Indiana Chamber of Commerce issued the following announcement on March 2.
HOW E-COMMERCE AFFECTS THE LONGEVITY OF STARTUPS
Before anyone ever thought of e-commerce, there were people who longed to start their own business but couldn’t because they didn’t have the resources to open a brick-and-mortar store.
When e-commerce came to fruition, it leveled the business owner playing field and offered a more accessible pathway to start a company. The e-commerce industry continued to grow over the years and, as of late, even more people are shopping online due to the ongoing pandemic.
But is the significant shift to e-commerce shopping a temporary one, or will buying online overtake in-store shopping in the years to come? Let’s look at how e-commerce affects the longevity of startups.
Leverage Technology for Innovation
One of the most significant advantages of e-commerce is its reliance on technology. Software, mobile applications, computers, cybersecurity tools, and other tech make e-commerce shopping the comfortable, convenient, immersive experience that it often is.
People are trending toward making most of their purchases online in the coming years. Also, as time moves on, their expectations will grow higher for the e-commerce customer experience. So, if you want your startup to be successful in the future, you must leverage technology to meet these evolving consumer expectations and turn toward e-commerce.
Not only do you need a solid e-commerce platform to scale with your business, but continuous investment in top-tier technology is also a requirement. Doing so ensures your startup will remain relevant and innovative to keep up with an ever-changing digital landscape.
Be sure you know how to use your technology to sustain and adapt to exponential growth. It should also help you navigate challenges unique to e-commerce operations like supply chain issues. Get an MBA to assist you in leveraging technology, applying modern business concepts, and developing lasting relationships that help you run a successful startup.
Access a Wider Audience
Another concept to explore when discussing how e-commerce affects the longevity of startups is access to a broader audience. Not only did e-commerce make it easier to start a business, but it also made it easier to reach customers worldwide.
According to Sana, “an estimated 95% of purchases are predicted to be made online by 2040.” Of course, tapping into an international market isn’t for every business. However, with a statistic like this, startups that want to last must explore the entirety of their customer base, including those that don’t live in the U.S.
If you do decide to tap into an international market or explore a sector of your target audience you hadn’t before, you must spend ample time researching the market. Furthermore, as a startup with access to a broader audience, it’s essential to study how e-commerce trends change among different cultures, races, economic backgrounds, education levels, and so forth to ensure you provide the best online customer experience possible.
People Still Love In-Store Shopping
Although it may seem like shopping online will eliminate in-store shopping soon, it will probably take a lot longer for this to become a reality if it does at all. Believe it or not, many consumers still prefer an in-store shopping experience over an online one. There’s something about being able to physically touch products and interact with people in person, which keeps consumers yearning for the best brick-and-mortar store experiences.
Startups that provide omnichannel buying experiences and successfully connect the offline and online customer experiences will have the best shot at longevity.
Whether customers are comparing products and learning more on your e-commerce website or in your physical store, if the interaction goes well, it often leads that consumer to complete a purchase in either location. So, you must ensure your startup is prepared to offer a seamless shopping experience no matter the touchpoint.
Conclusion
If you want your startup to grow and last, you must make e-commerce a significant part of your operation. Consumers will continue to make purchases online, and that trend doesn’t seem to be going anywhere anytime soon. Suppose you can leverage technology for e-commerce innovation, connect with a broader audience, and bridge the gap between your online and offline customer experiences. In that case, you’ll improve your chances of achieving company longevity.
Original source can be found here.