According to recent statistics, around 51% of Americans prefer to do their shopping online and e-commerce is among the fastest growing segments of retail. The process has already transformed best practices in inventory management, in shipping and lots of aspects of retail – here are some more details:
- Lower prices – online ordering has eliminated the need to operate expensive brick-and-mortar stores and has reduced the number of employees necessary for serving customers as well. E-commerce companies might have regional distribution centers, but they don’t need stores;
- Wider product ranges – e-commerce businesses are no longer limited by the confines of their current, physical inventories and they can serve a wider spectrum of customer requests easily;
- Decreased brand loyalty – wider product ranges mean more choice. Customers today can choose from dozens of brands, whatever the item they are looking for and this aspect is making e-commerce companies fight harder for the loyalty of their existing customers as well as for the attention of new customers;
- No place for errors – most customers check out reviews about the e-commerce company that they are planning to use and they are also willing to share their opinions online, which means that any mistake made by the retailer will be made public almost instantly.
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