Every business has intrinsic motivation for growth – big or small! Marketing & advertisement, raising venture capital funding, entering into new partnerships, and whatnot; all signify innate business desires toward increasing profitability. While many businesses pursue these endeavors, many often ignore the importance of ecommerce transition, especially smaller ones. On average, small businesses with online presence witness 28% faster growth; this demonstrates the potential that ecommerce holds for businesses, particularly new ones with limited resources. Therefore, any business without an ecommerce store misses a good business opportunity. Let’s see how ecommerce can help small business owners transform their businesses.
Gain new customers
What if I’m unable to make enough sales? Is this location good enough for my business? These and many other similar questions occupy the mind of new business owners. Of course, no one putting in so much effort and money wants their business to underperform. Given this, establishing an online store presents good opportunities for such business owners. With an ecommerce store:
Instead of being restricted to selling only in their region, new business owners can sell to customers from anywhere. Consequently, sales revenue will increase immensely.
Reach out to people with an inclination toward online shopping. Many people prefer buying online; developing an online store would provide for business owners to capture more sales from this market segment.
Draw more people into your physical store; as a general human tendency, people hesitate to try new businesses. An online store contains information about your business, products, and offers, such as discounts; this can help you gain trust and eliminate the superficial barrier of buying resistance.
Utilize more business models
Online stores open up opportunities for business owners. There are many business models for selling products in the business world, and ecommerce stores make their implementation easier.
Customizable products: Under this model, you can take orders from customers for customizable products and make them as per their requirements. Online store visualization capabilities like 360-degree views, zoomable images, and 3d visualization of products as they select customization options allow customers to design their own products and order them confidently.
Become a reseller: Under this model, you agree with other companies to sell their products and then earn a commission on each sale. Similarly, you can allow other companies and sellers to sell their products on your website, earning a commission on each sale. This model helps a new business owner since any inventory related cost is not associated with it; the product company is responsible for shipping and maintaining the products.
With an ecommerce store, you ensure you’re selling 24/7, allowing you to capture sales even when your physical store is not operating.
Sale outside of the operating hours of your physical store: Due to busy schedules, many people don’t have time to visit your physical store during its operation hours; having an ecommerce store, you can facilitate them.
Sale when your store isn’t operating for some reason: If your store is closed due to renovation or any other reason for a few days, you can still make sales online and maintain a positive cash flow for your business.
Small businesses are always concerned about getting lost in the competition, especially by their larger counterparts. Competition in such market dynamics calls for an innovative approach that maximizes profits with minimal inputs; ecommerce is the perfect solution. With ecommerce, small businesses can attract new customers and grab better business opportunities paving the path toward business success.
The x2x team can help you set up an ecommerce store and integrate it with your existing business solutions so you can run both a physical store and an online store in parallel from a centralized management platform. Reach out to x2x team for a free demo or any query that you have.