Reasons Why You Should Start E-Commerce Today
The growth of e-commerce is relative to the growth of the internet, since 1991 when the Internet was opened for commercial use, a lot of businesses took the opportunity to go online.
Today, many start-ups are becoming more involved with e-commerce, leading retail businesses to set up commerce websites to regain market share. The latest statistic from eMarketer expects that retail e-commerce for 2017 worldwide will reach $22.445 trillion with 6.3% growth rate compared to 2016. What more is that by 2020, eMarketer expects retail e-commerce sales to increase by $27.726 trillion by the end of that year.
The surge of e-commerce can be attributed from certain factors. Many products and services online are not taxed, which led us to the increase in online transactions. In addition, there is a wide variety of online retailers who came up with convenient interfaces, low prices, and subsequent customer satisfaction. And lastly, which is probably the decisive factor for e-commerce, is the increase in internet penetration.
Why you should take your business online
Aside from the very promising future of e-commerce here are reasons why you should consider doing business online.
It’s easy to set up and get it running
Unlike physical stores, there are no overhead or operating costs. What you need is a good website with marketing tools, a dedicated website building team, and a social media team that regulates content on a timely basis. The challenging part is your product, but if you already have a line of product you’ve set your eyes on, it is much easier for you to build relationships with distributor or product sourcing. There are lots of commerce website builders you can use online.
You earn while you sleep
A physical store and its location are important for your usual brick-and-mortar business. But in e-commerce, your storefront can be set up in your domain name and sell globally. You can save up from trying to build stores everywhere just to increase visibility and accessibility. While it is possible to sleep while earning, you should try to look for every possible way to improve your business through the use of technology.
Consumers from everywhere
By setting up an online store over the World Wide Web, you make your business accessible to everyone who has internet. According to WeAreSocial in their Digital in 2017: Global Overview report, there are about 3.77 billion global internet users in 2017, equalling to 50% penetration. And about 1.61 billion people purchase via e-commerce around the world. That’s a lot of possible consumers for your business. Now is the best time to tap the potential online consumers and broaden your consumer base.
Affordable and effective marketing
For a start-up business, budget is everything, and marketing is a tool necessary to promote your business. Online and digital marketing are much cheaper than billboards, TV commercials, etc., although you can use these marketing tactics too. Today, social media marketing and content marketing are cost effective ways to promote and reach a wider spectrum of targeted audience easily and quickly.
In e-commerce, you provide better customer experience by letting them reach you in their own time and terms. It is also easy to have better communication through electronic channels. You also get to know their buying habits which let you inform them of possible sales or promotions tailored for them.
There are so much more we can list above but with the rising industry of e-commerce and the digital savvy world we live in today, when would be a better time to start your e-commerce business than now?
May 31, 2019
May 23, 2019