Starting your dream venture can be emotionally fulfilling and financially enriching. Currently, the eCommerce sector is booming worldwide. And with the number of internet users increasing daily, the chances of success in eCommerce are quite promising. The online market is expected to increase by 56% by the year-end, with other traditional markets expected to experience just 2% overall growth for the same period.
For any business, one has to go through many trials and pitfalls to achieve success. But for every reason someone could name not to start a new eCommerce-based business, there are a whole lot of good reasons to go ahead.
To get you going, do go through these numbers for the eCommerce market.
- Even aside from the coronavirus pandemic, there are around 24 million sites online selling a wide range of products and services.
- Ten years ago, e-commerce was at 5.1% of total retail purchases. By the year 2019 however, online spending was gone up to 14.9%.
- In the year 2019, online retail overtook general merchandise, including department stores sales. E-Commerce sales are currently the 4th largest sector, bringing about $59.8 billion in adjusted sales for February 2020.
Here are a few advantages of opening an eCommerce business.
- Lesser prices offered by different operating vendors with lesser margins than brick and mortar shops.
- The ease of getting products delivered to your doorstep rather than the added cost of transportation, time, and the effort of parking to go to a store.
- Receiving products at a much cheaper rate from overseas vendors.
- Significant inventories and variety offered by online stores.
- Different comparison engines that recommend and compare products for customers.
Also Check: Ecommerce Development Company
Why it’s Right Time to Establish E-commerce Business
We have drilled down a few reasons why now is the right time to establish your E-Commerce business in today’s world.
1. The Future is E-Commerce
The ongoing pandemic has brought industrial, technological, and behavioural changes around the world. With no sign of pandemic coming to a near end, eCommerce is rising as the near and distant future of all shopping experiences. Now is the best time to make that choice and plan on expanding and diversifying your business by turning your brand into an online experience for your customers.
2. Wider Audience Reach
The global audience, from the comforts of their home, can shop regularly. With websites and dedicated applications on mobile devices, online shopping has dramatically transformed how we buy our favourite products and services. Their impact on our day-to-day lives has been immense. One can take advantage of this opportunity and dive into the e-commerce sector.
3. Minimal Equipment Requirements
For setting up an eCommerce business, a laptop, and an internet connection suffice. As far as manufacturing a product is concerned, you can get in a contract with machining shops. This will save you money and space, as you can make sales from the comfort of your own while a warehouse across the country fulfils the orders. If you are a creative entrepreneur, this is an opportunity to let your ideas shine and keep the manufacturing procedure to the experts.
4. Potential for Expansion
E-Commerce business expansion is limitless. You can sit in one country and export your products to another country. And once you have a great product, more and more people will want to buy, as online advertisers can help you gain more exposure and reach out to new potential customers. You can also recruit people, open offices worldwide and achieve your success.
5. Easy Incorporation
Unlike a brick and mortar shop, there is no overhead or operational cost. All you need is an excellent website with marketing tools, a dedicated website building team, and a social media team that manages the content on a timely basis. Update your e-catalogue with lots of new products meant to captivate your target section of customers and bam; you are up and running for sales.
6. Affordable Marketing
Nowadays, a lot of e-commerce businesses market their business online. Right from content marketing, social media marketing, to intelligent interfaces like Facebook, AdWords, and Twitter ads help you reach a broader, targeted audience faster and at a much lower cost. Costly traditional marketing like local ads, fliers, billboards might not be required.
7. Become your Boss
Everyone dreams of becoming their boss. Never in the business world has it been more comfortable, faster and cheaper to set up and own a business than today! However, it requires commitment, effort, and some learning to become a profitable business.
Also Read: Best Small Business Ideas
What are you waiting for? Get Started Now.
The year is a year of entrepreneurship, and even more so the year of E-Commerce professionals. There are several reasons to get involved in the eCommerce trend, and right now is the best time to do it. It is a low-cost, low-risk endeavour that may end up being notably rewarding and helping achieve the success you always dreamed of. Not only that, you will have the freedom of owning your own business and working on your own time, realizing the success that you are achieving every single day.