E-commerce today has been prospering and will continue to flourish in the coming years. Statista reports that Global e-commerce anticipates hitting $5 trillion by 2022 and $6 trillion by 2024. The projected growth can be more as online sellers continue to meet customers’ demands online. In the Philippines, there are 93,318 online retailers accumulated in January 2021 per the Department of Trade and Industry data report. Given the growing number, you might think that it is hard to compete with established businesses. It’s probably difficult, but there’s a convenient way for you to start your business on the internet— launching your online store.
What is an Online Store?
An online store is an e-commerce website or application where business owners upload their products and services and make features that their customers can view and buy electronically. It is a modern way of doing business and reaching out to a broader scope of consumers.
Why you should launch your online store?
Here are the benefits of having your online store for your business.
1. It will build your brand’s Image and increase your online presence.
Before having thoughts about launching your online store, you probably experience online shopping too. Statista in 2020 reported that there are 75% of people globally shop online every month. The data would not lie as you can feel it too.
From this data alone, having an online store will not be a waste of time as it is extremely demanding especially since the COVID-19 pandemic is not over yet, and people now prefer shopping while sitting on their couches. It can help your brand have its image and increase awareness of your business in the e-commerce world. More likely, it can give you credibility too, because in today’s game, are you even a business if you are not existing online?
The good thing about this is that unlike physical stores that only the locals would know, having an online store will expand your reach worldwide. It can help you easily expand your scope, reach your target customers, and you can even gain potential customers in your shop.
2. You will get full control over your online transactions anytime and anywhere.
If there is something that online stores can take advantage of, it is the impulsive online shopping of consumers. The PayPal Commerce Index: Trends Report 2018 uncovers that 77% of window online shoppers make impulsive purchases.
So how do online stores contribute to impulsive shopping? Online shops are open for transactions 24/7. They do not have limited hours from where customers can shop. Even if you are sleeping already, customers can still shop, and place an order that you can process the next day.
As for you, you can process orders anytime and anywhere as long as you have the internet and you have the orders ready.
3. It is more cost-effective and only requires low start-up costs.
If you’re an aspiring business owner having problems with funds, then having an online store is the answer.
Opening a physical store can be very costly. It requires capital for rent, renovations that you will do, inventory, and office equipment, and you must also include the salaries of your staff. Launching an online store firsthand can ease your worries about these expenses. You will only have to pay for subscriptions and themes of your shop. Expenses in hiring web developers and designers can come when things run smoothly.
Online Store will help you start your business now without needing a big working capital, you can start operating, and as you gain profit that is when you can face or include other things in your business.
4. You can get data insights firsthand to improve your service and marketing strategies.
In business, staying on your initial practices would not get you anywhere. Business owners always strive to offer improvements in their products and services. However, how can you know what to improve if you do not the factors that you need to work on? Customer Data Insights of Online Stores can help you with that.
According to Microsoft, businesses that use their Customer Data Insights in enhancing their services outcompete their competitors by 85% in sales growth. It will provide you tools that give you access to better personalize and tailor your products to your customer’s needs and wants.
5. You can customize your customer’s shopping experience and give them satisfactory service.
Launching your online store can give you the freedom to decide how you want your customers to be greeted when they landed on your page. You will have the ability to craft a message that will talk to them in answering their inquiries and processing their orders.
The overall shopping experience of your customers will depend on you. Further, you have control over everything that is happening in your store and have the full capacity to improve what is needed.
Launching your Online Store
Making an online store is not that hard, but what stakes at this is the quality customer service that you will get. It is important to choose the right platform that will help you achieve your goals.
Maynakem is a free e-commerce platform that gives you the ability to create your online store. It can help you in selling and delivering your products to your customers with a satisfactory experience. You should take your business to the next level and start selling now.