While you’re a little behind the times if you’ve just now considered the possibility of moving your business online or attaching an ecommerce venture to an existing physical business, you’re not too late. There’s still time to gain a foothold in this variable marketplace, but you won’t want to wait too much longer.
Just when you were beginning to think Amazon, Wal-Mart, and Alibaba had the internet in a tight grip, signs of weakness are beginning to emerge. For example, Alibaba stock prices have been on asteady downward trajectoryfor the past few months (in conjunction with China’s economic boom and bust). Amazon, despite seeing tremendous growth numbers on the much-anticipated Prime Day, is trying escape some negative press for disappointing customers.Even Wal-Mart, with its low prices, has caught some slack for poor customer service. In other words, even the big three e-tailers aren’t invincible. This means there’s still time for you to grab a piece of this valuable virtual real estate
6 Reasons to Start Selling Online
Without knowing your business’ exact structure and existing framework, here are some basic reasons why we believe you’ll want to pursue ecommerce:
·Easy to integrate.If you already have physical stores and an organized distribution chain, selling online makes total sense. All you have to do is set up your online presence and begin setting some of your inventory aside for online sales. Depending on the number of SKUs you have and how fast your ecommerce business grows, you may only need to make a couple of supply chain moves to be successful.
·Customers pay up front.In the ecommerce world, customers pay for goods up front before receiving anything. That’s a win for you, as you get paid before ever having to move inventory. No more balance sheet issues, just quick, easy revenue.
·Reach an entirely new market.The main disadvantage of selling in physical retail stores is that you’re limited by location. There are a finite number of customers you can reach – creating a profitability ceiling. When you move online, though, there are no limits. Borders are dissolved and you can reach anyone, anywhere, at any time. That last part is important. While your physical store may open at 8 a.m and close at 10 p.m., your online store is open 24/7. That means you can literally make money while you sleep.
·Low startup costs.When launching an online business, the startup costs are typically very low. You’ll have to pay for a website, hosting, sales platform, and some marketing, but all of these expenses are low when compared to physical retail space and sales associates. This means you can reach a profitable stage sooner rather than later.
·Better branding.In today’s economy, customers expect businesses to sell online. If you only offer products offline, you’re missing a chance to build a bigger footprint and enhance brand equity. When you move online, your logo is that much more visible, allowing you to better connect with your target market.
·Largely automated.To assume that your ecommerce website will run on it’s own would be incorrect, but it’s certainly more hands-off than a physical retail store. Most of the systems you’ll use are designed to run automatically, meaning you only need to monitor them and address individual issues as they arise.
Choose Ecommerce Today
As fluctuations in the current marketplace show, there’s always room for more ecommerce players in the industry. Whether you already operate physical retail stores or want to build an entirely new brand that sells exclusively online, an ecommerce business may be right for you. Use these six reasons as motivation to get started today!