2020 witnessed a worldwide disruption in the way retail was carried out across the globe.
Brick-and-mortar stores that served hundreds of customers every day, stood empty. Retailers who generated revenue like there is no tomorrow waited with bated breaths for a way to sustain their businesses.
That said, while the rest of the retail industry went through unprecedented turmoil, one specific vertical thrived like never before. You guessed it — the online retail industry became the go-to solution for getting essentials like medicines and groceries delivered to your doorstep.
The looming threat of a deadly virus that spread upon human contact only boosted the acceptance of online shopping as it offered contactless deliveries, and eliminated the need to step out of the safety of your home.
In 2021, the retail industry still struggled with similar challenges. Many brick and mortar shops shut down, but the ones that strategically went about starting an ecommerce website thrived.
So, what does this tell you about running a retail business in 2022? eCommerce is definitely the way forward.
But if you are still wondering what advantages eCommerce can offer for your retail brand, over a brick-and-mortar store — here are some that you should definitely consider before setting up an ecommerce business.
Easy Setup
If you have ever set up a brick-and-mortar shop, you know exactly the things that go into doing so. Starting from finding the perfect location, to promoting your shop, you have numerous things to take care of, on a daily basis.
Similarly, if you are planning on how to start an ecommerce business, you need to put in quite a bit of effort for set-up, but the silver lining is that it is far less compared to a brick-and-mortar business. Once you have figured out the right platform to build your website on and the features that you want to include in your online store, you are set to start generating revenue.
While the initial investment for successful eCommerce businesses is comparable to brick and mortar retail stores, you have multiple cost-effective options to consider if you want to start small. Your online store can start just as easily through social media which will allow you to reach millions of customers across the globe.
Read here -> Brick and Mortar vs eCommerce Store - A Detailed Comparison
More Scalability
The ability to take your online store global from the get-go is just one of the ways that highlight how it gives you the ability to drastically scale up your business.
If you are not thinking global right away, no worries — you still have the option of scaling your online store across verticals. Think about Amazon when it started as a humble online store for selling books.
Read here -> 3PL, FBA, or Shopify Fulfilment: What and How to Choose for Your Ecommerce Business?
Due to sheer timing, and scalable strategies, today it has reached a stage where it is equivalent to a search engine for buying any product under the sun.
More than anything else, the fact that you can target any segment of customers online based on their geographical location, or buying patterns is one of the major factors supporting eCommerce stores today.
It is the Future
An important reason why you should consider starting an eCommerce business over a brick and mortar store is simply that it is where the future of retail is headed. With increased Internet adoption across the globe in these unprecedented times, the online retail sector is projected to bloom unlike ever before.
With that in mind, it would be a good strategy to future-proof your business by going online and setting up a steady pace of growth for it right from the start. In an age where customers want everything on their smartphones, it would be counterproductive to miss out on the opportunity and stick to the traditional means.
Passive Income
If you thought that an eCommerce brand is a dream for those who have plenty of time and resources to invest, think again.
Most of the successful eCommerce businesses that we know and admire today, started off small. Some with limited products or catering to a very small target market. They have grown and become retail giants now because they took the decision to enter a market that had plenty to offer.
So, if you are working a 9-to-5 job, or are invested in a business that already takes up quite a bit of your time, and wondering how to run a flourishing eCommerce business, worry not. If you are diligent during the brand-building stage and opt for effective strategies, you can actually start generating some passive income from Day 1.
Who knows, your passive income-generating startup eCommerce business might just exceed your expectations and start generating more revenue than your existing job or business.
Round the Clock Revenue
Apart from financial investments and real estate, there are very few opportunities today that let you generate revenue while you sleep.
The business model of a successful eCommerce business is such that you do not have to do any active selling, and let your store do all the work even while you are inactive. Go take that vacation or attend that family event, while your store continues to take orders and earn money for you.
Of course, this can happen easily only after you have figured out your operational processes, the right shipping partners, suppliers and automated communications. But it is undeniable that with no predefined operational hours, your retail business can generate revenue for you around the clock, across the globe.
Let’s understand how you can build an eCommerce brand from scratch in 2022.
Now that you know why and how to start a successful eCommerce business, we are eager to know more about your journey. If you know anyone who will find this information useful, we hope that you will share it with them.
Did you know that one of the primary challenges plaguing eCommerce businesses is the lack of a good shipping partner who can cater to their requirements and keep up with their growing brand?
If you are just starting out, avoid this challenge altogether by opting for a trusted shipping partner, who will understand and exceed your expectations, do get in touch with us.