Are you running a business that’s doing well, wondering how to expand your customer base? Or are you just starting and thinking of ways to gain footing in the market?
Well, whether you’re a new entrepreneur or an established one, there’s never a better time to consider setting up an online store for your business. Here’s why.
Online Shopping is the future
Ecommerce has been making groundbreaking changes in the way customers buy products and services for the past few years. People have well and truly embraced online shopping; studies even predicted a 265% growth rate in ecommerce, from $1.3 trillion in sales in 2014 to $4.9 trillion in 2021.
Nowadays, the online marketplace is absolutely booming, and ecommerce has become the key to pushing your business to a higher level. And while it’s still feasible to run a business without an online presence, you’re bound to reap more benefits when you invest in an online shopping platform.
Let’s take a look at the advantages of having an online store and why you should start investing in an online store.
1. Global customer reach
Physical storefronts are bound by location. With an online store, on the other hand, you no longer have to be limited by the number of customers that walk through your doors. An online store eliminates all geographical limitations, letting you sell across towns, provinces, and even continents! Now you can market to your local client base, as well as to customers who find it more convenient to browse and buy in the comfort of their homes.
2. 24/7 accessibility
An online store is a great platform to display all the information your customers need to know your products and services. An online store also means having new opportunities to boost your revenue even though your storefront is closed and you’ve turned in for the night. Customers can make purchases at any time of the day and you can maintain a passive income stream — definitely a win-win situation!
3. Lower costs
Instead of opening another storefront, investing in an online store is an alternative that saves you money while still gaining more profit. Sure, setting up an online store has its own costs, like web hosting, domain fees, graphic design, and web design. However, you won’t have to shell out money for rent, electricity, and staff. You’ll also be able to personalize your store by creating separate web pages for products that have just arrived and for those that are on sale. Customers won’t need maps or elevators to explore your store; just a few clicks of the mouse will do.
4. Access to Analytics
With an online store, you’re able to access real-time data and analytics about your products and your customers. You can track which products are in demand, where your visits are coming from, what times of the day your online store is most popular, and more! These valuable insights improve your business and pave the way for new opportunities to target customer segments products they are likely to purchase. Now, if you’re still on the fence about having an online store, here’s the most important thing to keep in mind: with an ecommerce store, you have nothing to lose and everything to gain.
Starting investing in an online shop today!
Being your own boss comes with a huge responsibility, and we do understand that sometimes cash flow can be a little tight. We also know that, in order to grow, you need to increase inventory or beef up your capital. RFC supports Filipino entrepreneurs by offering flexible business loans.
We help your business dreams take flight.