Ever wondered what it would be like to put the 9-5 grind behind you forever? Do you hate that all the profits from your hard work are going to someone else? If you do, then ecommerce might be the solution for you. Itâ€™s not necessarily instant or easy to set up an online business; however the rewards could be amazing, both financially and for your lifestyle.
Imagine owning and running your own ebusiness? Sounds great, but if you want your site to be professional and attractive, it will take determination and perseverance. Here are some great reasons why you should consider ecommerce.
High Margins & Cost Effective
There is no comparison when looking at the cost effectiveness of ecommerce versus a traditional business. Transactions become electronic processes and because of this, fees are highly reduced or non-existent when payments are made. For example, the processing fee that you might incur as a car rental business might be $15, but if processed online, the cost drops down to $3. Big savings right there.
Ecommerce is extremely cost-effective. You donâ€™t have high rent to pay on physical premises, costs on infrastructure or insurance payments. Marketing costs decrease significantly yet still reach a wider audience. There are no or fewer staff wages to pay, that means more money in your pocket. In comparison to a physical store, an ecommerce business is a lot cheaper to run.
Evens Out the Playing Field
An ecommerce business can compete on a more level playing field with larger companies. Even though big multinational corporations have what seems like unlimited online promotional budgets, with the right strategic plan and tools your online business can compete with the big guys.
Your customer base can thrive to levels unmatched by a physical store, and you donâ€™t need a ton of money to achieve it. For example, using an analytics tool can give you instant and valuable information on your customers â€“ such as how they use your site and how to keep them coming back â€“ for a fraction of the cost compared to hiring a market research company to do it for you.
Taking advantage of the boundary-free nature of the internet will serve your business well and keep it competitive.
24/7 Global Trading
Your customers have the ability to shop 24 hours a day, 7 days a week from anywhere in the world. That means the restrictions of normal trading placed on physical businesses is non-existent for yours.
A lot of people enjoy shopping online and consider it a leisure activity because they donâ€™t have to get changed, get in the car, drive to the store, get out and then find out that the product they were looking for is not available or sold out. The convenience to customers really is unbeatable, including foregoing the queues at the checkout desk, the distance, traffic and lack of parking space, and the lugging of goods from the store.
You can reap the benefits too because you will be able to manage your online business from anywhere in the world. Say you want to attend a trade fair in China; well you could do that and still manage your online store with no replacement staff necessary. Itâ€™s definitely a win-win for both you and your customers.
Simple and Cheap to Set Up
It could take months to set up a traditional business. You have to find the right location and building at the right price. Then you will be locked into the lease for a minimum amount of time regardless of whether you make money, lose it, or break even.
With an ecommerce business, there is no need to devote a whole wad of capital on set up costs like rental property, insurance, utilities, staff, etc. which can be extremely risky when first starting out. You donâ€™t need much hardware to set up your business â€“ just a reliable, good quality computer and an internet connection. However you will need to be well researched and prepared to use readily available online tools and techniques that will give you the best possible chance at success â€“ and yes, this will require an investment of your time and money.
These are just a few advantages to having an ecommerce business. Of course there are disadvantages so itâ€™s wise to get acquainted with those as well. If fear is the only thing stopping you, hereâ€™s a tip – start small and do it in your spare time. That way you can decide for sure whether itâ€™s for you.
This guest post has been provided by Mia, working in partnership with Vibrations Direct â€“ an online adult ecommerce store.