There are now many benefits of setting up an online store, all of which provide unprecedented opportunities to thrive in the marketplace. Traditional brick-and-mortar organisations will always hold value, but the advantages of adding eCommerce have become increasingly apparent.
In this article, we explore the key benefits of setting up an online store and explain how any type of business can make the most of eCommerce.
Speed to access the marketplace
One of the most important advantages of online stores is how easy they are to set up. For basic stores, you can be up and running in no time. You don’t need to worry about most of the challenges that would come with organisation a traditional retail operation.
With just a few clicks, you can use pre-made templates to create your store and follow simple instructions to complete the rest. You don’t need technical knowledge to tap into eCommerce business, which makes it hugely appealing to companies that are looking to keep up with the competition.
As soon as your store is live, you can begin reaching customers and drawing in revenue. If your business already has another stream of social following to tap into, you can immediately begin to drive that traffic towards your store.
Reduced costs
In many cases, setting up an online store can be done at a low cost. This is because eCommerce allows businesses to evade the substantial investments that are made up-front for traditional stores, such as rent and business equipment.
Here are some additional ways you can cut costs:
- Many eCommerce platforms are free to sign up for, or have low monthly costs
- Your business can be managed from a single point of contact
- You can use cost-effective marketing strategies such as social media and organic search engine optimisation to market your business
In short, replacing certain physical aspects of running a business with digital alternatives often cuts costs across the board. With an online store, you can strategically grow out your business and increase your outgoings as your sales increase.
Increase customer reach
Online shopping has exploded over the past decade, with more and more consumers making purchases online. The fear of buying products without seeing them first has been slowly eroded by legitimate return policies and the social proof of online reviews. With the introduction of safe and secure payment gateways, customers are more than happy to buy online, even when making expensive purchases. This means businesses should facilitate this process if they want to maximise their sales.
By creating an online store, you will be able to reach a new target audience that otherwise may have slipped through the net. What’s more, you’ll also have the opportunity to strengthen your relationship with existing customers by providing them another platform to view your products and consume information about your services.
Boost your brand presence
By including your brand on your eCommerce store, you’ll be able to expand the presence of your business. The more times that customers see your name, logo, products, services, and information about your organisation, the more they will come to trust and value your business.
While the primary function of online businesses is to facilitate transactions, they also provide additional opportunities. They can be used as platforms to provide further information about your business. Articles, guides, and videos can be posted to generate interest and allow you to present yourselves as thought-leaders within your industry. This all goes a long way to boosting your brand presence and helping to stand out in a competitive marketplace.
Access customer data and insights
Finally, online stores provide a unique opportunity to gain valuable insights to consumer behaviour that can directly influence your business. You can see how customers are interacting with your products and which areas of your business are more popular and which parts need to be improved upon. While these insights can be gained in traditional stores through surveys and feedback forms, it’s easier and faster to gain them just by viewing data collected through online platforms.
Ready to set up an online store?
Now that you know the benefits, it might be time to consider setting up an online store. It’s never too late to add an eCommerce option, and the good thing is that you won’t need to invest large amounts of time or money to get started.
Get in touch with our team today to find out more about adding eCommerce to grow your business and expand your brand presence. Whether you’re a small business or a nationwide chain, we can help you to set up secure payment options and start an online store in the right way.
