12 Reasons why you should start an online store.
Now I know what you’re thinking, another post about the benefits of starting an online store.
You can go online today and you can find literally millions of new articles on the same subject.
During this pandemic businesses, both large and small, have had to change how and where they do business. For some this has resulted in their untimely and ultimate demise for others it’s got them through potentially the worse global crisis in 100 years.
If you’re considering venturing into the world of e-commerce hopefully these 12 reasons will give you the confidence to push that start button.
1. Set up in under a day
Today we live in a world where you can setup your new online store in under a day.
In fact you could probably do it in under an hour, so long as you already know what you’re going to call your new online store and have a product to sell.
Online market places like Shopify and eBay have made it possible for you to open your online store by simply turning the key.
2. Global audience
Once you’ve launched an online store you’re no longer competing for that small piece of the local pie. Instead you’re competing for a share of a global pie – if you want to, and who wouldn’t?
Starting and, ultimately launching, an online store means you can sell to customers in other countries.
You will, however, need to ensue you have the correct infrastructure in place, agreements with a good shipping company and the correct documentation to handle the various customs and duties for other countries.
3. New products
Let’s say you’ve invented a brand new product, whilst you’ve invented it no one knows it exists.
You’re attempting to get it into some big retailers, however before you sell your soul and are squeezed on those margins. Get it on your own online store for the full RRP.
A new invented product with strong imagery combined with video, digital downloads and numerous amounts of supporting documentation will have an impact on your prospective customers.
Not to mention it will help you understand the marketplace further
4. Social Selling
Back in early days the concept of social selling was probably more geared towards having a conversation with the manager over the price of the products you were purchasing.
Today social selling is the ability to sell your products via a social media channel, for instance both Facebook and Instagram allow you to open your own shop in a matter of minutes.
This ability enables you to add, market and sell products either directly on the social media platform or link back to your own online store.
Of course ensuring your Facebook page or Instagram account has hundreds, if not thousands, of fans will help you sell more of your products.
5. Multi and Omni Channel
Multi and omni-channel e-commerce are two different and distinct types of e-commerce.
Multi-Channel E-commerce:- This is the process of selling your products on a variety of channels such as your website, Amazon market place, eBay and a physical shop
Omni-Channel E-commerce:- This is the process of selling your products on all e-commerce channels examples would include your website, amazon market place, eBay, physical shop, an app, social selling and third party market place applications.
As an e-commerce store owner you will need to choose which of these two strategies you use for your online store.
Bearing in mind that either of these strategies will mean taking on related selling fees and other expenses, but will ultimately increase the top line of your business.
6. No closing or opening times
Who remembers when shops were shut on a Sunday? Then it was decided shops could open 10am – 4pm.
Today shops, and especially good retailers, have already seen that one of the major benefits to selling online is the fact you don’t need to close the store.
Running a store is expensive enough without closing it for the day.
Being able to trade 24 hours a day, 7 days a week allows you to continuously serve your customers and get your products in their hands.
7. Stock? What stock?
Back in its infancy e-commerce was greeted with mixed emotions, especially when it came to security.
There are millions of instances where people were subjected to credit card fraud or simply the product not turning up after a purchase, even today there are instances where orders are made and products don’t turn up.
The truth of the matter is a lot of online stores don’t always own the stock they claim to have, often they are acting as dropshippers for larger oganisations.
As an online store owner you will have the choice between ordering in the stock and holding it, something which is expensive, ties up vital cashflow and can be seen as a risk to the overall success of your business.
Alternatively you can choose to setup as a dropshipper and send out products once an order is placed. There are positives and negatives in doing both.
8. Lower costs
Its no secret starting an online store is cheaper and easier than opening up a physical high street premises.
A Facebook Shop, for instance costs £0 to open up and as long as you have an already established and engaged fan base of 2,000+ fans you should be good to go.
However, although it is cheaper to setup an online store it is in the marketing of that shop where the most costs will be as well as any adaptations you choose to make to the store.
9. Make it your own for less
The next part of running your online store is the lack of need for branded up promotional materials such as tags, stickers, printed items and even the need for a physical shop front.
This lack of requirement means you can invest those savings in a fully functional and comprehensive website and online store.
10. Sleep money
Who doesn’t like the idea of making money whilst they sleep?
An online store is open 24 hours a day, 7 days a week, 365 days a year. Enabling your business to sell products to customers all around the globe.
This means you can sell your products whilst you’re busy catching up on sleep. The only downside is waking up to a pool of orders that you then have to process and get out the door.
Remember, however, your online store can be extended and hiring people to process those orders is a practical idea.
11. Drone delivery
On October 21st 2019 Fedex together with Alphabet’s Wing Service division launched the very first consumer drone delivery service in Virginia, USA.
Over the next 5–10 years autonomous delivery will be the way in which we receive our products. Whether you’ve ordered your weeks shop from the local supermarket or just another book from Amazon.
As an online retailer you will need to factor this into your equation for when the world goes fully autonomous.
Will you decide to have your parcel flown to your clients or will you use the traditional snail mail?
Ultimately you will be dictated to by the demands of your consumers and the marketplace.
12. Extendable into reality
The final reason to start an online store is the fact you can extend it far beyond being a virtual online store. You can open a bricks and mortar shop if you so wish.
You could even pop it into the back of a van.
Online stores really are versatile and can majorly help you and your business grow.
