New generation entrepreneurs might often think to themselves, “How do I get my ecommerce business to make profits as quickly as dad’s physical outlet!” But at the back of their thoughtful and passionate minds, they would know very well that as long as they conducttheir businesseseffectively, financial goals will be a piece of cake.
Low Set up Costs
With an online store, you open up various avenues of growth to your business. It grabs more eyeballs than you can ever expect in a retail store. Picture this, you position your brick and mortar store after thorough research of the locality, customer density and nearby competitors. Then you find a place for your store, set up the inventory and display items. You hire staff, shell out a bomb for publicity, marketing and finally open it up for the public. The cost incurred in this exercise is huge, and could be easily halved by setting up your business online. All you would need is a domain name, a dedicated social media page and a team to handle the website content on a timely basis. Thus it becomes pretty evident that the cost of creating an eCommerce store is much lesser.
Attract More Eyeballs
With your eCommerce store setup, you must think out of the box to offer something very unique. Mind you, it is a fiercely competitive space and differentiation is the only mode of survival. The kind of traffic you attract to your website should be assured of an extensive range of products. Captivate them with offers, combos and other deals that would help the sales of the product. Utilise the power of social media integration, by asking your customers to rate and recommend the product. This is the power of eCommerce store over retail. The word of mouth strategy goes far beyond that in the internet. People via Google are evoked by curiosity to try out the new products, and this is a good way of increasing sales through an eCommerce store.
At the Click of a Button
The convenience of access, price and selection is the game changer in eCommerce. Imagine you are on the lookout for a good memory card. You step out of your house and check the nearby shops, and compare the prices of various shops. All of these can be done in a few clicks of mouse on an eCommerce store. You just type out memory card in their search option, and you can make your choice from a wide range of options. This can be done at any time of the day, and it clearly gives the edge of online over retail.
Keep it Simple
If you wish to set up an eCommerce store of your own, it is very simple. List out the items you wish to sell, work out on the target audience, set up the logistics for your support functions (customer care, online payment, reverse logistics) and most importantly, build it over a viable business model. Nowadays there are a lot of online store builders who help you set up your virtual shop and suggest a lot of inclusions to be made. Use them to enhance the aesthetics of your website.
To know more about how to build an effective eCommerce website, read 4 Secrets of Success for Launching “The Best” eCommerce website.
Two thirds of the world’s population preferssmart ways to shop. Of course, who would go out and waste a day with family inside a crowded shopping mall when they can unwind on a cosy chair and order their favourite items online only to getit delivered at their doorstep. If you can align your business goals with those of the evolving consumer, like building an eCommerce store of their favourite brands, your sales will soar just like your offline counterpart or may even more.
Originally published May 30, 2016 16:46:00 PM, updated Jun 05 2020