In just a few short years, e-Commerce and now m-Commerce have made global goods and services readily available to all Australians. At the end of July 2014, online retail sales hit the $A15.6 billion mark. Furthermore, online retailers grew at around 8.6% from the beginning of the year through July.
According toRoy Morgan Research, until the end March 2013, travel was the leading sector in e-Commerce in Australia. However, moving into the future it has been predicted that electronics, groceries, liquor, appliances and fashion will capture a larger e-Market share. eBay can take most of the credit for this change in purchasing behavior, with one in five Australian retailers now successfully transacting through the e-Tail giant.
So, what does this mean for small businesses and entrepreneurial start-ups wanting to get a slice of the e-Tail action?
Once reserved for power brands, it is now possible for just about anyone to start transacting online. How? Through removing high start-up costs, such as for web developers, infrastructure, and online security, companies like Bigcommerce have made it possible for people to develop e-Commerce stores at a fraction of the normal cost.
However, one might ask what will give these start-ups a competitive edge in the online world. I have identified two key factors that I believe are necessary tools for thriving e-Tailers to successfully grow in the online landscape:
The experience is everything. It is no longer good enough to simply create traction; you need to enhance your customers’ purchase experiences. Through giving your customers a personalized, controlled, and seamless online purchasing experience, you will set yourself apart from offline counterparts and will give them another reason to repurchase online.
The purchase is not over once the transaction is complete. It is very important to have a strong delivery platform and effective logistics in place to deliver an efficient service after the transaction is complete. Furthermore, 80% of consumers said that the lack of free shipping and returns is a deal breaker when it comes to buying online.
Contributed by Georgia Bruton, Integer Australia