Why We Love Ecommerce Inventory Management (And You Should, Too!)

ecommerce inventory managementElectronic commerce, commonly known as ecommerce, refers to the selling and purchasing of products or services over the Internet. The history of ecommerce dates back to 1970, when electronic data interchange and electronic fund transfer were first introduced. Since then, e-commerce has witnessed rapid growth that has pervaded almost every business aspect, such as transaction processing, inventory management, supply chain management and Internet marketing. E-commerce allows people to shop and transact right from the confines of their home. On the same note, it also offers a lot of benefits to businesses. Here are the major benefits of ecommerce to businesses.

Increase in sales

The use of Ecommerce can significantly increase sales. This is because customers love the convenience associated with e-business. It allows them to make purchases from the comfort of their home without having to travel to the actual store. Moreover, ecommerce exposes your business to a larger audience and geographic area. You can also integrate mobile technology into your ecommerce website so that customers can make purchases using their mobile devices. However, remember to use effective online marketing strategies that focus on attracting as many visitors as possible.

Increase in Customers

Relationships between businesses and consumers show great improvement as a result of adopting an e-Business structure. The use of ecommerce provides potential customers with accurate product information that enhances the buying experience. All these allow your business to attract more and more customers, thereby expanding your customer base. Easy accessibility of information about your products can help you increase customers. For example, customers will definitely buy from a website with frequently asked questions and answers.

Ability to be open 24/7

Compare the operating cost of having a physical store open 24/7 with having an e-business “open” at all times. The benefits of ecommerce website is almost double. Your products or services would be available to customers every day around the clock. For example, if a customer in the United Kingdom, with a six-hour time difference from the United States wishes to make a purchase at 4 a.m., your business would be open. Second, it will save you from paying for excess staff, utilities and other operating costs as the better part of the transaction would be handled by your server.

Instant transaction processing

Using ecommerce allows for instant purchases and transactions. Before the internet, businesses were stocking their physical stores with products, then sit pretty and wait for elusive customers. Even after getting a customer, processing the transaction could take many hours or even days. But today, businesses can do almost everything online instantly. Ecommerce website allows customers to choose their product of choice, make instant payments through their credit card and make the order, all of which can take only a few minutes

Increased business reach

Whereas physical stores target a specific number of potential customers who live within the particular location, e-businesses do not have such limitations. Any person with an Internet connection can become a customer by simply visiting the website as long as the e-commerce company is willing to ship their products to his/her location. This permits a business to reach the international market as its activities are not restricted by geographical boundaries. With the help of ecommerce, even small businesses can access the international market to sell their products and services.

Easy collection of recurring payments

If you have a subscription or membership based business in which customers are automatically billed for routine products or services periodically (such as weekly or monthly), then you will find Ecommerce Inventory Management extremely beneficial. Ecommerce allows you to control customer payments by setting up automated recurring bill payment system for fixed amounts using the customer’s debit card, credit card or checking account. With this system, you can set up and manage bill payments, schedule payment duration and frequency, suspend payments and detect credit card expiration in advance of upcoming billing. It also stores and secures customer data, so you don’t need to worry about storing it on file.

Ecommerce has revolutionized how the world does business. It has provided many businesses with opportunities that were never available before. While electronic commerce benefits all kinds of businesses, many small businesses have expanded to bigger companies in the recent years as a result of this system.

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