The business that made its way from being an option to being a necessity is eCommerce.
The eCommerce business has increased over 265%. In 2015, their profit was $1.5 trillion – this is expected to reach $5.9 trillion by the year 2024. The already exponential growth of e-commerce got heightened during the coronavirus pandemic. With fewer people allowed on the roads, getting essentials online was the only way out. For over a year, people were locked inside their homes. Staying online became a habit as well as an addiction, be it work, shopping, or hanging out with friends on video calls. This opened up a great opportunity for e-commerce stores. Let’s discuss the why further.
1. Low investment
The investment for setting up an online store is pretty low when compared to physical shops. You don’t have to pay for the lease of the shop, excess material or equipment to display your product. Perfect location and aesthetically pleasing shops will no longer be a headache. All you need to do is set up your online website, add your products, select the payment and delivery options and you’re on your way.
With Shopify and other similar platforms, your work gets even easier. Just upload your designs, select the products you wish to sell, and that’s it. Printing, delivery, and everything else is done by the company. All our need to worry about is the profits coming into your account.
2. Global Market Reach
When you open an offline store, you have the potential to attract local people. But with an online store, you have exposure to the international market as well. People who haven’t heard about your brand can also purchase from you. This is the most powerful and beneficial aspect of the e-commerce business. The cross-culture interaction gives the customer a broader spectrum of options to choose from. The sellers also get an idea about what’s in demand; so, they can update their shop accordingly.
3. No Closing Hours
Another challenge with the offline shop is your physical presence. You can have limited opening hours when it comes to offline stores. Plus, you are a human being, you will need rest and days off. That directly impacts your sales. With an online store, everything is automated. Customers can find you at any time, from any part of the world. You can actually take more holidays without it impacting your business. Plus, there won’t be any early mornings. Isn’t it everyone’s dream to make money while they sleep?
4. Comfort Zone
The world is afraid to step out after the pandemic. There is even a problem of low stock in many physical stores due to transportation delays. There are numerous new issues that have risen puring the pandemic. So, instead of running to every store in the mall, people are hitting the online market. It’s comfortable and you don’t have to leave the comfort of your bed. Trust us, there isn’t anything better than home delivery for a customer!
Altogether, exposure to the international market in the risk free business model is the number one reason you should be thinking about the e-commerce business this upcoming year. There are endless opportunities and ideas to work off of and make a reputable income from the comfort of your own home. What are you waiting for?