Could someone Explain Press Releases Better For Me?

I know I know, there are probably tons of threads about it, but for some damn reason I cant find them. Yes! I have used the search button.

Could someone explain to me though, more about why press releases benefit a company? Are they releasing news about the company? What if there really is no news to be written about it! Lets say an e-commerce site sells products of all different brands, what would a press release do for me? I am talking about a very well written press release. Nothing cheap here. I am interested in getting to know what they are and how it will benefit my site!

I really do appreciate any help I can get!

They're really, really easy links to get and the search engines don't consider them as spammy as other link sources. If your PR hits the right feed, it can get a decent number of links as people's blogs are just autoposting feed content.

From my experience, there is really no middle ground between the free do it yourself PRs and the high end $300-$400 will actually send it to trade publications and the Associated Press route. The ones I looked into with low cost options all did nothing more then the free ones and tried to upsell you to the higher distribution packages.

If you've got the budget, legitimate news and want to spend the cash, go for it. If you're only in it for the links, pick a few highly rated fiverr gigs and see which one performs the best for you.

A press release, news release, is a written or recorded statement directed at members of the news media for the purpose of announcing something. You site is e-commerce so It needs advertising, and making a press release is a form of advertising that works. To use a press release in your ecommerce strategy, you write up an article about your web site, or something connected to it. Then you distribute the article to the press and if they like it, they will publish the press release. Or you can pay them to do so (whether they like it or not.)
Ecommerce strategy to work:-
Choose a topic that relates to your product/business.
Create a news-item sounding title. Don't make it sound like an ad, like "Best Ecommerce Strategy Book Now Available!"
Write a summary block in Title Case below the heading

Thank you both for your amazing responses. I got exactly what I needed out of that! Much appreciation .