How E-Commerce platform helps you grow your small business
- Low Financial Cost
E-Commerce businesses cost a lot less money to start and run than a physical local storefront made with bricks and mortar would. If you were to get started with your own physical retail store, you’d likely have to commit a large amount of money to rent and renovate a location, renting storage space, and purchasing the products you’re going to sell.
On the contrary, when you’re running an e-commerce business, you won’t need to commit such a large upfront investment before selling. Instead, you can use an e-commerce platform, like MyBikry, to set up your own store (with custom designs) in less than 5 minutes. The profit made from selling products online easily compensates for the cost of designing an e-store.
Unlike the local stores where staff must manage inventory, many additional savings can be made, handle checkout, payment, and delivery.
- 24/7 Potential Income
Unlike physical retail stores, the shutter of an e-commerce store is always open. No matter how popular a physical store is, its reach will be limited within a geographic area, but there are no words-like boundaries with an online store. Through this, you can target an audience that you wouldn’t be able to capture normally. You have the potential to generate income 24 hours a day, 7 days a week. It doesn’t matter when a customer wants to shop in an online store – the choice is in their hands. Your marketing campaigns will be running all day so that they can purchase at 4 PM or 4 AM. Compare to a physical store, which tends to be open from 9 AM to 7 PM, it’s clear that e-commerce entrepreneurs have so much more time every day to generate more sales.
- Social Recommendations
Impressed with the quality of your products and services and the overall shopping experience, most consumers voice their opinions and recommend the e-commerce stores to their friends on Facebook, Twitter, Pinterest, Linked In, Instagram, and more.
This adds an advantage for the small businesses that provide better products and services than the big businesses but fail to get customers because they are unknown.
Large word-of-mouth recommendations over social media encourage the customers to choose small business online stores over the bigger ones. In this way, small businesses that were way behind their larger competitors can capture the buyers with their superior quality product and service offerings and the personalized shopping experiences delivered through an e-commerce platform.
- Easy to showcase Bestsellers
When running an e-commerce business, it’s very easy to showcase your best-selling products to potential buyers/customers. You can create customized banners and festive banners to promote your store homepage, build a dedicated category, and curate marketing campaigns to promote them.
You can also create a catalog for your products in PDF or videos to share with the customers. This enhances the representation of your product. Your best-sellers are the proven products from your store, so many customers will be interested in them. They can say a lot about your brand, ensuring that they’re easily visible for visitors to your online store.
- Encourages impulse buyers
One great thing about e-commerce stores is that they can encourage customers to make impulse purchases. If you provide them with an interactive product page, some high-quality images, and the correct sizing for the products, they’re going to be much more likely to buy.
But, it’s the scarcity tactics that you can use with your online store that will really entice shoppers.
You can also add countdown timers to alert your potential customers that a sale will end or showcase limited quantities of a product they’re looking at.
These techniques create a sense of urgency, prompting your customers to click on the “Buy” button. If they’re really interested in your product, they won’t want to miss out.
Small businesses do not have to publish marketing messages to attract people to the store constantly. They only need to develop pages that are search engine optimized.
- Remarketing Possibilities
When you’re running an e-commerce business, remarketing your products to buyers is a great way to generate more revenue. Unfortunately, it is quite difficult for physical store owners. However, as an e-commerce entrepreneur, you can target people who abandoned their carts while shopping at your online store.
Through this, you’ve piqued their interest in your products, secured enough interest to get them to the checkout stage, but they dropped off because of any reason. This may be due to distraction at work, or their kids needed help, and they forgot about purchasing from your store. But, now you know that they were interested at one point. So, you have to send them an email to let them know that their product is still available.
This can be the most effective and successful technique of remarketing. But with the physical store, this strategy isn’t possible. It would be equivalent to running after a customer who was browsing your store and shouting: “Hey, I think you forgot something!” Not many customers would respond by turning around and going back into the store.
- Scaling your business is quick.
Every entrepreneur wants their business to be successful, and when that happens, you want to double down on it. But, eventually, you’ll find that you need to scale up your operations to meet customer demand, or you’ll end up missing out on potential sales.
Now, when you’re running a retail store, a lot goes into scaling your business. You’ll need a larger store, more space for storage, more products from your suppliers, more sales staff…the list goes on. It can end up being a lengthy process, and during that time, your business growth might stagnate.
On the other hand, when you’re running an e-commerce store, your main concern when scaling your business will be making sure that your marketing budget is sufficient and that your ads are optimized.