E-Commerce has become the next big thing in the world today and everybody wishes to be a part of it in any way possible. Already the established businesses are trying to grow over 100% year on year in the next few years. The new entrants are also talking about reaching around 10% of their revenue within the first year of operations itself. Sales have been seen to increase exponentially in the e-commerce world and new players are happily entering this world with the funding companies investing in this sector like never before.
But it is important that you know the reasons behind this booming industry. Below are some of the proved reasons as to why e-commerce will become the next big gold rush in the world.
- Amazing Offers: Online retailers come up with a huge variety of amazing discounts and best deals on branded products in order to attract more customers. Sometimes the offers on the branded products are much better than those available in the normal stores. You can easily compare the prices and qualities of products from same brand with countless vendors so as to get the best deal and you can also check the review section and compare the responses given by the customers.
- Convenience: E-commerce business has become more convenient than the usual ones as customers can just avoid taking the hassle of going to the malls and bazaars to buy something. The customers can pay using any option be it card or cash and get the products delivered at their homes. Working class people have become more dependent on e-commerce due to lack of enough time as they can quickly go through some websites and order whatever they want in their free time which would only require a laptop or smartphone with internet connection. The amount of convenience that you will provide will get you more potential customers.
- Better Outreach: If you sell products and services through a brick and mortar store, then you might not be able to reach out to those customers who live far-away from your store. This happens in case of small businesses that can only sell to the local people and cannot approach customers in the city. However, if you have an online store then you will always have a much wider and larger reach of potential customers. The only requirement for them is the internet connectivity.
- Diversity: Your customers will have a wide range of products to choose from if you happen to be an online retailer as you will have plenty of products to offer to your customers. A normal store will have limited options in comparison. People nowadays even have the liberty and option to buy products that are only available outside the country.
- Higher Output at Lower Cost: E-commerce businesses have a much reduced operational cost in comparison to normal ones since the overhead charges of sale from a brick and mortar store are much higher in comparison to an e-commerce store. On the other hand, selling products online will not require a physical store in a posh area to push up the sales. Staff requirement is also less for online store business owners as store will be open 24*7 online.
- COD Option: Cash on Delivery option is no doubt one of the best features of an online retail store as the customers can pay cash once the products get delivered to their places and avoid any online transaction that may sometime turn into a scam.
- Increased Clientele: E-commerce businesses enjoy the benefit of allowing the business to expand their clientele by a noticeable amount. This is mostly applicable to the small-scale online businesses. As the presence of an online store increases, more people opt for this option to buy products and eventually customer loyalty can be gained. This will also give rise to more potential customers.
- Social Media: Your e-commerce business will have to be run on a toe-to-toe basis with the social media trends so that the customers are compelled to buy from your store and not from your competitor. E-commerce industry and social media have become partners now to allow the business to make the most of the marketing strategy and promote the business and products engagingly.
A number of investors from the developed countries have been recently found to invest in the e-commerce in the developing countries of the east. The e-commerce industry will definitely grow and expand in a few years with the increasing number of internet users now. Customers will now shift from the traditional way of buying products through outlets to the new way of shopping from the online stores so as to get more convenience and also to save time. So, e-commerce industry will offer a huge growth potential and will be very promising.