It is common to see people selling their merchandise online, either as their main business model or part of their marketing strategy. Smartphone ownership is on the rise and the internet is gradually expanding coverage; this makes online shopping a reality for many people around the world. For those businesses that use the internet to reach potential customers, the greatest motivation is definitely in the increased sales. Not sure if you need an e-commerce platform for your business? Here are a few points that might change your mind;
Statistics indicate that business conducted over the internet has increased tremendously over the past couple of years. To put this into perspective, simply anticipate a 250% revenue increase once you incorporate an e-commerce platform to your business. People find it convenient to shop from the comfort of their own homes or offices.
Increased customer base
Conducting business on the internet means that your customers are drawn from diverse backgrounds. People who would otherwise not go out to shop in a conventional shop due to disability or nature of work are now free to walk into any e-commerce store. Additionally, impulse buyers take advantage of offers and latest trends offered in online stores.
Increased operating hours
As a matter of fact, all e-commerce platforms support 24/7 shopping. Whether you just remembered that you needed to buy something at midnight, or supplies ran out in the wee hours of the morning, e-commerce platforms allow you to live an uninterrupted life. If you still insist on ignoring the power of technology in business, think about the increased overheads if you were to have your business open 24/7 at a physical location.
Immediate access to business funds
With so many virtual bank account service providers on the internet, buying goods and services has become hassle-free. It only takes a few seconds for an e-commerce transaction to get cleared and the funds are accessible by the merchant immediately. Operating a virtual bank account is quite convenient because it not only reduces the risk of funds loss but also lowers the cost of banking.
Operating a business entirely from a physical location limits the volume of sales to what is generated as a result of physical walk-ins. E-commerce platforms open up a business to the world and this is the level of exposure that all businesses need to thrive. This kind of business model allows all people to work; veterans, retirees, stay-at-home mums and even students.