Owing to the increased utilization of smart-phones, easier access to internet, and the growing offerings of eCommerce stores, there is a big shift in the buying preference of people. Actually, the arrival of the internet has changed the mode of communication, exchange of information and most promptly the business.
In such scenarios, it is quite difficult for entrepreneurs to thrive. However, eCommerce is offering various opportunities to these entrepreneurs. Let’ see how they can utilize e-commerce for growth.
The eCommerce Advantage
It is easy for today’s entrepreneurs to run an internet business, as they are technology savvy and able to leverage technology for a head start in the industry. If I talk about online business, it has numbers of benefits. Entrepreneurs can save a lot of costs that they have to spend on managing a brick and mortar store. Instead of running such store, an online store offers them the option to receive orders online, accept payments, ship product and reach to the customers available all across the world.
Besides, the cost of setting up an e-commerce website is inexpensive, though to build a strong foothold, it is important to utilize the tools of interest to the public such as social media, e-mailers, videos and more. With these things, here are some advantages that entrepreneurs can get from e-commerce.
There is no doubt in saying that brick-and-mortar stores are bound by location and most importantly depend on the service and product you are offering. If you want to run a local business, this could be a key for higher revenue, though to expand globally you need to take help of e-commerce. Websites allow you to reach the customers available all across the country or nation, and global.
As I mentioned above, setting up a brick –mortar is cost draining. For entrepreneurs, this investment can both big and risky. In comparison to this, using an online component doesn’t involve high risk-investment. Mostly, setting up an online store is a better option than setting up a brick-mortar store. Besides, it lowers the cost of setting up the business. How? Take a look.
* Saving on Rent
For setting up an online store, Entrepreneurs don’t need to rent a big shop or property. They can easily begin with the initial cost for web setup and maintenance such as creating and maintain a website, adding a Shopify into website and more. All these things take a bearable amount per year, and in exchange of it, one can get features built as per the preference and can run an online business.
* Saving on Task-force
Entrepreneurs don’t need to pay to an in-person taskforce, actually, they can integrate various modern tools such as chatbot to provide 24-hour customer support and can save a lot of costs.
Global Marketing and Recognition
In the presence of various business giant, it is hard for entrepreneurs to earn recognition among the industry. Though, with the help of digital advertisement, they can reach to the consumers and earn recognition. There are other ways in this space, such as email marketing, SMS marketing and more, which not just help in increasing revenues but also boosts business visibility.
Better Audience Targeting and Personalization
Online business opens the gate of numerous opportunity for entrepreneurs. Digital marketing and online selling model allow them to collect, synthesize and use customer information. It is beneficial when they have to run various customer retention activities such as loyalty programs and personalize offers. Entrepreneurs can track the buying habits of a customer from the beginning and can comprehend the market demand. It also allows them to target a precise audience. It is also very easy to personalize offers with this data, as customers preference can be comprehended by his behavior.
Apart from these, there are many more benefits of eCommerce integration for entrepreneurs. According to the WAKI experts, it is very essential for entrepreneurs to be ahead of the market giant in this rapidly changing market space. As every business is striving to leverage the internet to reach consumers and earn profits, entrepreneurs need to utilize the full-fledge capability of the internet to ensure a higher return on investment.