4 reasons why e-Commerce platforms are good for business

By 2026, almost a quarter (24%) of retail purchases are expected to take place online, meaning businesses need to be ready to seize the day. Pascalle Albrecht, National Head of Commercial Card Strategy at Nedbank Commercial Banking says it’s not too late for businesses to get on the e-Commerce wave.

"Since COVID-19, the rapid growth seen in digital and e-Commerce is beginning to steady itself, and whilst the growth projections are still high, it is growing steadily. This means that the opportunities for moving to digital and e-commerce are now clearer and better understood," says Albrecht. 

Since the pandemic, we have learned that e-commerce provides:

• A faster buying process for the client same day;
• Flexibility in the client purchasing experience;
• A much larger client reach for businesses when compared to a traditional brick-and-mortar store.

 Here are four reasons why e-Commerce and the platform economy are good for business.

Meeting the consumer where they are

 At the centre of each business model is the client and making sure their shopping experience is as seamless as possible and e-Commerce can help businesses fulfil that mandate. According to data from Statista, more than half of online shoppers choose to do so because they can shop at any time of the day.

"The main reason people buy online is that they can do it whenever they want from anywhere on the planet. This feature makes the shopping experience very easy and convenient. It allowed e-Commerce to thrive during the pandemic when people were stuck at home, unable to buy in physical stores," she says.

Making money while you sleep

The e-commerce market not only has benefits for consumers but can also benefit your business by allowing for flexibility and the ability to tap into foreign markets. 

"All this flexibility means that businesses can increase their sales due to 24/7 availability and reaching a much broader market, reduce operational expenses associated with a brick-and-mortar storefront and last but not least – have access to the wealth of customer behaviour that the analytics of their platform could provide, allowing for hyper-customisation," says Albrecht. 

AI solutions

You cannot have a conversation about e-Commerce without looking into how artificial intelligence (AI) plays in streamlining e-Commerce solutions.

"It’s not just buyers who benefit from e-commerce flexibility. Solutions like service automation or AI software give retailers more freedom when selling online," says Albrecht. 

Consumers have also shown an interest in AI. According to a report by PwC, when consumers were asked how the rise of AI functionality might affect their near-future shopping behaviours, 44% of consumers said they would be interested in using chatbots to search for product information before they make purchasing decisions.

The platform economy 

Building your e-commerce site to host your products might not be practical, especially for smaller businesses. The platform economy on the other hand, where you leverage the reach of already established e-Commerce sites, can help you reach consumers far and wide. 

"Various digital platforms have established easier links between people from different remote corners, connecting them to the platform economy and providing them with the services they need. That is why the preference for digital channels for both customers and suppliers is thriving," Albrecht says.

Platforms like Nedbank’s AVO app are here to help consumers and businesses alike tap into new markets and create a seamless shopping experience.

With AVO, companies can use the platform to load their online storefront and list all of the goods and services they offer at the rates they choose. Consumers can browse products and services, make purchases, and schedule delivery on the AVO platform. Even in remote locations, AVO links merchants and buyers by facilitating the entire payment leg, giving consumers greater alternatives and giving vendors access to a larger market than their physical location could ever offer.

"AVO has grown significantly since launching and AVO B2B is seeing similar results purely because of the value it brings to businesses. With AVO B2B – businesses will have the opportunity for customers to come to them and then accept what jobs they wish to take on thereby providing the value of choice. Businesses will have the ability to keep track of their jobs, quotes and invoices all within one dashboard thereby creating efficiencies," she says.

"Payments are receipted directly into their wallet ensuring no time is wasted between delivery of goods and receipt of payments – enhancing cashflow. Payments are secured upfront with payment reservation reducing the impact of impairments. The platform allows customers to rate and review your services – allowing the opportunity to scale through positive feedback," she continues.

Visit Nedbank HERE and get started on your journey into the digital future.