eCommerce has emerged to be the single biggest growth driver in world market today. As the number of internet-users grows, we may well believe that someday in the near future, eCommerce would become the main lifeline of business transactions all over the world. There are many benefits of bringing your business to the Web. Here are some of the primary ones being discussed.
Increase in Customer Base:
When online, there is really no end to growing your customer-base. In fact, the whole world becomes your potential customer-base! Currently, only 40% of people worldwide use the internet and that percentage is set to increase to 56% by 2020. But you can still tap into the non-internet using population by capitalizing on Good Word of Mouth, where existing customers would encourage people who had hitherto never used the internet, to shop online, and on your website! People who do not have the confidence to shop online, for example, the much older, less tech-savvy generations, the illiterate, the differently-abled etc., would ask those near them, who are adequately tech-savvy, to do their online shopping from them. In this way you can have an ever-increasing, ever-diversified customer-base that you can explore for years to come.
Reduction in Costs:
You don’t really have to worry about getting the best property in town to build your store(s) and serve your customers. Your store(s) will be online, and thus there will be no renting, property-buying, maintenance or manning costs that you would have to take up. You can just get a place to establish your registered office in the area that you’re serving and that would be all. You only have to pay for the website maintenance and hosting costs. That gives you a lot of savings which you can use to improve other parts of your business.
Rise in Sales:
There will be a significant rise in sales because there will be a significant rise in the number of customers and potential customers, by simply going online. And because there would also be a reduction of business costs by going online, you would also be able to afford the reduction of product and service sale-prices, thus attracting a lot of customers and making a lot of sales. You would definitely therefore earn a higher profit margin than the last time when you hadn’t taken your business to the web yet. Also, since you are saving a lot of money by not having physical stores to sell your products and services, you can use those savings to better your customers’ shopping experience on your website and thus boost even more sales. It has been projected that worldwide internet sales would reach $ 4 Trillion by 2020. So you can well aim to get a piece of that pie by taking your business online.
Going the e-Way means effortless marketing! Your web-store remains available 24*7, 365 days a year to anyone and everyone who browses the internet. That’s the ultimate customer service that you can give, and therefore the ultimate marketing effort that you can make. Whether there are holidays, strikes or any other reasons because of which physical stores might remain closed, your virtual store would still remain open and in constant service towards your customers. Going online enables people from all over the world to know about your business and buy products & services whenever, wherever they feel convenient. That’s a convenience that you cannot give them through a physical store, until and unless your stores are present at every nook and corner of the world and also remain open at all times. By 2019, it is expected that over 2 Billion people would purchase products and services online. So you might as well garner a portion of those customers by taking your business online and rake in all the moolah you can!