by Nasreen Shaikh | 16 Nov 2017
With majority of people making their purchases online, its not hard to see why starting an online business would be a great venture.
In my case, I make about 80% of my purchases online rather than from a physical store. Mainly because its convenient, I’ve got more options to choose from, and in terms of clothing, I won’t need to spend hours in the changing room or butt heads with other shoppers.
In 2016, an estimated 1.61 billion people worldwide made purchases online, and this is expected to increase. We know people are starting to make more of their purchases online, so now is the perfect time to start an online business, and here are 8 reasons why:
1. Online business operates in a new economy
The internet has created a new economy that has changed our perceptions on traditional business. We now have the ability to reach customers worldwide!
2. It’s the perfect venue for business
You no longer need a physical store to make sales. Online, sales can be made with a click of a mouse, and with good marketing, your online business could have more buyers than if you were to open a brick and mortar shop.
3. Cuts costs
New technologies that can be used with online business reduces the amount of work you have to do, allowing you to cut down on costs. For example, adopting e-business solutions can reduce more than 5% of maintenance, repair and operation costs. And that 5% savings could ultimately run into 50% of a company’s net profit down that track!
4. Ability to do business 24 hours
Online businesses don’t have opening hours, the beauty of it is that its open 24 hours, all year round. Thanks to Internet off time, sales can still be made while you’re sleeping!
5. Low start up costs
Building a website doesn’t require big investment. There are plenty of web development tools that can help you create your website from scratch or even from design templates. I recommend WordPress. For as little as $40 a month, you could have a beautifully designed website with all e-commerce features.
6. Provides better customer support
With capabilities such as online chats, and chatbots, online businesses have the ability to provide customer support more effectively. This means better customer satisfaction and increase of profitability.
7. Makes information more easily available to customers
Online, you can add or make changes to your company and product related content virtually in a matter of minutes. You can publish blogs and articles on your site to share information with your customers.
8. Your physical presence could be in any location
The internet allows you to do business from any part of the world. Your physical location, except for a few cases is not that important since you conduct your business online.
As with any business, you need to start off with a great idea that fills a gap in the market, and convince prospective customers why they should buy from you. Online businesses have the ability to engage with people all over the world, and it can be overwhelming. If you’re ready to give it a go, and launch your own online business, read my article “6 steps on how to start your online business” to boost your chances of success in the online world!
Nasreen Shaikh – Digital Marketing student at NZIE