Today, consumers access the Internet more often than ever before, either through their smartphones, smart-pads, or computers. And here are three market trends that contribute to this behavior among the consumers: Free public Wi-Fi networks, more affordable laptop/desktop computers, and a growing usage and demand for mobile devices and apps.
These market trends make it more attractive and affordable for consumers to own these devices. With the ability to access the internet from their devices anywhere, anytime, consumers are enjoying their convenience. This is growing web traffic, and quickly, which gives rise to an ever expanding market opportunity on the Internet.
The companies that have seen the biggest gains out of this opportunity are E-commerce businesses. Here are 8 facts about E-commerce websites that make them competitive, profitable and affordable for small businesses in today’s environment:
First, you would have to put up tens of thousands of dollars, if not more, to set up a traditional, brick-and-mortar store. With E-commerce store, you only need a small fraction of that, which makes it more feasible for you to test out your business idea at a much lower cost.
Second, you can maintain a low overhead cost with an E-commerce store by avoiding large expenses like office space, electricity, etc. This is a huge cost reduction for small businesses.
Third, it is easy to manage your E-commerce store with remote internet access. The flexibility of the online store allows you to get things done at your own pace and on your own time so you can spend more time with family, or travel with your loved ones.
Fourth, since many consumers today are using the internet to find products and services they need before making the purchase at the store or online, consumers’ transactions are moving more and more toward the web. This is great news for E-commerce stores because they can now compete with brick and mortar stores on a level playing field, at a much lower cost.
Fifth, having a large inventory is often a headache for many managers and business owners in retail industries. With an E-commerce website, you can keep your inventory low or even at zero. If you are a retailer, you can order the products from your vendors after customers have placed their order on your website.
You can also sell a wider variety of products, from different vendors. These are popular approaches many E-commerce businesses today often take to maintain a strong cash flow, to increase revenue, and to respond fast to the changes in the market environment.
Sixth, you can run Google AdSense on your website. The banner ads can bring an additional revenue stream to your business.
Seventh, with an E-commerce store, you can grow at your own pace, and the sky is the limit. You can choose to grow locally, nationally or internationally. Here are a few businesses that have yielded significant success with their online store: Dell.com, NewEgg.com, and the most well-known, Amazon.com.
Eighth, and my favorite fact of all, you can keep your store open online store 24-7, so while you are sleeping, your website is still making money for you.
E-commerce stores are getting more and more popular among retailers today because they are helping businesses capture a growing market share during our current period of explosive growth in Internet usage spawned by mobile devices. Even big box retail stores like BestBuy, Target and Walgreens have established E-commerce stores to stay competitive with their primary brick-and-mortar competitors and other, smaller E-commerce retail stores.
With the affordability, flexibility and profitability that an online store can provide, E-commerce website will continue to lead the way in today’s business landscape. I hope you find this information helpful. If you do, please share it with others. Thanks!
