It’s needless to explain why Online Business is the Right Choice. However, I would like to emphasize some points here.
In order to analyze and identify right choice, first thing comes in mind is what is the trend in that segment. Chart below shows and we all know that E-commerce, Digital Marketing, Online Purchase, whatever we name it has been growing consistently and will further grow in future at much higher rate.
The fact is ecommerce is one of the fastest growing industries in the world. E-commerce provides enormous benefits (list provided below) to all the stakeholders, that’s the reason for this huge success.
Benefits Of Online Business To Consumers
- Convenience – we can buy anything sitting at our houses anytime. Open 24×7.
- Price – Ecommerce has allowed consumers to save a lot of money on these purchases.
- Products Variety – Consumers can get good variety of the products to choose from. Products of all colors, sizes, dimensions are displayed at ecommerce sites. This makes the consumer easy to pick/choose product according to his/her wish.
- Easy payment options – People can pay of their purchases at ecommerce sites through various payment modes like internet banking, credit card, debit card, cheques and even cash on delivery. Hence consumer has an option to choose the payment method of his choice based on his convenience.
- Easy Returns Policy – Many Ecommerce sites have policies like “30 day free Returns” which enable consumers to the product if they are not satisfied with it.
The benefits of ecommerce websites are endless and they have already changed the way people shop today.
Benefits Of Online Business To Retailers
Ecommerce benefits are much greater to Retailers than consumers.
- Much Bigger Marketplace – Entire world is your client now. Consumer can search retailer online.
- Decreasing cost of inventory Management
- Keep Eye on Consumer’s Buying Habit
- Happy Consumers Sell your products by sharing on social media(Low adv cost)
- Selling Products across the world
- Stay open 24*7/365
- Economy – Now, Organizations don’t have to invest your money in the physical store, insurance or infrastructure as all you need is a wonderful idea, unique products and well-designed website to reach your precious customers to sell your products and services.
- Can offer huge information to consumers
- Ability of Multi-Site
- Scalability – With effective ecommerce solution, organizations grow and scale easily to meet market demand as well as customer requirements by introducing different sales channels and reaching market segments.
- Analytics – Organizations can easily calculate and evaluate sales effectiveness, customer effectiveness, marketing campaigns, product mix, customer engagement and more.
I hope above gives you a vast idea of the Online Industry.
Potential Of Online Business
I would like to share few recent success stories to make you realize the BIG potential of Online Industry.
- Uber- the world’s largest taxi company owns no vehicles.
- Xiaomi – 4th largest smartphone maker (12B Revenue) owns no physical store.
- Facebook – the world’s most popular media creates no content.
- Alibaba – the most valuable retailer has no inventory.
- Airbnb – the world’s largest accommodation provider owns no real estate
- Whatsapp – with 3 Billion messages a day does not own servers.
The reason for sharing the above success stories is to explain to you that eCommerce based business model have low startup capital cost and provide faster success. All the above companies are less than 10 years old. The traditional way of the business would take more than double the time to reach this level of success.
I hope by now, it would be crystal clear that Online Business is the RIGHT Choice to make in today’s business environment.