The concept of web marketing is ever expanding, and many products and services are already available on the web through the use of online payment systems. Over the last five to ten years people have become more comfortable shopping online. According to the U.S. Department of Commerce, online sales in the second quarter increased a whopping 17.6 percent from the same quarter last year. Contrast that with the total retail sales increase of 8.1 percent for the same period, and you see that online sales growth outpaces offline by a wide margin.
Here are a few reasons why it may be a good idea for your company to consider doing business online and developing an eCommerce website.
Flexibility.
When your company does business online, you have access to the entire globe. You can align yourself with more customers and other businesses, and geography is not an issue.
No Barriers.
By the same token, you can draw customers from all over the world, so whether you are marketing products or services, your customers can span the globe.
Versatility.
For that matter your company can do business in any currency that you choose. The US Dollar is the most commonly used currency across eCommerce platforms, but if the Japanese Yen or the Swiss Franc made more sense for your business to use, it is your option.
Increased Diverse Customer Base.
Courting customers in all corners of the world can have a stabilizing effect on your company’s revenue streams. When one country is tightening its belt economically, other countries are still spending.
Quality Products.
By having access to world markets, your company can pick and choose which vendors that it wants to work with. Again since your company is not limited by boundaries, your company can choose the best and the brightest with which to align.
Low Inventory Costs.
Online businesses have direct access to goods that would normally pass through several, middle men, and this direct accessibility keeps your costs low. Then your company has the choice of enjoying the large profit margin or passing the savings along to your customers.
Low Operating Costs.
When running your business online, your company will have very low overhead. You do not have to pay rent for a storefront, hire employees, or even print advertising. You can run your company from your home saving on travel time and money. Creating an ecommerce shopping cart is simple and effective.
Even if you are running a successful physical storefront, it’s wise to consider building an online shop as well, and who knows, one day that might be all you need!
Remember to consult with a web professional, like us! Discuss your ideas. You may be surprised at how reasonable the costs can be to get started. We offer budget-friendly eCommerce solutions for available here: Entrepreneur Starter Packages w/eCommerce.