Ecommerce businesses or online stores offer a lucrative opportunity for entrepreneurs who want to develop web stores for maximum profits.
The demand for online goods is ever increasing, and therefore, many business owners are shifting their focus from the brick-and-mortar store to online stores. According to the latest statistics, more than 60 percent of Americans are buying merchandise online from the comfort of their office and home. Ecommerce has revolutionized the way entrepreneurs are doing business today. The expansion of ecommerce and a plethora of benefits it offers has made business owners switch from traditional shops to online stores.
According to an article published on Entrepreneur.com, online sales are anticipated to grow by a whopping $4 trillion by the year 2020. Now, such a figure is quite impressive. It means that business owners planning to set up online stores will roll in money.
Now, when it comes to ecommerce business, it benefits both consumers and store owners. Click To Tweet Therefore, with 2019 ringing in and the increased penetration of the web, it is essential to take your online store to the next level. Therefore, if you are planning to set up an online store, it is high time that you start your venture now. Read on to learn about the top benefits of e-commerce for consumers and retailers.
#1. Acquire new customers online
When it comes to a physical store, you need branding and adequate advertising to make it a success. Click To Tweet However, online stores have more audience reach, to the global customers at large because of the traffic that comes from search engines like Google or Bing.
It is usual for a prospective buyer to follow a specific URL and land up on your e-commerce product page. It means that you have more sales opportunities when you have an online shop compared to a traditional brick-and-mortar store that depends primarily on expensive print ads. Moreover, shoppers can buy your products from anywhere, anytime. A physical store closes after the usual business operation time.
#2. Provide product information sheets
When a customer shops online, he can see the detailed product descriptions, price, color, size chart, and compare similar products before making a purchase.
The process is extremely convenient to buyers, as they can access all the information they need with the simple touch of a button. Your buyers can make an informed decision, and once they like a particular item, they can complete the checkout process with ease and convenience.
#3. Easy shoppingToday, busy corporate professionals do not have the time to visit physical stores. Click To Tweet
Even if they have weekly off, they feel extremely tired to visit a shopping mall and buy things. Online stores offer them the convenience of shopping from the comfort of their home or office. No matter which time of the day it is, they can even fill their shopping carts and hit the buy button before going to sleep.
The process is super easy and convenient. The buying process of all e-commerce stores is fast, easy, and user-friendly. Your potential customers can browse different products, compare prices, choose colors, and then make a decision.
Besides, if you are planning to expand your online business, you can opt for financial assistance from platforms such as Libertylending.com or similar ones at flexible rates and interest.
#4. Low start-up expensesThe greatest benefit of setting up an online store is its low start-up expenditures. Click To Tweet
When you invest in a physical, the costs are skyrocketing, and you will need to pay rent for space, pay staff salaries, and shell out overhead expenses. It is not the case when you design an online store. A basic account will cost you around 29-30 dollars every month.
You can call it your virtual rent to help you develop and maintain your web store. It means that business expenses are very low, which is a driving factor for entrepreneurs to invest in online stores.
#5. Monitor customers’ shopping habits
With analytics tools, you can keep track of the shopping habits of your customers. For example, if you see that male shopper usually chooses your electronics products online, you can offer discounts and deals to motivate him to buy more. It may also make the shopper refer your store’s name to his friends and associates.
You can attract women shoppers by offering beauty and fashion products at discounted prices. Of course, you will need to monitor their buying preferences with the help of analytics. Keep track of the time when most shoppers visit your product page. Based on their habits, you can offer a time-bound offer such as Happy hours, say a time between 4 pm to 6 pm to get discounts and deals on your online products.
This way, help you build a happy and long-lasting business relationship with your customers.
#6. Make the most of festive seasons
People like to shop more during holidays such as Christmas, New Year, Thanksgiving, Halloween, and Black Friday, and many events that are joyful like these.
Make the most out of such celebrations.
According to various studies, the overall online business has increased from 0.7 percent to 3.2 percent and witnessed significant growth, at least six times during the festive season. You can target the millennial customers who have less time to shop and prefer the convenience of online shopping to avoid the last-minute rush and crowed during the festive season.
#7. Sell to the global audience
When you have a physical store, you only sell locally or to nearby areas in the city.
The sales process is limited to a geographical boundary. It is not the case with online stores, as you can reach out to a wider, global audience in no time.
The world is your market, and you can sell your merchandise with no geographical limitations. Click To Tweet. With mobile commerce, your reach has increased even more. People can buy your products at the touch of a button from anywhere, anytime.
E-commerce will add considerable value to your venture. The digital medium helps you sell more, earn more, and roll in profits. Set up an online store and start reaping the benefits.