Are you the proud owner of a wholesale or retail business with lots of stores and several employees, but with little to no brand visibility? Are you looking to reach out to more customers?
Well, it’s time to reconsider your business expansion goals. With the potential to reach out to buyers from around the globe, e-commerce should be an important part of any business nowadays.
You have the potential to grow and reach the heights of the likes of eBay or Amazon someday. All you need to do is to start doing your business the right way.
So, why don’t you start an e-commerce business? Here are 9 reasons why you should set up an ecommerce business today:
- Cost Effective
The items on sale on various ecommerce platforms are sourced directly from the warehouses or factories. Once a customer makes an order, the product is directly shipped to them, so there are no middlemen involved in the process, except the e-commerce store.
On the other hand, there are multiple middlemen and distribution channels involved in a brick-and-mortar store product, which increases the selling price of the product.
This is the undeniable reality about retail store prices. Fortunately, you can reduce the prices by selling your products through an e-commerce store. And many customers know this. That’s why more and more people are making their purchases online instead of buying from a retail store.
- Everything’s Online
With global internet access, it seems everyone in both developed and developing economies is already online. Advanced technology has enabled us to do most things online, shopping, making payments, surfing net etc.
Most of the products, necessary or luxury items are already selling online as well. And many people are turning to online stores even for their daily necessities. This saves them time and effort. For example, you can find everything you’d ever need on online stores like Pinduoduo – from groceries to home appliances.
All you need is just a device that has internet connection and you are good to go.
- Wider Audience Reach
As already mentioned, the majority of the global population is now active on the internet, and the number of customers shopping online is constantly increasing. This means there has never been a better time than today to take advantage of these online shoppers.
Every business, small or big, can enjoy a wider audience reach. There are e-commerce platforms that have made it easy for small businesses to compete with the larger, established brands. These days, customers can get to know more about the smaller businesses at the click of a button.
This is one of the main advantages for not just smaller businesses but also for start-ups. Startup businesses can now enjoy a wider customer base in the global market. This has become easy thanks to the growing potential of the e-commerce industry.
With websites and dedicated apps on mobile devices, online shopping has greatly transformed the way we buy our favorite products and services. Their impact in our day-to-day lives has been immense. Retailers should take advantage of these ecommerce tools to widen their customer base.
- Freedom and Flexibility
Online stores are very easy to manage since there are many options available. Many online businesses can be managed with just a computer and a reliable internet connection.
This gives you more freedom and flexibility to perform your day-to-day business operations where and when you want. For a change of environment, you can get out of your house and work from a café. If you love traveling, you could easily run your business from any part of the world.
Brick and mortar stores have a limited audience. Their customer base consists of those who live in the surrounding area. They are also able to tap only into the skills of the workers they employ.
On the other hand, online businesses have a greater potential for expansion since they can hire freelancers on short-term contracts. Also, an online business can constantly hire the most skilled people for the task at hand.
Furthermore, tying your audience to just a single location has some significant risks for your company. An online business can offer your business a higher level of flexibility.
Think about the Coronavirus pandemic, for example. Companies with an online presence have flourished even during these uncertain times. Local and traditional businesses have suffered immensely.
- Tax Benefits
By running an online business, you can enjoy tax benefits. Since you can start an e-commerce business from your home, you can enjoy tax deductions.
You do not need to spend on furniture, computers and utility bills when operating an online business. Starting your online business will allow you to enjoy tax benefits by spending much less. While this is one of the reasons to start an online business, it should not be the only reason.
- Ease of Entry
E-commerce tools have gotten much better over time. From online selling platforms to SEO tools, you can get your new e-commerce store up and running easily and without breaking the bank.
The most important thing is choosing a product that you’re passionate about. This is because it’s your passion that will perform the tasks you need to perform to build your dream business.
- Earn While You Sleep
With an e-commerce store, you can earn while you sleep, on holiday or a night-out with friends and family. With commitment and the right products, your online business can generate income at all times.
E-commerce transactions take place 24 hours a day, 7 days a week, 365 days a year! This is because your potential customers live around the world and they want to purchase your products or services. Choose and sell the right products and you might start enjoying a profitable online business at all times.
- You Are Your Own Boss
If you want to own a business, where you make those executive decisions, then starting an e-commerce business is the way to go.
Never in the world of business has it been easier, faster and cheaper to set up and own a business than today! However, it requires effort, commitment and some learning to become a profitable business.
Isn’t it the right time to be your own boss? Just believe and start that business you’ve always dreamt about. Yes, you can achieve it!
- E-Commerce Market Is Expanding
Since it’s very easy to set up an e-commerce business, the opportunities for expansion are virtually endless. When you start enjoying success, more customers will want to purchase your products since online advertisers are available to help you reach out to more prospective buyers.
Since it is cheap to operate, you can hire new employees, and even open branches around the world. Stats show that the e-commerce market is expanding, and the e-commerce model is a great option for individuals looking to set up a new business and those who are looking to diversify and widen their customer base.
The Bottom Line
Starting an e-commerce store is a no brainer for people who want to reach out to more customers. Hopefully, these 9 reasons show the importance of an online store for your business. And with the e-commerce market constantly expanding, there’s no better time to get started than now!