Customers and sellers in both the B2C and B2B businesses profit greatly from eCommerce. If you haven’t looked at eCommerce for your company yet, you might be wondering how you can meet today’s customer expectations—and remain ahead of the competition—by introducing digital purchase options. Is it time for your company to go online? What are the benefits? What is the true return on investment of an eCommerce solution?
This article is a wonderful place to start because it includes helpful information on how to choose the finest eCommerce software for your business, as well as a free eCommerce ROI calculator!
Checklist for Ecommerce Return on Investment
Any technology initiative’s return on investment (ROI) might be difficult to calculate. Some advantages are self-evident, such as higher sales and customer happiness. However, digital transformation initiatives can have a wide range of additional benefits, such as enhanced efficiencies due to automation. Let’s take a closer look at some critical ROI considerations to add to your checklist.
Increased revenue from sales
eCommerce expands your company’s sales channels and clients, improves your online presence and capabilities, and expands your sales capacity without requiring more manual labour. Existing consumers have new means to communicate with you, and you, in turn, have new opportunities to find new clients.
With a digital storefront, your clients aren’t restricted by physical distance and may shop at their leisure, 24 hours a day, seven days a week. All of this adds up to an increase in revenue, which is a clear benefit.
More “perfect orders” and higher profit margins
eCommerce allows you to automate sales from your website to fulfilment, allowing you to spend less time producing and entering sales orders. As a result, there are fewer order errors, significant time savings, and increased customer satisfaction. Upsell and cross-sell operations, such as personalised product recommendations and free shipping offers for larger sales, can also be automated using eCommerce.
Reduced sales expenditures and improved customer relationships
Self-service quoting is possible with eCommerce, which leads to faster sales and higher quote conversion rates—all without having to speak with a sales representative during business hours. Sales personnel spend less time entering and correcting basic orders and more time cultivating relationships with high-value clients and prospects when standard sales are automated. This lowers your overall cost per sale and makes better use of your company’s time and resources. (Pro tip: Include your sales personnel in compensation and incentive plans for online sales to gain internal buy-in.)
Administrative costs are lower.
A variety of roles labour behind the scenes to make a great product a reality. This encompasses everyone from brand managers and product owners to engineers and designers, marketers, and web developers, in addition to sales reps. The most time-consuming tasks can be automated and streamlined with connected tools and consolidated data. Product owners, for example, can manage product data in one place and publish it elsewhere, including the eCommerce site, product catalogues, vendors, suppliers, and third-party marketplaces, using an integrated Product Information Management (PIM) solution. Bye-bye, spreadsheets and double-entry of data!
The Return on Investment (ROI) of an eCommerce Suite compared. an online shopping cart
You must think beyond a conventional shopping cart to obtain the most ROI from your eCommerce system. After all, a cart isn’t where your consumer experience begins or ends. That’s what sets Dynamicweb unique from the competition: we offer a full eCommerce solution to power your whole digital sales strategy.
Our platform is built for both B2B and B2C scenarios, with more features and capabilities than standard eCommerce solutions, resulting in more value and higher profits.
So, what should you look for in an online store? Here are five major advantages that come standard with Dynamicweb’s digital platform:
1. Product Information Management (IPM) (PIM)
PIM (Product Information Management) is an important component of your overall eCommerce strategy. To enhance client confidence and conversions, it’s critical to provide detailed product information and experiences online. To take advantage of full omnichannel selling, you’ll also need a solution that can handle your product information across all channels and third-party marketplaces like Amazon.
PIM is integrated with both your CMS and eCommerce with Dynamicweb, allowing you to automate the creation of material like as product catalogues, factsheets, and more. Simply build the template, and your content is automatically updated with organised product information that can be downloaded, printed, or emailed at any time.
2. Digital Marketing That Is Integrated
eCommerce delivers extensive data that may be used for hyper-targeted marketing automation due to its digital nature. You can easily act on all types of fresh insights from website and shopping behaviour, customer data, and ERP and CRM data with built-in digital marketing. This allows you to give customised experiences to your customers at scale, allowing your marketing teams to be more efficient and effective.
3. Content Management System (ICM) (CMS)
You’re not getting the ROI you need if your eCommerce solution can’t assist you raise conversion rates. You can give customised website experiences and information in real-time based on your users’ previous behaviours with eCommerce coupled with your CMS, such as a dynamic promotion on your homepage that only shows to visitors who have purchased a specific product. Furthermore, with built-in SEO optimization and A/B testing, you can ensure that your websites reach the widest potential audience while also increasing conversions across your whole eCommerce site.
4. Design that is user-friendly
Unless you enjoy wasting a lot of time and money producing webpages, an eCommerce platform with a user-friendly visual editor and design options is vital. Dynamicweb, for example, offers a no-code/low-code development platform with drag-and-drop design tools that allow you to quickly construct sophisticated, appealing websites and product pages.