Updated: Oct 21, 2020
According to a study published by Instagram, 36% of small businesses are already selling online. This number is increasing exponentially. Online shopping is expected to hit 4 Trillion USD in 2020 and 6.5 Trillion USB by 2023. According to Statista, the countries with the the leading average e-commerce revenue per shoppers are: USA ($1,804), UK ($1,629), Sweden ($1,446), France ($1,228), Germany ($1,064), Japan ($968), Spain ($849), China ($626), Russia ($396), and Brazil ($350).
With the increase in e-commerce, comes an increase in the number of platforms dedicated to online sales.
In this post, we will provide you with some interesting background information on the different platforms we have looked into:
An E-commerce website builder is a platform that allows you to create an online store. No need for an existing website, the different options are already integrated into this platform. Names like Shopify, Big Commerce, Prestashop, and Wix allow you to do just that.
WordPress also offers a full range of E-commerce options, from one‑click payments and paid subscriptions to a fully customizable online store.
An online marketplace sometimes called an electronic marketplace, is an e-commerce site where third-party companies can sell their products or services to those visiting the site. Examples you know include Etsy and Amazon.
Social E-commerce is the process of buying or selling products via social media. Platforms such as Facebook and Instagram are now providing users with the option of directly purchasing via the platform. There is no more need to exit the platform to purchase, thereby reducing the length of the customer journey into 2 clicks.
What are the advantages of each of these solutions?
E-commerce website builders offer complete control.
Access is available to the user, 24 hours a day, 7 days a week.
All modifications to your online store are immediate.
You can decide how to brand your online store so basically you stay coherent with your corporate branding and achieve better brand awareness.
Unlike online search engines like Google and social media platforms, an e-commerce website builder does not leave you vulnerable to algorithm updates and a crowded marketplace.
An additional advantage is the amount of traffic that these platforms receive. Unlike your own web site which is vulnerable to your SEO and the Google algorithm, these platforms are go-to reference spots for online shopping. Your brand can, therefore, benefit from this organic traffic.
These platforms include the option of centralizing all stock and updates on their platforms and integrating social media platforms you are also selling on as well as your personal branded website into this organization. This saves time and money and promotes timely updates and consistent communication.
An exceptional advantage that we see is the possibility to recover abandoned carts. Abandoned carts alone account for approximately 4.6 Trillion USD worth of merchandise. Can you imagine that?! Given that the the average cart abandonment rate is 67.91% and 34% of potential shoppers abandon their purchase because they don't feel ready to buy, this option will allow you to retarget that 34% of online shoppers.
According to different market studies, checkout optimization can recover $260 billion in e-commerce sales alone. Likewise, retargeting ads are 76% more likely to get clicks than regular display ads. The option of an abandoned cart allows you the inside scoop on your target market, their behavior, their preferences, and their availability.
WordPress is one of the leading online web site building platforms. This powerhouse currently supports one-third of all online stores and supports 22% of the top one million e-commerce stores worldwide. WordPress was an early mover and shaker and on the scene before e-commerce platform builders and social media commerce channels. Taking advantage of an existing strong market position, WordPress was able to create open-source software to allow creative freedom in the development of e-commerce sites. WordPress is able to provide for:
Consistent personal branding
Data and statistics linked to Google Analytics
Easy and secure payment options
However, WordPress is dependant upon algorithms as your website is yours alone to draw traffic too.
Marketplaces like Amazon are massive online shopping generators. The ease with which one can start selling on Amazon is incredibly convincing. There is a very low barrier entry and the number of potential customers online is absolutely huge.