We are witnessing steady growth in the e-commerce industry over the past few years. Hence in the next few years, we would see continuing growth with more businesses joining the market. This will also lead to increased competition which will keep the e-commerce merchants on their toes in the time ahead. Smartphones are no more a luxury but a necessity these days. And the influence of these smartphones is beyond what we think it is. For example, if a person wants to buy a dress, the first thing he/she would do now will be to check the items online and compare the available options. So if you own a local business or are planning on entering the business world then e-commerce is something that you shouldn’t ignore.
Now let’s take a look at the reasons why your business should have an e-commerce presence.
There are many benefits for e-commerce and it starts with no boundaries. No matter where your business is people can still reach out to your business. There are no limits for your business, business units can expand beyond their geographical location and can be transacted to any part of the world. You can do business internationally, nationally, or locally, the choice is yours. Thus attract new customers. Expand markets.
Usually, an e-commerce business is cheaper to start & run than a physical store. If you were to get started with a physical retail store, you’d likely have to invest a large amount of money for renting and renovating a space, storage facility and purchasing the products you wish to sell. When you are starting an e-commerce business, you won’t need any such large investment commitment before you can start selling.
Unlike physical stores, e-commerce stores are always open. This means you have the possibility of generating income 24*7*365. When you run an online store it doesn’t matter when your customer wants to purchase, because your store will be open all the time, so they could purchase 3 PM or 3 AM. Which when compared to a physical store that would probably be open during the daytime, this gives the e-commerce owners a clear edge over the physical store owners.
SHOWCASE YOUR PRODUCTS
When you are running an e-commerce business you can showcase your best selling products to your potential buyers. You can run ads, marketing campaigns, etc to promote them. Your bestseller is proven products from your store so lots of customers will be interested in purchasing them.
You can attract your user by running limited period offers on selected products which would entice buyers. You could showcase products with limited numbers which creates a sense of missing out. If they are interested in any product the chances of them buying will increase when there is a possibility of stock out.
Unlike in a physical store, the chances of retaining a customer is very high with the e-commerce stores. Suppose if a user visits your website, browse through the products, adding products to the cart and even if he/she doesn’t purchase for whatever reason, you still have the silver lining that at some point they were interested in your product. Maybe they were busy at that time, they thought the price was out of their budget but you can still reach out to them via email, let them know that the product is still available or maybe offers are going on. But this isn’t possible if you are running a physical store if a buyer visits your store and browse through the collections and leave the store, there is no way you can reach out to them.
FINAL THOUGHT :
If you are a physical store owner and want to expand your business, then you should consider an e-commerce platform to boost your sales.