Starting your own business may seem a daunting task, especially when you’re just stepping into entrepreneurship. Becoming business-oriented does demand one stepping out of their comfort and making the best of the rollercoaster ride.
But amongst all modes of business, e-commerce remains in the limelight for most entrepreneurs. The ease of operation, flexibility, thick profits, and remote mode of work has attracted not only entrepreneurs but people whose dreams are bigger than working 9-5.
Whether you’re an investor looking to margin your profits, or a struggling entrepreneur, or just an employee looking for a fresh start; the following reasons shall motivate you to start your venture.
Below are the benefits of starting your own e-commerce and becoming successful like this e-commerce business that started with just an idea, but today they sell their artwork around the globe.
1) A Market That Is Expanding Everyday
Who would want to choose a business that won’t sustain itself in the future? No one! The number one risk a new or experienced entrepreneur can face is the fall of the market, and a magnate who had seen it all will agree to this.
But when it comes to this business model, it’s unlikely to happen. One of the benefits of e-commerce is that it’s going to grow in the future, and the numbers speak for themselves.
As per Statista, the shares of e-retail sales grew from 7.4% in 2015 to 18.1% in 2021 and are likely to shoot above 22% in the next 2 years.
Although Covid-19 had affected the economy worldwide, it has necessitated the need of adopting contactless methods of doing business. This has facilitated the need for e-commerce business. Considering the future implications of this pandemic and people turning toward digitalization, the e-commerce business model will be one of the safest business models in the coming times.
2) Small Investment
You don’t have to sell your assets for starting an e-commerce business; neither you’ve to borrow a loan against your securities. E-commerce is the most cost-efficient business model out there that requires absolutely low investment. Starting a website and setting up your online store is much cheaper than renting a physical outlet and bearing the costs associated with it.
E-commerce also saves you from the hassle of designing your office and managing the logistics and the cost involved in hiring employees. Although you’d need a team as your business grows; during the initial phase, you alone can manage the business.
As there’s no middleman between you and the buyer in e-commerce, the expenses are low. Also, setting up an e-commerce business and running it successfully is easier than a traditional commercial business. As per statistics, by the end of 2021, approximately 2.1 billion people would have bought goods online!
3) Affordable Marketing & A Wide Reach
During the initial stage of any business, focusing on marketing is vital. Marketing can make or break your company’s reputation, drive in sales, and create a sustainable future. But marketing efforts for traditional commerce require a strenuous deal of greens that can involve putting billboards, advertisements in newspapers, and other manual marketing tactics.
But when it’s e-commerce, the marketing goals can be achieved without stressing the pockets; it can be fulfilled by means of digital marketing. With the rise of the digital era, content marketing and social media marketing have boomed and e-commerce can be well benefited by it.
Depending upon your business and the marketing strategy that you deploy, your business can boom with small investments. Also, unlike traditional marketing that is restricted to a certain geographical area, digital marketing can put your business in front of anyone in the world who is connected to the internet. In a nutshell, you can reach a global audience.
4) Be Your Own Boss
Running e-commerce gives you a benefit that many of us seek in our life: to become independent. Being your own boss means that you’d be able to do what you desire, and not what is defined in your Key Responsibilities Area.
Running e-commerce gives perks that can let you no longer work for anyone, but rather for yourself. Even if you’re occupied with a job or other business of some sort, this model of business will give you the benefit of working independently and at your own will.
This also means that you’d be able to attend events and spend time with those who are important to you. The best part would be that you’d be making some extra money!
5) Happy And Satisfied Customers
“The happier your customers are with your service, the better your business will grow” —it’s a true statement for any business; but with e-commerce, fulfilling this motto can become easier. Giving an advantage to the customers by letting them browse through a variety of catalogs seamlessly is only possible with e-commerce.
The customers can get a comprehensive product description and can compare between varieties of products at their fingertips. On the top, they can get their product delivered to them without any hassle. All thanks to logistic giants that can take care of all your logistic needs and get the product delivered to the customers.
Another benefit of e-commerce lies in providing 24×7 customer support to take care of their queries. In essence, ease of placing an order and a good experience with your online business will keep your customers satisfied.
Those were the 5 reasons why it’s a good idea to start your own e-commerce.
Although pursuing a venture in this field can be a high jump out of the comfort zone, the results reaped in the long run can let you live the life of your dreams.
So why not take the leap of faith?