The Benefits of E-Commerce for Business Owners
Do you run a retail company that is doing well and you are wondering how you can expand the sales globally? Are you quite hesitant to enter the e-commerce world because of the security issues that come with it, or you just lack the right understanding of the components of business?
If you are in the retail business, planning to start one or the client you are handling right now is on the retail industry, there is never a better time to obtain a better understanding and knowledge of what it will take to maintain an e-commerce business. In this article, we will take a closer look at how an E-Commerce marketing company helps your business.
According to business experts, a lot of people will continue to do their shopping in-store. This industry is still considered as a larger market comparable to the online shopping industry.
Online shopping is expected by experts to grow at a rapid pace, with more or less 50% of people ages 30 to 50 years old and more or less 60% of the younger generation in the United States being the likely demographics to make a purchase.
It is actually very important that you learn anything about this topic as soon as possible (especially the mobile e-commerce industry) has grown by at least 300% over the past few years. Online e-commerce made more or less $700 billion in the United States alone last year. The industry is expected to make up at least 18% of global retail sales by 2020 – 2021. It is up from worldwide retail sales in 2015 by at least 10%. The sales are predicted to hit $5 billion in the next couple of years.
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The brick-and-mortar business setups are bound by location, and depending on the service or products you are offering, it could be the key to your company’s revenue. But if you think that your company needs to stay in your local area, expanding your company globally could allow you to develop a new side of your company.
For example, if your company is principally service-based, you might want to compliment your company’s local offerings with excellent products that consumers can purchase on the Internet from your company, like hairdressers offering an excellent accessory. It may also be that your business can be able to tap into the tourism and travel market a lot easier if you try selling your products and services online.
Lowering the costs
Because this industry use to carry a lower operational cost compared to brick-and-mortar businesses, adding an online element to your existing company does not need to be a high-risk investment. As a matter of fact, usually, it would be a better choice compared to opening another store if that is something you feel you could lose a lot of money quickly. Why online selling has a lower operating cost? Here are some essential points you need to know:
Online advertising is cheaper compared to traditional advertising platforms and it can be easily adjusted for different budgets. You can use a mixture of digital and traditional advertising for marketing your operation; you can even switch to digital advertising to save a lot of money. Email marketing is just one example of simple digital tools that remains cost-effective and simple ways to send details and information to different markets.
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In general, it is usually low-risk, low-cost and pretty easy to start an e-commerce company, whether you have a brick-and-mortar store or not. As long as you choose your product and services wisely and have the right plan, there is a lot of potential for a high Return on Investment and passive income over the long term.