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5 Reasons sellers should have their own eCommerce website
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- The Hyper Tech
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5 Reasons sellers should have their own eCommerce website
Global ecommerce sales are expected to total $5.5 trillion worldwide in 2022. This number is expected to continue growing over the next few years, proving that ecommerce is becoming an increasingly lucrative option for businesses.
Online sales are expected to continue rising and take a larger piece of the retail pie. By 2025, it’s estimated that world retail ecommerce sales will exceed $7.3 trillion and the overall ecommerce share of retail sales will hit 23.6 percent.
5 Reasons sellers should have their own eCommerce website
Migrating to other platforms, including your own, is a natural and important step for growth. It enables you to take ownership of your brand and protect it from platform rules, suspension and termination, even as those platforms change and stutdown.
Here are few reasons why successful eCommerce seller should invest in their own eCommerce website.
1) Owning your brand means owning the customer
Moving away from selling as a third-party seller on Amazon, Flipkart, and Meesho means taking more control of your brand and customer as you spread to new platforms. When you solidify that brand on your eCommerce website, you’re telling customers that they’re buying from you, not an eCommerce platform. This gives you more opportunities to drive brand loyalty because you own the sale and the customer.
When you make a sale through your eCommerce website, the customer is buying directly from you and they know about your branch and eCommerce website. However, when they purchase from your store on Amazon, eBay, or Walmart, you can also brand your products, drive customers to your original eCommerce website, and stay in control as the brand behind the sale.
- Brand your products and boxes wherever it doesn’t conflict with Terms of Service to drive customers to your eCommerce website. You can not do with other platform.
- Add your website URL to your pages and logo wherever possible when it doesn’t conflict with platform ToS.
- Connect with customers as your brand rather than as an individual.
Branding your store allows you to build a customer base of people who know and trust you, who expect certain levels of service or quality from you, and who will tell their friends and family about you. Having your own website makes branding easier and more reliable because you have a concrete, well-defined, and focused online presence to direct customers to.
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2) Diversification
If your entire brand is invested in one platform Amazon, Flipkart, or Meesho, you could lose that brand at any time. For example, Amazon sometimes suspends even healthy accounts with no red flags, and while those accounts do often go back up, the business still loses money and customers while offline.
Moving your eCommerce business multi-channel helps you spread risk around, so if something goes wrong, your business is still protected and you are still generating revenue. Plus, if your existing marketplace customers know your brand name, they can find your website and go directly to you to make a purchase. Owning your store opens up multiple touchpoints for customer to reach your business.
3) Encourage loyalty
Repeat sales are one of the primary factors behind eCommerce growth, simply because selling to an existing customer is easier and approximately 20% more cost-efficient than going after new business. Selling from your own website gives you more opportunities to create new customer touchpoints and repeat business, because you can establish your own eCommerce website or store as the source of the customer’s satisfaction and value.
A web store allows you to:
- Sign customers up via email for repeat contact
- Drive customers to social media pages to continue engagement
- Connect and offer value through content like video and blogs surrounding products
- Market a branded line of products which will hopefully drive the same consumer trust as your original product to encourage repeat sales
- Use package inserts and coupons to drive return business or ordering accessories/refills
Each of these tactics can greatly increase your ability to drive sales because studies indicate that about 65% of all brand sales come from repeat customers. However, customer contact often isn’t allowed on a platform like Amazon, where you’re not actually allowed to use branded package inserts or to send emails beyond what is necessary to offer a quality customer experience.
4) Increased marketing opportunities
Cross-promotional marketing, powered by your own website can boost revenue.
For example, if you sell coffee filters, you could work with a brand selling coffee machines to give their customers a 25% off discount on their first purchase of filters. This would drive value for both your brand, your partners, as well as your customers.
This type of promotional marketing opportunity won’t work if you’re only on a platform like Amazon, because you have to rely on the platform’s capabilities, their policies, and the customer’s willingness to purchase through that platform again.
5) Reduce cost per sale with your own eCommerce website
Any marketplace you sell on will charge a percentage for the use of their platform. While building and managing your own online store is expensive, you may quickly find that it reduces costs or pays for itself once you drive a higher volume of sales through it.
If you can reach a customer directly through your own website, you’ll save on seller marketplace fees, and be able to reduce your average cost per sale across all channels.