The Importance of Starting an Ecommerce Business
Who does not want to run a successful business without breaking the bank? And if this can be achieved by making the most of digital revolution, then there is nothing like it! That is probably the main reason why ecommerce continues to soar globally and why even large companies are opening their doors to this business model. According to forecasts done by Emarketer, ecommerce sales is set to grow leaps and bounds with sales touching expected to touch $2.5 trillion by the end of 2018. And that’s not all. A study conducted by Credit Suisse Research Institute, earlier in 2015, had predicted that total annual online retail sales could reach upto 3.5 trillion USD. With such positive outlook surrounding this business model, we decided to deep dive into the reasons why starting an ecommerce business makes so much sense.
For instance, ecommerce businesses can sell tangible and intangible products or services, and reach out to millions like never before. They can not only sell more this way, but also diversify more, broaden their brands, take risks and cut losses.
- Unlimited reach: The global internet audience continues to grow (3.5 billion as per Plunkett Research) and thanks to the vast base of high speed internet, its much easier to offer your audience a range of products and services. And that makes ecommerce a natural winner. Whether you are planning to create a new company or expanding an existing one, ecommerce can open up a world of opportunity.
- Location indifferent: Unlike physical stores, ecommerce stores don’t require prime locations to be visible to their audience. The swanky high street corner spot does not matter any more. All you need is a smart domain name, good product photos and a selling platform to get up and running – and the world can be your audience. You can do better if you don’t underestimate the power of physical advertisement in places like subways or parks. Just employ advanced technology whenever possible.
- Go with your favourite: With ecommerce, you offer a wide array of options to customers, be it clothes, cookware or electronics. Naturally, the buyer feels more motivated to make a purchase, as he or she can surf different categories or items for hours and read reviews or research.
- Don’t have to break the bank: The best part about ecommerce is that you don’t have to go bankrupt to start a business. Not a lot of investment is needed to set up ecommerce sites, more so if you are in the know about SEO tools and the concept of marketing automation. Just build good relationships with distributors, so that you can procure quality products.
- Easy to build loyal user base: It has been found that around 80% of the web population purchase from ecommerce sites now and then. There’s no reason for you to not make use of this staggering figure! An easily navigable and aesthetic website, great informative content and ample privacy and security measures can encourage customers to trust you. Keep making improvements to build a large loyal base.
- Retargeting customers easier than physical stores: Ecommerce businesses sure have more advantages than physical stores. For instance, the problem of abandoned carts can be addressed smartly with retargeting tools when you have an ecommerce site. Valuable, engaging and original content is yet another way to lure customers and inform about discounts or promotions. You also get to tap into social media platforms like Facebook or Twitter, by integrating your ecommerce site with them. Interesting and useful posts, offers and fun competitions can boost your social media image and enhance the traffic for your online store.
- Ecommerce offers a personalized experience: By setting up an ecommerce site, you can offer a more personal experience to shoppers than brick and mortar stores. Potential buyers get to enjoy benefits like prompt customer service, tracking of orders, rewards, personalized recommendations, newsletters and more.
- Offers ease of shopping to customers: Remember that the more convenient you make the shopping experience for your customers; the higher will be your sales. And what better way to do it than with ecommerce sites? On such sites, shoppers can place orders on busy weekdays, weekends, early mornings, late nights and holidays too.
Finally, starting an ecommerce store can let you manage your time and resources as you wish, and build your brand in a more affordable way than the traditional route. Plus, trusted online payment gateway services like PayTabs can help you with hassle-free payment receipt, enable mobile payment, send invoices to customers and make fund transfer a cakewalk. So, what are you waiting for? Take your business online and see the difference!