Big data is causing the online commerce industry to grow at an unprecedented rate. Large companies have invested the most in big data, so they are seeing the biggest dividends. However, a number of small companies are also exploring the benefits of deep learning and predictive analytics. In fact, an argument can be made that small businesses should rely on big data the most. They are working on smaller budgets, so they should consider using big data to identify trends that offer the highest profitability to get the most bang for their buck, especially when it comes to big data ecommerce solutions.
Big Data Has Propelled Sales in the Ecommerce Sector
Ecommerce companies have invested more heavily in big data over the past few years. These investments coincide with record profits.
For instance, Amazon had its biggest year to date in 2017 with nearly $178 billion in revenue, according to Statista. This was a marked increase from the almost $136 billion revenue the global ecommerce giant netted in 2016.
Amazon isn’t the only large company seeing profitable opportunities via online sales. Walmart is also looking to the digital era to increase quarterly profits. After allocating more resources to ecommerce the company saw a 44 percent increase in ecommerce sales in Q1 2018, revenue of $11.5 billion.
eCommerce Online Payments for Small Businesses
Not only large global companies are capitalizing on the surge in big data ecommerce and online payments. Small businesses primed for growth are lining up to get their slice of the profits as well. More importantly is that it’s not too late. Businesses aiming to increase profits via online sales can be sure the ecommerce trend will continue.
Research by eMarketer estimates the number of ecommerce sales to reach $2.8 trillion this year. By 2020, online retail sales will be over $4 trillion. These statistics are a call to action for small businesses. The time to implement ecommerce online payments is now.
This is especially important for brick-and-mortar stores that have yet to implement an online payment method for taking credit cards. There needs to be an ecommerce element to compliment in-store sales.
What Happens to Not Ecommerce-Friendly Businesses?
If a business has department store aspects, or if it’s a toy store, it may need to start implementing ecommerce online payments—and quick. In fact, nearly half of all toy sales are happening online, highlighting why Toys “R” Us has closed and filed for bankruptcy.
Where is the gap? Most brick-and-mortar small businesses have yet to figure out how to use the Internet as a marketing and sales generation asset. Small business budgets also don’t tend to lean toward marketing either. This accompanied, with a clunky in-store payment system, is a recipe for disaster.
How Small Businesses Can Capitalize on Ecommerce Online Payments
One thing is for sure, ecommerce will continue to steamroll its way to dominance, and consumers are on board. Fortunately, small business owners can take action and make their products and services available online for purchase. Here are a few benefits:
1. Open a New Consumer Market
Small businesses can leverage their products and services online and open their business up to a totally new consumer market. In fact, the number of global online consumers is estimated to be more than 2 billion by 2020.
For example, if a business has a product its local community finds useful, then every local community in America probably will too. Ecommerce can take a business from local to national, and even global.
2. Build Brand Awareness
Having an online presence helps a small business extend its reach. With a detailed website and optimized product pages, more people will stumble upon your brand online.
With the ease-of-use WordPress provides for building websites, anyone can purchase a domain name and build a pretty functional ecommerce site in less than a week. You can even link WordPress with Shopify, one of the top ecommerce platforms available.
3. Improve Customer Confidence
One of the most important elements behind small business success is customer confidence to buy. In the digital era, if you don’t have an online presence, you kind of don’t exist.
By simply taking credit cards through your merchant account as a form of payment online, you are legitimizing your business. This is because customers get peace of mind when they see that Visa or MasterCard logo.
4. Net More Impulse Buys
When people shop online, they are generally more at ease and loose with their purchases. Why? In one-word, online payments via credit cards.
In fact, a study by Dun & Bradstreet found that consumers spent up to 18 percent more when paying with card instead of cash.
Big Data Transforms Payment Systems and Other Ecommerce Solutions
Many factors have changed the ecommerce industry in recent years. The proliferation of big data ecommerce options is perhaps one of the biggest. It has changed everything about the industry, including paving the way for more valuable payment systems.
