14 Major Benefits of Starting an eCommerce Business
Working in the online industry may seem to be a much easier work than in the offline world. The truth however is that in some cases this can become a real pain.
The online world is filled with various types of information, tons of confusion and a mass of competition. However, there are plenty of perks you need to know because once you get to know this space, the big apple is yours.
In today’s article we will talk about what it means to own an online store and what are the main benefits of being in charge of this store.
What are the benefits of building an online store?
This is the reason why we love eCommerce so much. A flexible environment means you are the one in charge (for real). You are the one who decides what eCommerce platform to choose, what type of schedule to follow and what type of audience to work with.
You are the one who decides what type of approach to choose (a single product or multiple products), to build an online store or simply a product landing page. On top of that, you can choose between a drop shipping business or a full, stable online store that deals with shipping.
On short, you have all the power in your hands and you can always choose to change your approach.
2. Small Initial Investment
With so many eCommerce platforms and store builders out there, the prices have lowered a lot and the quality grew directly proportional. This means that now you can build a professional online store using a platform like Shopify in under 10 minutes.
Besides that, you will only need a domain name which you can get at $12 or less / year and web hosting. Usually web hosting services cost on average $4.99 / month.
These are the basic costs of your online store. The rest is up to your business.
3. Start the Store in Minutes
If you have the right tools, a good plan and some money, then you can start the store in under 30 minutes.
The process of starting is quite easy and it includes the following steps:
- Buying a domain name and web hosting
- Choosing an eCommerce platform
- Installing and setting up the platform
- Adding the first products
Of course, the process needs more detailing and more attention, however this is it in the most basic form.
4. Reach a Global Audience
Nobody can tell you who you sell to or what countries to target. Therefore, you can opt-in for selling your product to a global audience.
This means you can create different shipping classes, build content in other languages and even start marketing campaigns to target certain regions or locations.
5. Always Working for You
Another beautiful aspect of owning an online store is the fact that this will stay up and running even when you and your workers are sleeping.
Since the process is mainly automatized your store can receive orders from people at any time, day and night. People will see the products whenever they want and click the “Buy now” button when they are ready!
On top of that, you can opt-in to get notified via SMS or email to reply to the order faster or in the morning of the next day.
6. Easy to Showcase
It’s always easier for people to click on a product than going into an actual store and browsing to find a certain product. In an online store people can find products using a product filter or using the search feature.
It’s easier for you to list thousands of products and also it saves more time by not having to pack and unpack just for showcase.
7. Change or Rebrand Easier
If you create an online store you can choose what type of eCommerce business you approach and you can change the model when you want to.
In terms of rebranding: it’s much easier to change a digital logo and address than changing the actual sign on a wall. On top of that, you can always use another theme or template for your online store instead of painting and redecorating an entire building.
8. Easy to Grow and Scale
An online store has no boundaries. You can have 5 products or 5000, you can have customers from just one region or work globally.
It’s good to know that once you get the hold of your eCommerce business you can grow it in every direction you consider necessary.
9. Save Time & Money
In comparison to an offline business, the online store has the benefit of being less expensive and more cost effective.
You can start an online store with little products, no employees and no rental taxes. This can save you a lot of time and money.
10. Express Your Creativity
When you create an online store there’s no limit to what you can do. You are the one who decides how it looks like, how it works and who sees it.
Feel free to test-out multiple options and see which one fits your business model.
11. Save Time and Money for Customers
People can save a lot of time by browsing your website instead of going to an actual physical store. Thanks to a filter, they will be able to find the desired product much faster.
Another way you save people money is by being able to compensate with lower product prices since you are exempted from paying for rent or utilities.
On top of that, you will be able to create batch discounts and coupon codes.
12. Manage Products Much Easier
As an online store owner you don’t have to keep the products in a warehouse. Besides that, you can easily manage them using the eCommerce platform and sort them by SKU (Stock-keeping Unit).
It’s much easier to change the description, the price, to update the images and it’s much easier to add and remove them.
13. Track and Analyze Customer Behavior
Finding exactly what kind of product people want to buy is a difficult process that requires a lot of attention and plenty of resources.
Fortunately there are a lot of free tools that can help you understand you visitor’s behavior and habits in order to predict exactly the kind of product they need.
A popular analysis tool is Google Analytics which tells you exactly what kind of product people need.
14. Cheaper Workforce
The true management of the store will be done using an eCommerce platform. Therefore, there’s little involvement if you have a small product inventory. This means you will be able to work yourself and avoid hiring someone.
However, if the product count is large and the complexity of your project is much higher, then you can hire a freelancer or a part-timer to do the job for you.