The craze of e-commerce business is increasing. More and more people are buying stuff online which is why more and more business owners are moving from brick and mortar store to an online store.
But is that the only reason as to why you should start an e-commerce business in 2018? Nope!
Here are more reasons:-
Reason 1: E-commerce is growing faster than ever
In 2017, the value of retail e-commerce sales worldwide was 2.3 trillion US dollars and by 2021 it is expected to grow by 4.88 trillion US dollars. The face of business is evolving, it is not just about selling products to customers, it has become much more than that. Competition has increased a lot, customers want better services at lower prices, they need reasons for buying from you and starting an online store, is the best way to stand out.
Omnichannel, social media influencers, social commerce, chatbots, email marketing, google analytics, everything has changed the process of selling.
Reason 2: It's more affordable and easier to sell online
Now that might sound something very difficult to believe, but that is actually true. We live in the age of automation and technology, the internet has an answer for everything. How to set up an online store? How to find the niche product? How to take care of advertising? What to do and what not to do! Everything.
There are dedicated apps for every purpose, like to set up an online store you have Shopify, for managing the entire e-commerce business from inventory to accounting you have EMERGE App, for advertising you can use Google Ads, Facebook Ads.
E-commerce business is more economical. Some apps are free, for some you have to pay. But a lot of money is saved as you don't have to open and maintain a brick & mortar store. The basic things that you need are an Internet connection, laptop, mobile and time to research on the internet (rest of the things that you need internet will tell you.)
Reason 3: You can reach beyond your limits
For any kind of business the location of the store matters. Whether it is situated in the main market or not? Do the people living in that area prefer the products you sell? How popular is that location? A lot of things to consider while launching an offline store. All these doubts and questions are removed if you open an online store.
E-commerce removes the limitations, you can reach out to the people from all around the globe. Some people want to search online and then buy offline ( ROPO trend - Research Online Purchase Offline ). So if you own both online offline stores, this will turn out as a plus point for you.
The abandoned cart is a very common phenomenon in online shopping but there are so many retargeting tools available online like email marketing, posting ads to avoid it.
You get access to a variety of platforms and marketing channels. Facebook, Twitter, Instagram. Youtube and all kinds of social media marketing are getting very popular these days.
Like hosting giveaways, asking to refer to friends or tagging in posts in exchange for brownie points, are very cheap ways in which you can increase your customer base.
You can also get in touch with Social Media Influencers. Before buying anything online, people look up for reviews. Hire good influencers, send them some free products. And then ask them to post honest reviews. Positive reviews will make their followers your followers. All this helps you to increase your customer base quickly with minimal investments.
Reason 4: Earn while you sleep
There is a quote which goes by "If you don't learn how to get paid in your sleep, you will work until you die." Your online store will be open 24 * 7, customers can look up whenever they want, buy from store whenever they get time. Your physical presence is not needed.
Omnichannel is a trend getting popular in business these days. Whatever marketing you do on social media or via email, everything will lead them to your online store. This 24*7 visibility helps to bring more and more sales.
Reason 5: Expectations of Customers
More than 80% of the web population has bought products online. Why are they shifting from offline to online? It's not just because everything is being delivered at their doorstep, or there are better prices and better options available online, there is much more. Customers are ready to pay more for better experiences.
In online business, you need to have customer support team to deal with the complaints. Pre and post customer service is very important in today's business scenario to keep your customers happy. If your customer service is good then it will act as a marketing strategy.
It will help you gain the confidence of the customers by developing a trustworthy relationship. And just like that, they will become your loyal customers. Also these happy and loyal customers will help you gain new customers through word of mouth. Internet is a small world. They might post good reviews that would draw new customers to your online site.
Reason 6: Validate new ideas
Many times you have new ideas but you are not sure whether they will be a big hit or a big flop. In an offline store, you just launch the product or the idea by taking a risk. In an online store, you don't need to take the risk, instead, take opinions from your followers. Create enticing posts related to the new launch and post them on social media websites. Give a sneak peak of the product, take opinion which design or color do they prefer more. See if it is generating interest among them or not.
You could also launch pre-order page of your product. Create Facebook ads, Instagram posts or email campaigns that direct buyers to the pre-order. Doing all this will let you get an estimate of how much pre-order sales is coming, people like your idea or not.
Reason 7: Hassle-free Distribution and Logistics
If you already own an offline business you already know where to buy your products from. The good thing about e-commerce platform is that you won't need to store inventory if you have good contacts with vendors and sellers. The products can be directly shipped to the buyers. Dropshipping is a good option.
Reason 8: Mobile Commerce
Once you have successfully established an online store and now you looking for new options, it’s now time to create successful mobile application. Launching a mobile app store will just increase your flexibility and reach. More customers will be driven to your website and hence more sales.
Reason 9 and the most important one: Independence and Creativity
The reason why you became an entrepreneur is that you are full of creative ideas. Opening an online store provides you a platform where you can implement your creative ideas, like build an artistic and captivating website, that pushes your customers to visit again and again.
Also opening your store's accounts on social media websites lets you engage with your followers in different ways.
There a lot of benefits. It increases the level of flexibility like there are various online payment methods you can use on your website.
Starting an online store will not magically sell all your products. You have to put the same amount of hard work as you do in an offline store, just that it opens door to more innovative way.
If you have a concept in mind, now is the time to pull up your socks and launch an online store. Embrace the new era of technology and spread the charm of your business globally.
Author Bio: Raviraj Hegde
Raviraj is a growth strategist at EMERGE App. EMERGE App is an multichannel inventory management software for small businesses. You can connect with us on Facebook, Twitter and LinkedIn.