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Benefits of setting up an online store over a physical store
The growth of e-commerce in recent years has led to a decline in the number of physical stores, with physical stores now occupying only a third of the market share. The pandemic has only accelerated this trend, as more and more consumers prefer the convenience and accessibility of shopping online. In this article, we explore the benefits of setting up an online store and why it is becoming a popular choice for business owners. We conclude with our take on the best e-commerce strategy for today's times.
To begin, it's important to cite some statistics. The e-commerce industry has experienced tremendous growth in recent years. According to Statista, global e-commerce sales reached $3.53 trillion in 2020, and this number is expected to continue to grow to more than $6 trillion by 2023. This is a clear indication that online shopping is becoming increasingly popular and that consumers are becoming more comfortable making online purchases.
Moreover, a survey by BigCommerce shows that 75% of consumers now store online at least once a month and 39% of consumers say they prefer to store online rather than in-store. These statistics show that online shopping is not only growing in popularity, but that it is quickly becoming the preferred method of shopping for many consumers. There are five main reasons for this.
Accessibility for more customers: everywhere
Online stores are accessible 24/7, 365 days a year. This means you can reach a much larger customer base than with a physical store. With an online store, you can reach a global audience through Amazon or with advertising, if you have the budget for it. This can be especially beneficial for businesses looking to expand into new markets.
No time constraints: anytime
Unlike physical stores, which have fixed opening hours, an online store is always accessible. This means that customers can place orders at any time, even in the middle of the night. This convenience is attractive to consumers and can lead to more sales.
Lower costs
Setting up an online store is significantly cheaper than setting up a physical store. There are no physical store rents, utilities or maintenance costs. You can even run your online store from home and hire remote workers to manage deliveries and accounts. This can be especially beneficial for small businesses just starting out.
Improved customer satisfaction
With an online store, you have access to detailed analytics that can help you gain insight into the growth of your business and customer satisfaction. This data can be used to quickly identify any customer service issues and improve the customer experience. This, in turn, can lead to increased customer trust, loyalty, and repeat purchases.
Business expansion
One of the main advantages of an online store is that you can easily expand your product line. With dropshipping, you can offer new products on your website without worrying about storage or shipping. This is a low-risk way to test new products and expand your business.
In short, although some consumers still prefer the in-store shopping experience, the trend toward online shopping continues to grow. With the right knowledge and resources, anyone can set up their dream online store and take advantage of the many benefits it has to offer. Whether you want to save money, reach more customers or expand your business, an online store can be a great option.
What is e-pickr®'s view on offline VS online
We believe that setting up an online store can offer numerous benefits for your business, including accessibility to more customers, no time constraints, lower costs, improved customer satisfaction and business expansion. If you want to expand your product line and stay ahead of the competition, we definitely recommend for the best offerings use e-pickr® for your product research. e-pickr® helps you identify hidden product gems in niche markets on the Web, so you can be sure to offer unique and sought-after products to your customers - offline and online.
Starting with a platform like Bol.com can be a smart strategy because it offers an easy start and a large customer base. Once you set up your business and have a strong following, you can switch to your own online store and eliminate Bol.com's commission fees. From there, you can expand to other countries through platforms like Amazon, and eventually you can maintain your own inventory and form local partnerships with offline retailers.
In short, setting up an online store is can achieve big results with a small investment that can bring numerous benefits to your new or existing business. With the right product research and strategy, you can reach a wider audience and grow your business to new heights. Ultimately, you may want to consider an omnichannel strategy because you want to grow your business to wherever potential customers are - whether online or offline.