{"id":14738,"date":"2020-07-21T16:28:58","date_gmt":"2020-07-21T13:28:58","guid":{"rendered":"https:\/\/www.become.co\/blog\/?p=14738"},"modified":"2021-09-01T15:48:17","modified_gmt":"2021-09-01T12:48:17","slug":"ecommerce-advantages-consumers-businesses","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/ecommerce-advantages-consumers-businesses\/","title":{"rendered":"10 Advantages of E-Commerce for Consumers & Businesses"},"content":{"rendered":"\n

E-commerce always was the way of the future, but now it is more than ever before. The outside world has become a place of uncertainty, caution, and social distancing, bringing to light the many advantages of e-commerce for businesses and consumers. <\/span><\/p>\n

At <\/span>Become<\/span><\/a>, we\u2019ve seen an increase in loan applications from e-commerce businesses that wish to grow and meet this increased consumer demand.<\/span><\/p>\n

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Why is e-commerce set to grow?  <\/span><\/h2>\n

E-commerce was growing predictably up until COVID-19 put it on an expedited trajectory, <\/span>accelerating the industry\u2019s growth by 4-6 years<\/span><\/a>! The pandemic shone the spotlight on the many e-commerce advantages, particularly that of convenience. During May alone, during the Coronavirus lockdown, global e-commerce sales reached $82.5 billion, a 77% increase over the previous year.<\/span><\/p>\n

According to a Deloitte report, 85% of retail sales were through brick and mortar stores up until 2019. Then along came COVID-19, causing traditional retailers to scramble to get online and e-commerce numbers soared. The biggest shift in the US has been in the grocery shopping market. In March 2020, 42% of US consumers shopped for groceries online at least once a week compared to just 22% in 2018 (GeekWire, 2020).<\/span><\/p>\n

Experts don\u2019t see this as simply a short-term fix for Coronavirus concerns, and it\u2019s been predicted that <\/span>COVID will increase US e-commerce by almost 20% over the next year<\/span><\/a>. Coronavirus served as a catalyst, propelling consumers into the online shopping world, consumer behavior that\u2019s likely to continue, even once the Corona dust settles<\/span>.<\/span> More than 50% of online grocery consumers<\/span><\/a> state that they\u2019re planning on shopping online even after the pandemic.<\/span><\/p>\n

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Top 5 advantages of e-commerce for consumers <\/span><\/h2>\n

1. Lower prices<\/b><\/h3>\n

The lower costs of running an e-commerce store versus a physical store translate to cost savings for the consumer. This is one of the biggest e-commerce advantages. Online prices are typically lower than traditional store prices, and e-commerce sites are able to offer more discounts and promotions that are easier to claim.<\/span><\/p>\n

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2. Convenient and safe<\/b><\/h3>\n

Shopping when you want from where you want is far preferable (and a whole lot safer) than heading out in this COVID reality we\u2019re now living in. Coronavirus aside, there\u2019s also something to be said about shopping from your bedroom, without having to venture out, wait in lines, battle cold weather, and all the other challenges that go along with consumerism.<\/span><\/p>\n

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3. Wide product variety<\/b><\/h3>\n

In the global marketplace that is the internet, consumers can buy electronics from China, books from England, clothes from Paris, and good old US products all from the comfort of home. The width and depth of products sold online are unbeatable.<\/span><\/p>\n

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4. More informed decision-making<\/b><\/h3>\n

Information is literally at your fingertips when buying online, including:<\/span><\/p>\n