You may have started your retail business with a dream of a physical storefront and wanted to meet your customers face-to-face. However, e-commerce is growing each year, with sales in 2015 of 294.45 billion US dollars increasing to an estimated 485 billion by 2021; there’s no better time to get in on the action and set up a firm online business to sell your wares. The following are some things to consider if you think you could make a move to e-commerce for a successful online retail future.
Your Overhead Will Decrease
Think how much money you’ll save from not paying the rent on your physical store; you wouldn’t have the high energy bill, ground rent, and maintenance costs to worry about which are part of running a retail shop. You could downsize your premises immediately, saving you much needed cash to invest in your brand identity and the quality of your products. E-commerce websites also run when you’re not around; so you won’t have the need for extra staff to open up your store when you’re unable, and your customers will be able to peruse your wares whenever they please.
You’ll reduce the cost of the days you’re not open, as online retail is 24/7; perfect for the busy consumer. Check out mediapost.com/mobile-millennials to discover how 63% of millennials now shop on their smartphones and grab your slice of the market. Your shop can be in the palm of people’s hands; whether it’s desktops, tablets, or phones, there’ll be more opportunities for consumer traffic to reach you and invest in your brand.
Your Head Office Can Be Anywhere
E-commerce allows you to work from any location you choose, and aside from that reducing your overhead, it can enhance your freedom and work flexibly with your lifestyle. You can have team members and work together outside of a typical office environment; utilizing the internet will allow you to outsource your services from across the world.
Once you’ve closed your physical shop; your horizons will increase, and you’ll have plenty of people, markets, and services to choose from. Take a look at kurnol.com/start-online-business/ to help you understand how to begin your journey into e-commerce and the steps you’ll need to take to make a significant impact on the market.
You Can Reach A Huge Consumer Audience
You should have a target consumer audience in mind. However, you won’t know who favors your products until you’re out there promoting your brand online. E-commerce will allow potential customers from all over the world to view what you sell, and very often you can build an international customer base. Moving from a physical store to online retail could increase your turnover and annual profit in an instant; you’ll find it easier to gain online traffic and won’t have to worry about the slow footfall in an area or environment.
The US is increasing in its e-commerce sales; however, it falls behind other countries like the UK, China, and Denmark, who are ahead in terms of online retail. By transitioning to an online marketplace, you’ll be opening up your business to the countries who favor e-commerce even more, which is a sure fire way to increase your product sales and improve the success of your business!