners who don’t have a website (52 percent), in addition to the 56percent of small businesses who don’t measure the results of their marketing campaign!
If your SMB is among them, it’s advised that you reevaluate your long-term strategies. The fact is startups that lack an online presence lose business to competitive brands that do.
Why Consider E-commerce?
Whether you’d like to admit it or not, e-commerce is the wave of the future – and without a website to represent your brand, you’re running the risk of a financial wipeout. In order to stay afloat in this cutthroat commerce world, you need to join ranks with the estimated 110,000 active e-commerce websites who have jumped on this virtual bandwagon.
Whether you’re a small or large business, the financial goals are all the same: increase your annual profits. E-commerce is one of the most effective strategies that ensure you see ROIs by marketing your brand, 24/7.
How Can Ecommerce Help Me Build My Brand?
E-commerce is a great solution that enables your business to evolve with the times. A successful online venture can:
- Build brand awareness. 38 per cent of small businesses say their website was primarily created to increase brand awareness. (Interland)
- Expand your social reach. 48 per cent of small businesses believed the internet helped expand their geographic reach in the United States. (Entrepreneur)
- Increase sales. Mobile commerce transactions will peak at$3.2 trillion in 2017 – an increase from $1.5 trillion in 2013. (CMO)
When it comes to bolstering your revenue and consumer base, e-commerce is the answer. The challenge here lies in your ability to make your name stand out from competitors. Once you find the formula that maximizes your online presence, you’re on the path towards successfully building up your brand.