Three main reasons why Bitfiner decided to add even more focus on eCommerce in late 2020

Arrow Blog
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March 8, 2021
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News
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Lauri Post

Bitfiner started as a small design studio in 2014, and at first, we designed simple websites and ad campaigns. As time went on, we began to receive more projects from various industries. It was like from wall to wall - we do it all. 

A few years later, we designed and developed websites, apps, software, virtual tours, eCommerce sites, catered branding, copywriting, animation, videos, and who knows what else. 

While it was delightful to work on so many different projects and industries (and also win awards, get recognized, with clients from over 20 countries - it was clear we lacked focus.

1) Over 60% of eCommerce projects by the end of 2020

Even though we started as a design studio, the main reason is apparent at the end of 2020 - Bitfiner was already feeling like an eCommerce agency. We mostly worked on eCommerce projects and everything that’s related to it. We spent more than 60% of our time on eCommerce projects already. And we did not do much to make this happen, just kind of evolved. 

Sophisticated UX/UI design projects, custom developments, branding, and animation, etc. - were and are still on the table, but eCommerce seems to have taken over. 

And nobody complains. We have fallen in love with eCommerce. Looking back a few years, I think it all started when we started participating and organizing various events in the field. And even further evolved when we officially partnered with The Estonian eCommerce Association. 

After we launched our pet-project Helumium, a COVID-time cure and conversion kit for all hungry eCommerce businesses - graving to improve their UX and bottom-line, it became apparent that there is a lovely market waiting for us. And there are many under-utilized market niches.

2) As we like numbers, the stats and predictions on eCommerce are impressive 

According to 99Firms’ Ecommerce Statistics for 2020, the eCommerce market is not only thriving, but it’s expected that more than 95% of all purchases to be conducted via eCommerce by 2040.

  • It is expected that mobile commerce will take a market share of eCommerce of 72.9% by 2021.
  • There are over 2 billion digital buyers in the world. (Source)
  • Ecommerce grow to reach almost a third of all UK retail sales in May and June 2020. (Source)

The Global Consumer Survey Report 2019 suggests that investing in customer experience should be a priority to businesses. Aside from measuring ROI (Return on investment), companies should also start measuring ROX (return on experience) and determine how an increase in customer satisfaction scales their businesses.

More interesting eCommerce Statistics:

  • The eCommerce industry is growing 23% year-over-year, yet 46% of American small businesses still don’t have a website.
  • 93.5% of global internet users have purchased products online.
  • Segmented campaigns to email subscribers drive a 760% increase in revenue.
  • Online stores with a social media presence have an average of 32% more sales than those that don’t.
  • 74% of consumers rely on their social networks to make purchasing decisions.
  • 40% of all online purchases made during the holiday season are done on smartphones.

Looking at those statistics, it feels there is plenty to do, and we can have a clear focus point. 

3) It is time to focus and align all our skills to one specific area - eCommerce

Considering the past, the present, and the future - it is apparent that eCommerce is our cup of tea. We have proven times and times again that we only not design unique and pleasant eCommerce experiences and interfaces but also move the bottom line needle up significantly.

Happy clients, high ROI, happy users, awards - it all confirms us; we must give it a try.

Bitfiner is data-driven. It is nothing special - but what makes us unique is the combination of skills in research, analysis, UX/UI design from many industries and project types.

Think of Bitfiner as a group of psychologists, architects, and designers. We’re platform agnostic and just love to focus on the business and deliver high ROI products and services to our clients. We’re able to design well-crafted eCommerce solutions, and as history has shown - we can go a lot further - even design sophisticated lab software for San Francisco’s chemists.

CX/UX is a lot like psychology - it affects and applies to pretty much everyone. There are common areas and behaviours in eCommerce that can be influenced to have more significant sales and profits. 

So we plan to narrow down our expertise in research and CX/UI design mostly around everything related to eCommerce and has a proven track record of making an impact on business. And we plan to do it uniquely. As it all takes time, we all get to see it happening step by step. 

PSSS! Bitfiner kept the design studio open too, as most of the work lands on our table via word of mouth, we thought we keep it as it is. It is called a “Don’t tell design studio” - and the reason for it is simple. We “hope” no one will find it and will not ask us to design another piece of extremely convenient-to-use software, apps or virtual tours, or even corporate websites. At the same time, we “find it highly likely” to happen and do not mind keeping the designer’s pencils sharp.

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This article was brought to you by Lauri Post

Founder and CEO of Bitfiner, and also a professional UX/UI designer with more than 8 years of experience in working with clients from over 20 countries.

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