The ecommerce industry has grown tremendously over the years. Entrepreneurs are starting and operating online stores where they can sell different products and services. Although some people question whether online stores are still a good idea, those in the business are already reaping big. Here are some of the reasons why businesses can still find ecommerce a good idea in 2019.
Running an online store is comparatively cheaper than a physical shop. A physical shop incurs expenses like property tax, rent, insurance, which are not necessary when running an ecommerce shop. In addition, an online store requires less employees than an actual store. This means that you can cut on several costs and maximize your profit margins. Advertising costs are also lower with better targeting. For instance, Facebook ads costs less than traditional forms of advertising and allow you attract audiences that work at odd hours and have no time to shopping in person.
Ecommerce is increasingly becoming a preferred choice of shopping worldwide due to its ease of accessibility. Customers can purchase products from the comfort of their home, saving time and money that would have been spent going from one store to another looking for products and services. Ecommerce websites are also user friendly and offer expedited forms of online payment. Consequently, business transactions between the retailers and the customers is enhanced.
Online stores are not limited to geographical area. On the contrary, you can sell your products and services to a wide range of customers regardless of their geographical locations. You have access to a global market, enabling you to process a high number of orders. It also means that your ecommerce is more likely to expand and make more profits in the long run.
Creating your online store gives your business a brand or image that your customers can associate with. You have the power to decide how it will look like, and the methods that will improve customers shopping experience. You can also gather customer feedback that is essential in improving services and perception of your products in the market. You can also build your own unique brand by creating personalized pages for different consumers, enticing them to buy your products.
An online store allows you to easily gather customer data for analysis. You can get your customers personal information like mailing addresses, email addresses and the phone numbers. This creates a channel for better communication and building a relationship with the customers. You can send them marketing emails or have them fill out marketing surveys to help you in improving the products according to customers preferences. You can also use demographic data to study customer buying behavior, and provide more relevant products to your customers.
Having an ecommerce store allows you to target the relevant market for your products. If you are not getting the desirable web traffic on your ecommerce shop, creating retargeting ads is easy. Retargeting is also known as remarketing. If your web store has a login feature, you can have a welcome back messages for the customers who had previously visited the store. You can retarget people who visit your e-store showing them an ad for products they added to a cart then leaving and forgetting it. You can use Facebook pixel or Offerer.com to retarget browsers that visit your online shop but do not purchase products.
Starting and running an online store benefits from having a wider range of customer, who can be reached through advertising. When you market your business, you are likely to increase website traffic and boost your sales. Website marketing strategies like Google search optimization enables your business to reach more potential customers. As more people visit your online store, the higher you will generate revenues.
When running an online store, it is easy to scale and grow a business. You can start off with a small online shop that sells only a few products before expanding into other niches. Then, you can scale your business based on the size of your budget and revenues being generates. As you generate more revenues and expand customer base, you can put more resources into your online store by adding more products and features.
An online store with attractive products encourages customers to make impulse buying. When a customer sees an ad when browsing the internet, they may click on it and land on your website. If the product is attractive, with an affordable price, then the customer is more likely to purchase it. On your part as an entrepreneur, it means more profits. You can implement tactics that will attract high traffic on the web store like countdown timers and flash sales.