Are you an entrepreneur thinking about moving in to the exciting world of E-Commerce? This blog will give you the ten points that will help you make this decision faster. So, you have also been wandering in the lush green valleys of digital entrepreneurship and now you want to know how you can settle down and start your own long-lasting business! Well, we’d say that there are a lot of options, but the best of the best option seems to be an E-commerce business. Although there are quite a lot of advantages and disadvantages for E-commerce, the good outweighs the bad and here we have provided you with ten reasons why we think E-commerce is the best option for entrepreneurs.
1. Future of Shopping
In the future, every business is expected to move to the internet. Airline and bus tickets are already being sold online, while people are ordering items ranging from computers and mobile phones, to clothes and even food online. The trend is growing every day and it’s all centered on people’s desire to buy anything and everything they want, on the internet. As an online business owner, you can make a comfortable living, right from your home. All you need to do is, first, decide on the products you want to sell, do a thorough research of your target market, learn the local trends and then just start an E-Commerce business. Bingo! You have just taken the first step into the future of shopping.
2. Products vs. Services
Yes, the services industry is growing fast and people who are living off of this industry simply love it, especially entrepreneurs. With just a relatively little investment, some manage to do almost as good as E-Commerce companies. However, in today’s fickle world, products usually always cost more than services and that is the great advantage of E-Commerce businesses, as they tend to drive these prices down. Plus, clients matter and while people might be sticklers when buying services, they are willing to pay a lot more for certain products, than they would in a real world market.
3. Earn As You Sleep
A person’s sleep is one of the most important things in their life and with an E-Commerce business you will never have to forgo it ever again. This is because they usually follow an ‘earn as you sleep’ business model. You have to put in the work in the initial stages as you set up your business, but after you’re done, you can cool your jets and enjoy seeing your business grow. The online tools, services and professional personnel available to you will make it possible to have a passive earning business. You can automate everything in a few months and then just keep checking up on it, whenever possible. However, while we would certainly list this as one of the reasons why E-Commerce businesses are the best option, the importance of being vigilant can never be ignored!
4. Growing Consumer Base
Experts predict that in the near future, an increasing amount of people will start buying almost every major item online. Today, the number of people who have made at least one purchase online makes up a whopping 81% of the total web population. This number is expected to go even higher in the coming years as the veritable benefits of E-Commerce spur this growth on, even more.
5. Innovative Tools
The major problem that faces sales departments in both online and conventional businesses is to target reluctant buyers. In actual stores, it can be difficult to stop customers from leaving, while at the same time convincing them to spend more money. However, for E-Commerce companies, this is entirely possible. They have a plethora of amazing tools that are designed specifically for customer retention. An example is that of CartHook, that helps you to identify customers that started your checkout process, but failed to complete it. The system automatically tracks and contacts them, giving them the choice of completing their purchases once and for all. Online businesses also have the advantage of using the content on their website to attract customers, as well as to retain them. Their content is among the most powerful tools at their disposal, if used properly.
6. Minimum Surprises
In the real world, you might be able to use the ‘earn as you sleep’ business model, but you’ll likely wake up to a store robbery or some other mishap. However, in the E-Commerce business, such surprises are very rare. There are several tools and services available, which streamline the sales process, all the way from reports to shipments and everything in between.
7. Small Staff
If you are still confused about whether or not to start an online business, try going to any big store in your vicinity and notice their staff. If you start counting, you will notice that every department has a supervisor and workers, along with security, cashiers, accountants etc. The list keeps going on and even an average sized supermarket employs over five or seven people. However, in an E-Commerce business, all you need are your online tools, a computer and perhaps some freelancers. There have been many examples of people setting up online businesses virtually on their own and even though the going can get tough sometimes, the end results have almost always been satisfactory.
8. Minimal Expenses
Real world grocers usually have a lot of expenses. However, one of the biggest benefits of E-Commerce companies is that you can bring down most of these costs due to being virtual. This cuts out expenses like rent or utility bills as well as keeps the number of employees down. In fact, some countries either reduce the taxes or exempt digital businesses from taxes altogether. Their biggest expenses then become the items on sale, which you can leverage to your advantage.
9. Industry Leaders
Yes, the world has changed a lot. Tesco, and many such large superstore chains are not industry leaders anymore as the age of the internet takes over. Even though they might still retain their power, even people with a limited knowledge of computers and technology are now turning to the internet to satiate their desires. An example is the growing strength of online businesses like Amazon and eBay etc.
10. Amount of risk
There are countless stories of people who took out loans or spent their entire savings to set up a departmental store in their area. Their basic purpose was to start a comfortable and stable business, but many find themselves without money within a few months, and have to fold. There is no such risk involved in E-Commerce businesses. Since it is relatively cheaper to set up online businesses, you also end up losing a lot less money if you do gout of business. In fact, you even get to keep the domain name, which is the internet equal of owning your own property in the real world.
So, if you want to try something best in online business, E-Commerce business is the best way.