Looking to make a mark in the business world? Setting up an online store is the way to go for surefire success in today’s competitive times. The marketplace is rapidly shifting to the online realm and there is a massive scope of expansion. Here are five reasons to start your own e-commerce website:
Massive Scope for Expansion
Despite hundreds of e-commerce websites dealing selling a whole host of products, ranging from clothes to books, home and kitchen ware, electronics, furniture and even groceries, the online marketplace is far from reaching a point of saturation. In fact, experts predict a 13 to 25% growth in the realm of e-commerce websites by the year 2018. Going by these figures, there could be no better time to take the plunge of going online with your business venture.
Greater Outreach
This one is a no-brainer, really. With an online presence, you can reach a seamlessly enormous customer base worldwide. Barriers of geographical location become irrelevant with an e-commerce website. Of course, there are finer nuances such as shipping and delivery of products to far-flung areas that need to be taken care of but these can be taken care of by putting in place simple measures such as tie-up with local merchants or a courier company with a wider outreach.
Saving Up on Capital
Setting up an online store is far easier than setting shop in a local market. Setting up a store or a retail outlet requires a sizeable capital for mortgage, interiors, furniture, procuring stocks, setting up computers, hiring a staff, and paying utility bills. In case of an e-commerce website, on the other hand, you can start operations from your home, hire people on project basis and save on both substantial one-time investments like a mortgage and recurrent expenses such as utility bills. This automatically translates into a lower tax liability. The same amount can be used in procuring a bigger inventory of products or running a sustainable marketing campaign to attract traffic to your site.
Easy to Capture a Customer Base
A lot of online businesses struggle with the problem of a high bounce rate, empty shopping carts, and orders being cancelled right at check-out stage. However, if you invest a tad bit of your money and time in creating a costumer friendly website with features such as easy navigation and information security through the best payment gateway, offer lucrative discounts to first time and recurring customers, and do not compromise on the quality of your products, you can earn yourself a loyal customer base who will choose your website over your competitors’ every time they shop online.
Be Your Own Boss
Running an e-commerce website puts you in the driver’s seat. You are your own boss, you call the shots, you set the work schedule, and you determine how far you want to push your limits. This means having financial security, along with freedom and flexibility.
While not every e-commerce site makes it big or hits the success charts, there are a plenty of examples out there of people who started their online business from a single room and moved on to set-up multinational companies. With all the resources and essential tools readily available, even a beginner can hope to make it big in an online business.
