In recent years, E-Commerce has taken the world by storm. It has given much convenience to consumers by allowing them to shop easily right from their homes. Traditional shopping is now outweighed by online shopping. There are multiple online stores offering lucrative deals with flexible payment options.
Moving your business to online stores is now the need of time. As life has become increasingly busy. People generally do not find it easy to take time out of their schedule and go to a mall for shopping when all the famous brands are easily accessible to them via their computers or smartphones.
E-Commerce is your way to success whether you are planning on starting a new business or looking to expand your already running store. E-Commerce helps you increase your customer base without having to pay extra taxes, store rent, and various other expenses. You can cut your costs and offer more competitive prices on your online store for better growth.
To survive in this fiercely competitive online business world, it is an absolute necessity now to own an online store. Before diving into the many pros of having an online store it is an absolute necessity to know full well about E-commerce and its many aspects. So we start with E-commerce.
What is E-Commerce?
Any form of business transaction that is done over the internet is known as E-Commerce. Generally speaking, it is a broad term. Online Retail Shopping is just a smaller part of this concept. Online shopping is purchasing goods or products via the internet.
You can easily sign up on any eCommerce website as a seller and register your store. That will enable you to sell products under the banner of that website and earn. You would need to have the products and you can sell to any person, anywhere, anytime.
Below listed are some of the major advantages of owning an online store.
You would be saving a lot of costs by moving your business online. In order to own a physical shop, there are many extra expenses like store rent, electricity bills, commercial taxes, and insurance, etc. But in an online store, you are saved from all expenses. You will not even have to hire any extra employees as well.
You would be saving all these expenses and can use this extra dough to give good deals which will help attract more customers. Money can be spent upon improving your business or doing marketing of your online store on platforms like social media and Google AdWords.
An E-Commerce website does not cost a lot for giving services. It will be just a little fraction of what it costs to rent out a physical store.
In a physical store, customers expect to see all the stock and choose amongst them. It needs a strong investment as you need to buy all of that and then sell it out later. However, it is not the case in having an online store. You can just procure the item whenever an order is placed. The physical presence of the item is not necessary.
This is very helpful for those people who have the idea but do not have much capital investment. You can start by supplying things as per the demand and then add stock later when you have enough money. Convenience is the norm in online shopping.
Physical stores require human presence which is not available for 24 hours without investing in shift workers. However, in the case of the online store, you can work as per your own convenience and your presence online is not required most of the time. Customers can visit your store 24/7 and can place their orders. You will be notified of the order and you can ship at your earliest convenience.
You will not have to worry anymore about paying overtime bills to your workers or more utility bills for opening till late. It gives you the flexibility to work on your own schedule and timings. An online store can be updated as per the needs and whenever you want.
As a physical store owner, you are limited to customers in nearby areas only. This is not the case for an online store. You would have the option of introducing your product to people who live miles or even countries away from you.
Having an online store makes you easily accessible from anywhere. Users from all over the world can view your products and order them. Your customer base is vastly broadened. It can help you grow at a rapid rate if your rates are competitive and your product is good.
The reach of your store is also dependent on the platform. Online Shopping Platforms such as eBay, Newegg have a strong regional presence while the giants like Amazon has a worldwide reach and can help you find a new market for your product from a broader horizon.
The use of targeted marketing services can greatly help you increase your customer base much wider than a physical store. There are companies that provide services for digital marketing. Affiliate marketing is also a viable option.
These companies collect data and then filter the users out on the basis of their online activity. Then the marketing of your product is done to the specific group of users who already have a keen interest in a similar product to what you are selling. This greatly increases the chances of them visiting your store and order from you.
Spending on digital marketing is a strong option that should be explored for the growth of your online business.
There is no doubt of the impact on the growth of your business by having an online store. It is possible for you to compete with any big retail chain business if you can intelligently manage your online store effectively from home. So, what are you waiting for? Do not waste more time because it is time to move your business online!!!