You grew up seeing Amazon and eBay, who started from a humble beginning and later went on to become the giants in the E-commerce industry. In fact, it transformed the way we used to shop. It brought convenience in our lives and enabled shoppers to purchase anything from anywhere with an internet-enabled device.
Inspired by the fascinating journey of Jeff Bezos to the top, you decided to follow in his footsteps but still susceptible about whether you should start an E-commerce business or not? This article will clear all your confusion and convince you to open an E-commerce store.
In this article, you will learn about the reasons why E-commerce is the future of shopping.
1 – Low Financial Cost
You don’t have to set up a brick and mortar store which is a big sigh of relief for businesses on a tight budget. With everything online, you don’t have to pay utility charges such as electricity bills as most brick and mortar store owners have to do. If you have an online store that sells a wide range of products then you might be getting a lot of orders which will be shipped from warehouse or wholesaler directly to customers, which brings down the cost even further. You can cut cost in supply chain and reduce transaction costs by streamlining supply chain management and distribution.
2 – Ability to Sell Globally
You started by selling only to local customers but wanted to expand your business beyond the boundaries of your country. E-commerce store allows you to do that easily. Expand your business internationally and reach out to global customers. Sell your products to new markets and attract more customers. You don’t need to open brick and mortar stores in different cities around the world, which is quite expensive. You can offer the same facility from your online store. Partner with international shipping companies that allow delivering products abroad in a timely manner.
3 – Round the Clock Sales
Ever wished you could make money while you sleep? With an E-commerce store, you can easily do that. Unlike brick and mortar stores, which have open and close timings, you can sell products 24/7 with an E-commerce store. This allows customers to buy products when they want and they no longer have to wait for your store to open. Additionally, it increases your sales and helps you earn more revenue. Some E-commerce stores also offer discounts and special offers at odd hours to encourage buyers to purchase products and increase their sales in the process. This allows them to convert low sales into high sales numbers and you can also use this tactic to boost your sales numbers.
4 – Personalized Online Experience
Every buyer is different. Everyone has their own preferences. In order to be successful in the E-commerce industry, you will have to give buyers what they are looking for and that is a personalized experience. If your E-commerce store tries to implement the one size fit all formula, it will fail. Analyze their buying behavior and pattern and offer them a personalized recommendation for products. This will give them a signal that you know about their likes and dislikes, which will encourage them to buy products from your store. Don’t forget to cross-sell related products. For instance, if an online shopper is purchasing a smartphone, you can offer those a selfie stick or power bank.
5 – Business Scalability
Stagnant businesses that fail to grow and scale with the passage of time struggle to stay afloat in a dynamic sea of E-commerce. You will have to constantly adapt to the latest trends and make changes that your customers will love. Scale your business by selling new products or sell goods abroad. As the demand from customers increases, you should be able to scale your business to meet those demands otherwise, your E-commerce business will earn a bad reputation. For example, your E-commerce store will experience a surge in traffic during special shopping days such as Black Friday and Cyber Monday. To cope up with increased demand, you should have enough capacity to manage everything smoothly without any hiccups.
6 – Convenient
The main reason why E-commerce becomes a huge phenomenon is because of convenience. Whether you are a buyer or seller, it is convenient for both to buy and sell products. Buyers can purchase anything, anytime and get it delivered to their doorstep with few clicks. Meanwhile, sellers can put up products for sale and deliver it when the order is placed. It is a win-win situation for both buyers and sellers. Get a mobile app for your store from an app development company and put your E-commerce store in the pockets of your consumers.
7 – Wide Range of Products to Sell
Another advantage with the E-commerce store is that you can sell any product under the sun. Offer additional perks such as free shipping or discounts to encourage buyers to purchase products from your online store instead of a brick and mortar store. You can also gain a competitive advantage by selling some products that are not available anywhere else. There is an instance where a product is not easily available in your region and E-commerce businesses solve this issue by bringing all the products at your fingertips.
It is clear that E-commerce businesses are here to stay and will replace brick and mortar stores. It is not one of that technology hype that will go away after a few years. It offers convenience to both buyers and sellers and helps them sell anything to anyone in the world without spending millions of dollars on opening brick and mortar stores in different regions of the world. Like everything else, it also has its downsides such as privacy and security issues but pros outweigh the cons by a huge margin. What do you think? Is E-commerce really the future of shopping or is it a bubble that will burst? Feel free to share your thoughts with us in the comments section below.
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