Why should eCommerce businesses outsource?
The global eCommerce market is expected to grow to approximately $16 billion by 20271, with a compound annual growth rate (CAGR) of 22.9% from 2020 to 2027. This growth can be largely attributed to the implementation of omnichannel business models, the increased use of social media, the adoption of internet services and advancements in payment modes. Advanced technology such as virtual reality for personalised shopping experiences is one of the many trends contributing to eCommerce market growth.
The eCommerce market is booming. The COVID-19 pandemic increased online sales globally. Consumer lifestyles and buying patterns have changed, enabling them to switch from purchasing in traditional bricks and mortar stores to online. eCommerce businesses need to embrace this new reality and adapt their current business model to meet consumer demand - or risk being left behind.
There is also the current global talent shortage that is gripping organisations, with nearly 69% of businesses2 having difficulty sourcing and retaining skilled talent. With the pandemic alone pushing global unemployment over the 200 million mark3, it would be fair to assume that employers might ‘have their pick’ from a large pool of quality, skilled workers who suffered because of sudden employment losses or financial turmoil during this time. However, there is research to suggest that applicants are now in control4, wanting more value-based benefits from potential employers rather than just financial gain.
Considering alternative resourcing strategies, like outsourcing, is a way eCommerce businesses can open up to a global pool of quality talent and reap the following benefits:
- Cost savings: Outsourcing can save your business money by having day-to-day tasks completed in a lower-cost economy, where employment costs are up to 70% less.
- Expert support: Outsourcing providers are experts in providing insights and advice at each stage of the outsourcing process. Their expert advice can help your business get the best out of your outsourcing journey and ensure it is optimised for success.
- Improve business flexibility and availability: Outsourcing can help your business become more agile and flexible by opening up 24/7 availability.
- Business growth: Outsourcing can free up funds that can be used to reinvest back into the growth of your business. With the additional support of an offshore team member(s), you can increase the capacity for your business to take on more work.
- Improved staff satisfaction rates: Outsourcing can help you to identify roles and tasks that would be best suited to send to an offshore employee. That way, your local team can focus on what they do best and what motivates them, improving job satisfaction for employees in the long run.