The Wild Wild World of Online Selling
It’s true what they say, change is the only constant thing in the world. Take, for instance, the impact of the internet. The internet has changed the way we pay bills, the way we talk to each other, even the way we watch TV. The internet is now the place where people chat, transact and even shop. Yes, shop. The internet has changed the very nature of shopping. More people now go online because it is convenient and more often than not, they are able to get better deals there. So, if your consumer is moving online, maybe it’s time for you to start thinking of moving online to sell to them.
Online shopping has become a new and major way of shopping now, especially among the younger generation. In 2017, the e-commerce sector contributed INR 67200 crores to the Indian economy. As a seller, it has now become essential to shift to online selling. In the year 2019, India’s total internet users reached approximately 64 crores.This is the market size you can capture as an online seller.
But like every new business, online selling brings some challenges like determining what to sell, how to start, and finding the right shoppers.
So how does an online store help in improving the business and bring more profit?
Here are a few ways how it helps and why it’s time you should start selling online.
1. The shoppers
We all know the consumer is the king. The more shoppers a business has, the more chances for growth. The online shopping market is expected to touch 4 lakh crores in 2020 globally. In India alone, this number is supposed to reach 330 hundred crores in 2020. This data is enough to prove the importance of the online presence of your products and services.
Today’s shoppers are constantly searching, comparing and buying from online platforms, marketplaces, apps, etc. They are looking for remarkable shopping experiences. The increasing number of people moving online gives you the opportunity to expand your consumer base. Your shoppers are now just a few clicks away.
2. The Business Growth
The growth of any business is determined by the number of sales and the profit earned. The only way to achieve the goal is by attracting more shoppers and convincing them to buy your product.
When you have a retail store, your market is limited to your immediate surroundings. With the majority of the shoppers now preferring to buy online, moving the business online can help you discover new shoppers and interest them in your product.
A huge advantage of online selling is the power to instantly analyze your business. You can see which product is selling, which market it is selling in, what your profit margins are. It helps you plan your next growth market and your next steps in attracting new shoppers there.
3. The Convenience
Moving your business online is quite easy. Unlike the tiring process involved in setting up a retail store and the huge investment it takes up-front, an online store is comparatively quicker to start, and that too at a very low cost. Quick documentation, easy registration process, and lightning-fast verification make it possible to start doing business in just a few days. It takes just 15 minutes to set up an Amazon seller account and start selling.
Additionally, your online shop is open 24*7, so your shoppers can buy no matter what time zone they belong to. This offers a hassle-free experience and gives you more time to grow the business. Thus, you can sell more and earn more!
4. The Investment
Setting up a physical store is quite expensive as one must take care of fronts like rent, hiring staff, marketing, etc. An online marketplace such as Amazon only requires you to create an account, list your products, sell them, and make money. It makes starting a business much easier.
With minimal investment, the process of registering to sell on an online marketplace can happen quickly. Selling online cuts down several costs like storage, displays, logistics, maintenance, and other processes. The online sales platform also acts as an information channel giving all the required details to the shoppers. It saves overall operational and labor costs.
5. The Global Opportunity
Any business’s ultimate aim is to expand on a global scale. Online selling gives you the perfect opportunity to achieve that. With an online presence, you are not only available to your locality, city, state, or country but also at a global level. Anybody who’s looking for a product similar to yours can find you and shop instantly from any corner of the world.
The growing cut-throat competition needs you to reach out to your shoppers in every way possible. More product visibility shoots up the chances of your sales. And what better way to be visible than being on one of the leading online shopping platforms.
Currently, there are around 2 million sellers worldwide on Amazon who are taking advantage of online selling. If you do decide to join that number, now is the time to register as an Amazon Seller
. It’s time to tap on a large consumer base, low capital investments, more marketing opportunities, and the vast growth opportunities for your business.