Top 10 Online Shopping Facts for Small Business

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By: Meylah Blog


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Top 10 Online Shopping Facts for Small Business

downloadable

By: Meylah Blog

eCommerce trend is projected to grow 10% year over year.

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Did you know that 56% of customers purchase products online and spend over $1,500 online every year? 

The comfort that online shopping brings to customers has worked in favor of its growing popularity. The current market studies reveal that global e-commerce sales have been growing by 10 percent every year.

Thanks to the best deals and varied collections offered at our doorsteps, which has led to the mass adoption of digital technology giving rise to fundamental changes in customers’ shopping behaviors.

As per studies, the US remains the global e-commerce leader, followed by the United Kingdom, China and Japan.

The growth of e-commerce already accounts for eight percent of the total retail sales in the US and is expected to outpace sales growth at brick-and-mortar stores over the next five years, reaching $370 billion in sales by 2017.

But this achievement by the US e-commerce market would remain incomplete without the contribution of the small businesses, which plays the backbone of the American economy.

Nearly 200 million customers, who shop online in the US alone, are projected to spend $260 billion in 2014. With more and more customers making online purchases than ever before, small time traders who wish to boost their businesses must get in on the action.

With this, let's check out some really interesting facts about online shopping in small businesses:

  1. Lower start-up costs: Unlike in case of brick-and-mortar stores, starting up a small online business requires little capital. E-commerce allows crafters, accessories designers and painters an option to set up online stores, rather than investing in expensive physical storefronts. Through this, small traders could reach out to potential global customers at minimal costs. Why not get started by opening your FREE meylah store in minutes! 

  2. Lack of confidence: Believe it or not, a major percentage of small business owners are still not convinced with the power of online shopping. Their belief of getting outmatched by larger competitors has led most of the small business owners to neglect active online participation in social media. 

  3. Inability to keep pace with technology: According to Joel Hughes (Senior Vice President, Constant Contact), around 82 percent of small business owners "have said their main source of new business is referrals", which makes it clear that they are unable to keep pace with the rapidly evolving technology that "boosts social visibility and feed the referral engine". The small traders need to get more advanced in implementing modern e-commerce technology for their online businesses. 

  4. Websites make business look more credible: As per a survey, around 65 percent of small businesses (globally) with an optimized web presence said that a website makes a company look more credible, while 60 percent of the lot disapproved of having a company website. On the whole, 82 percent of small businesses traders have recommended in investing in websites, as it plays a fundamental role in small company's success. Also, 65% of small businesses don’t have an ecommerce store and they are missing on the ecommerce gold rush. 

  5. Creating a long-lasting customer base: Small traders get discouraged by the belief that only businesses with solid reputations manage to dominate the internet world. But, the fact is small businesses too have good chances to shine online. By maximizing the uniqueness of their products and business, and also by providing exceptional customer service, small traders can get a fair share of profit. Small traders can make the most of it by going "more personal, more unique and more special" with their products to create a long-lasting impression on customer’s mind. 

  6. Preference for ‘.com’: Surveys claim, in the US, around 89 percent of small businesses with an online presence prefer a .com domain name for their company website. Around 54 percent of small traders would choose a .net domain name to "support their company website if their preferred TLD (most often cited as .com) was not available".

  7. Lack of planning: According to statistics, around 90 percent of small businesses fail within the first 120 days of launching. Most of the times, people go ahead with a so-called great online business idea, without proper planning or strategy. Any business, whether big or small, can’t succeed without a business plan. 

  8. Online business houses use modern technology: As per a survey, "51 percent of small online business houses use modern technology for accounting, followed by 39 percent using technology for appointment booking and scheduling, 34 percent for CRM, 25 percent for point-of-sale systems, and 14 percent for acquisition marketing. Around one in four (23 percent) of small business owners report they don't spend any money on marketing, while just more than half (56 percent) spend less than $500 a month". 

  9. Small enterprises at an advantage locally: Unlike the big online businesses, small businesses are always at an advantage to cater to the local market. Targeting the local market could help bring in more customers to small enterprises. Once you succeed in establishing a strong presence in your local community, the next step should be finding ways to break into larger markets. 

  10. Online shopping on a rise: The number of online shoppers in US is expected to grow to 170 million in 2015, according to e-Marketer estimates. 

Related articles:

Image source: Business Circle

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At Meylah, our goal is to help independent sellers succeed in building their businesses online.  We know it can be tough, but with our online storefronts, marketplace, entrepreneurial advice and social networking know-how, you’ll be one step closer to success. We know how hard and time consuming being an entrepreneur can be, but with the proper skills at hand, we believe anyone can succeed!

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