5 Reasons to start your E-commerce Business
Do you know that 71% of shoppers believe they will get a better deal online than in stores (Source)?
No matter who you are – an entrepreneur or an investor, e-commerce is such a great opportunity to get into, even if you are just a newbie with almost-zero knowledge in the digital world. All you need is a strong work ethic and keep your desire to succeed. You have all the tools, resources and experts – like us at SAI Digital – to help you get there.
However, that’s the latter part. Let’s start with the top five reasons why you should start an e-commerce business as soon as possible.
- The expected worldwide e-commerce growth is as much as 13% to 25%
The most important thing when choosing a business model is to examine trends and move into growing markets whenever possible. There are stats which prove that the e-commerce model is a good choice for those entrepreneurs who want to start a new business, or are interested in diversifying and expanding. The e-commerce growth of this year is expected to peak at nearly $1.6 trillion and by the end of 2018, almost $2.5 trillion. From 2013 to 2018, e-commerce growth in the U.S. is predicted to be somewhere between 11.6 and 16.5%. Apparently, if you are thinking about e-commerce, there is no better time than now to start since the opportunities are growing continuously.
- The possibility of selling without a physical store
According to Seosolutionsindia.com, “mobile e-commerce is worth $3.2 trillion in 2017 up from $1.5 trillion in 2013 – a whopping 213% increase”, proving that people’s preference for a mobile e-commerce model has been increasing day by day. As you can see, the biggest difference between brick-and-mortar business, and an e-commerce one, is the importance of location. Instead of trying to maximize your visibility and sales by searching a good place on earth to locate your store, the e-commerce model just requires you to set up a domain name on the internet as your storefront and you can sell your products anywhere all over the world right away.
Moreover, there is a rising trend of “pop-up” shops where some merchants are proactively meeting their potential customers in person. With a tablet, a card reader, and a few sample products in hand, they can build awareness for their businesses at high visibility places such as parks, subway stations and street corners. Certainly, there are always new technologies for all business owners to approach and leverage all the time to expand and make their businesses more effective.
- It’s easy as pie to set up and run your business online
There are more e-commerce tools today than ever, from selling platforms, marketing automation to SEO tools, etc., and they are getting much better over time. Nevertheless, the tools just play the supporting role. As 44% of online shoppers begin by using a search engine (source), there’s no doubt that the most challenging aspect of setting up an e-commerce business is to define which product your target customers are looking for. To overcome that challenge, passion is the key. If you are passionate about a specific line of products, it will make it much easier to walk through the process of building relationships with distributors or product sourcing to ensure your products’ quality. Additionally, your passion will also be the inspiration and motivation for you towards building a successful business.
- 80% of the online population has made a purchase at online stores (Source).
Doubtlessly, people nowadays trust retailers more than they did in the past. If you commit to constant improvement, you’ll build a loyal following. Even though, when it comes to online payment, 51% of customers failed to complete a purchase on a mobile device because they did not feel comfortable entering their credit card details (source). Therefore, among many aspects such as developing an attractive, user-friendly website or creating content, security and privacy concerns are still the most two important aspects every e-commerce business owner should focus on to build trust and credibility with their customers.
- The ability to stay close to your current customers and approach new ones
After customers visit your online store, there are many effective retargeting apps and tools as well as customer behavior analyzing services that help you keep in touch with them whenever they are. Even if they abandon their carts, you still have chance to tweak and optimize your funnels to reach the maximum conversion.
Another effective way to approach your future customers and engage with existing ones is using content marketing. This service offers you the ability to create unlimited, relevant, value-adding content pieces digitally including websites, social networks, email subscribers to attract your target audience with the latest sales, discounts and promotions. In addition, there’s a stat showing that 71% of consumers who have had a good social media service experience with a brand are likely to recommend it to others (source) so you know how important it is to build a strong engagement through social channels.
If you’re passionate about a product and interested in selling them, you should consider creating your own online business. Don’t know where to start? Read this article summarizing what you need to know about e-commerce, including steps to launch your store, and best practices for your website’s UX and marketing.
Contact SAI Digital’s experts here to try our quick starter package that helps you build your e-commerce business within 100 days, or to get updated about the best e-commerce, technology and digital marketing solutions.