The world is going digital and the way that consumers shop is no exception.
The Office for National Statistics (ONS) revealed that online sales accounted for 25.3 per cent of total retail sales in September 2022.
So, if you own a business, embracing e-commerce should be something you are considering.
According to a recent report, increasing businesses’ access to e-commerce could boost the UK’s economic output by £4.6 billion.
The survey, which was sponsored by the Social Market Foundation (SMF) think-tank and Amazon, revealed that UK SMEs are falling behind their international competitors.
However, e-commerce could strengthen their position.
What are the benefits of selling online?
With the cost-of-living crisis hiking your outgoings, going digital could reduce your running costs.
Selling solely online would make renting a retail space redundant, which can save you a lot of money.
Whilst you will need to store stock, you won’t need to pay for the upkeep of a retail shop, such as repairs, and maintenance.
E-commerce also provides the opportunity to tap into other markets, as barriers like location are removed.
According to the survey, 29 per cent of export SMEs said selling online promoted a higher level of brand awareness, which is key to increasing sales.
The survey also revealed that 33 per cent of export companies found e-commerce helped to build customer trust. Whereas 30 per cent believed it helped to resolve customer disputes.
These factors are instrumental to increasing customer loyalty and helping your business to thrive.
There may be initial costs involved when opting to sell online, so it best to speak to your accountant on the best route for you.
Need advice on your business plan? Contact us.