If you are someone who already has a business such as a retail store and are looking to scale it online, or if you are a businessman who is hesitant to break into the e-commerce domain because of various concerns, then here’s a piece of good news for you. There has never been a better time to get into e-commerce and grow your business online.
What is Ecommerce Business?
Ecommerce Business and online shopping business are terms that are used quite interchangeably because of the subtle differences that exist between the two.
There are a huge number of traditional businesses such as retail stores and local brands that have experienced a plethora of perks from having an online presence and platform. The Role of E Commerce in retailing is gaining popularity every single day due to the lower overhead expenses, little to no inventory costs, a much wider demographic of people outside of their locality, better niche targeting through social media and ads, etc, to name a few of the benefits.
What is the role of E-commerce in Online Business?
Online E Commerce Business plays one of the most important roles among all of the other internet businesses. For instance, according to numerous surveys done by internet giants such as Bloomberg, Entrepreneur, etc. -
The Role of E-commerce is far from reaching its true potential right now. In the next decade, we should see an exponential surge in the use of e-commerce in buying daily necessities. In fact, the coronavirus pandemic has changed this statistic from a decade to less than 5 years now.
Keeping the impact of E-commerce in Online Business in mind. Here are some of the most important Roles of E Commerce in retailing in 2020 and beyond.
1. An Online E Commerce Business can help you go global.
It is quite obvious that traditional brick and mortar stores are bound by their location and neighborhood. Now if your products and services are heavily dependent on the location of the store then it is a different story, but if serving customers outside of your neighborhood is not a problem for you then your income and revenue are tremendously bottlenecked due to your physical store. If your business is not required to stay local to grow, then expanding it globally could help you achieve new heights of success.
But some business owners on the other hand might say that they just can’t expand globally because they are a service-based business such as salon owners and hairdressers. But one way that such business owners could expand is by conducting their service-based operations locally, but selling their items such as beauty and make-up related products and accessories on their online shopping store. Doing so can help them gain a lot more exposure and position themselves as leaders in their field of expertise. Even if it is a small e-commerce store that is serving people within their country or even their city, it is still a great way to compliment your local offerings.
2. E-commerce can help you lower overall costs.
Who says that adding an online component to your business is required to be expensive? In fact, e-commerce operations require far fewer costs than traditional brick and mortar stores. Just think about it, you do not need to have a physical store to operate (although it’s fine if you already have a place), you do not need to make any investments on a property, on decorations, interiors, rent, etc.
All you need to open an e-commerce store is a website designer, a digital marketing consultant, and of course the product itself. You could easily find talented freelancers on the internet who would be willing to work with you on any kind of budget that you have.
If you decide to take your offline retail business and turn it into a full-time online e-commerce business then here are the various aspects where you could save a lot of money!
Save on Advertising and Marketing.
Running ads on social media and on Google is relatively quite cheaper and a lot more effective than traditional print advertising and hoardings. In fact, you could even use a blend of traditional and digital strategies to market all of your products online. You would also get analytics and detailed information about all the traffic that converts to customers after clicking on your ad.
Save on Hiring Staff
You would not require a salesperson in your e-commerce store. There are a number of creative ways that you can automate the entire sales process on your website. You could integrate a chat-bot on your store that can help your customers 24/7 whenever they have any problems, and that too automatically without any human intervention. In the future, if you have the budget, then you could consider hiring a customer service representative that could live chat with your customers instead of a bot.
Save on Rent and Property.
Instead of the rent and property expenses, there would just be one-time website development charges that are negligible in comparison to the recurring expenses of renting a property. There are many intuitive website building softwares that you could learn yourself if you are not interested in hiring a website developer.
Sites like Shopify and Wix are excellent choices for starting your online e-commerce website. However, some of the website building tools require a recurring fee or a percentage on the sale of a product.
The role of e-commerce in online shopping business is so dynamic and expanding to the point where it is galloping ahead of traditional retail businesses. This is truly the best time to start an ecommerce business if you are thinking of doing so in the near future.