According to Global E-Commerce Statistics, it is expected that sales will reach $4.5 trillion. This is a clear indicator that the market is huge and that there’s a place for more quality E-Commerce stores.
80% of the world’s online population have bought something on the Internet (at least once). If you own a brick-and-mortar shop, then this is the most reasonable incentive to increase your customer base by expanding your reach with an online shop.
Here Are A Few Strong Reasons Why You Should Launch An E-commerce Business, Establish Your Online Presence, And Capitalize On It:
1. Getting Things Up & Running Is Very Easy
There are more E-Commerce tools now than ever before, but more importantly, they have gotten a lot better over time. From SEO and marketing automation tools to selling platforms, even bootstrappers can manage to do it with small investments.
You can choose to sell from your own website, because that way you’re in control of your entire business. Also, it’s easier to stand out from the competition if there are not hundreds of other online sellers that you’re listed next to on E-Commerce platforms. The design should be custom, unique, and optimized for your business’s requirements. Visual appeal is crucial for making the first positive effect.
The product is the most challenging aspect to get set up. If you’re lucky to be passionate about a particular line of products that have helped you personally, walking through the process of building relationships with product sourcing or distributors will be much easier. What drives you to do this work is passion and personal belief, which you need for building a good business.
2. Earning Money Even In Your Sleep
If you don’t find a way to make money while you sleep, you will work until you die.
– Warren Buffett
With an E-Commerce store, you won’t be limiting your customers to making purchases only during open hours in your brick-and-mortar stores. You’ll be allowing them to order whatever they want and whenever they like. For people who are so busy, they don’t have time to visit physical stores, buying from their own homes is a great time-saving opportunity. For E-Commerce, you can set your store up on your domain name, and reach the global market, while with brick-and-mortar stores, your location (in terms of sales and visibility) is of primary importance. You can expand your E-Commerce business by leveraging technology at every turn, and by targeting the right audience.
3. Simplified Distribution & Logistics
Running an E-Commerce business can mean that you can be a Drop-Shipper. Forget about complicated details of shipping or renting a storage warehouse, because if you want to set up an online store, you just need to list the items that you want to sell and send them to your suppliers. This way, you are a middle-man who doesn’t have to keep the products they sell in stock. Just take orders for the products listed, contact the suppliers (manufacturers or wholesalers), and let them take the order. This kind of E-Commerce store doesn’t require managing inventory, large investments, and worrying about product returns. If you’re a newbie to eCommerce, this is an excellent starting point.
4. The Power Of Retargeting
With great remarketing and retargeting tools and apps, you’ll be able to capture customers before they completely abandon their shopping cart. Every E-Commerce business wants to make more sales, and shopping cart abandoning is a prevalent problem. You have to be willing to ensure maximum conversion by tweaking and optimizing your funnel.
According to the SaleCycle Blog, this year’s global cart abandonment rate has been 76.9%. Know that there are things you can do to re-engage customers who abandon their shopping carts, such as sending an email (shortly after the shopping cart is abandon) to remind them about the items. You can track most important customer metrics, like how much time they spend on a particular page, what pages they visit, as well as what they put in their shopping cart. This information can be used as leverage for persuading potential customers to purchase from you.
E-Commerce allows you to sell more as you go down the line, through content marketing. By creating value-adding and relevant content, you can capture your readers as email subscribers, and notify them about promotions, discounts, and sales. Since the future of the retail industry lies in online shopping, starting an E-Commerce business can be the right business move to make.