The Internet has given us the power to do unconventional things and even get better results out of them. The same is true with doing business online and how the advancements in technology and the Internet has changed the way we shop and sell.
More and more people have started selling on the Internet through online marketplaces before setting up a physical store or even thinking about one. This is due to the minimal risk and investment involved in e-commerce along with its massive reach, together with various social mediums. Let's take a look at the advantages of selling online:
1. Low set up and running costs
The overall cost of actually selling online on an online marketplace is lower than that of an offline business. The whole sales and another finance system for your business is automated when it comes to online business. Hence, you will save on staff, wages and other business costs, which are usually an expense such as electricity, rent and other maintenance.
The money saved can then be used to improve and expand your products. Selling online with the help of an online marketplace will also help you expand your product offering faster than is normally possible within an offline business situation.
An online business is much more flexible as compared to an offline one, be it in terms of making sudden inventory changes or notifying customers about new updates. Moreover, an e-commerce business can be operated from anywhere as they reduce any geographical restrictions one would normally face with an office-based business.
You can easily have an eye on your online business even when you're outside. The only essential items you need to oversee your online business are having access to the Internet and a device to browse on.
3. Ease of expansion
With an offline/brick-and-mortar business, expanding your collection and reaching out to new markets are substantial operations. For accommodating all the added inventory, you would need more space.
When selling online, you can opt for drop shipping and all you need is listing those extra products and editing more information on the online marketplace where you are selling. You can also reach new demographics through the smart use of SEO and a little market research.
4. Fewer time restraints
With online selling, you are not restricting your existing and potential customers, as they can visit your online store at any time of the day meaning you are maximising your sales and profits.
Cross-selling is another marketing strategy that allows you to encourage people to spend more money by buying additional products related to the one(s) they are interested in. On e-commerce websites, this may be included as, "You may also like", "Inspired by your wish list", “Try these also”. You can also employ a range of powerful marketing initiatives in your online store to encourage interest from potential customers.
5. Targeted marketing
With an online business, you can easily and effectively tailor your advertisement campaigns around your targeted demographic. Popular social mediums like Facebook, Instagram etc. offer a very inexpensive form of marketing that could help provide business owners with the advantage of word-of-mouth advertising on a grand and diverse scale.
6. Easy and effective analysis
Tracking and then analysing customer behaviour is a major challenge for offline businesses. To compensate for that, the brick-and-mortar store owners offer membership and loyalty programs to be able to better track their buying habits, but all that still lags too much behind the online means.
Gathering this information is way easier online. Google Analytics alone can provide important information needed for you to analyse the buying patterns of your customers. And, with an online store, you can also get to know which one of your product/service is in higher demand and which one is not at all with the help of the built-in or any other 3rd party e-commerce analytics tool.
Selling your products or services online can help you scale your business to greater heights. The advantages of choosing an online marketplace over a traditional storefront are considerable. Apni Market is one such online marketplace that provides an ideal platform to local businesses of all sizes and nature to help them bring their business online and sell to customers quickly, especially to the ones who are near to them. So, why wait? List your business today on Apni Market and enjoy the benefits of both an online store and an e-commerce website on a single platform. Do reach us at [email protected] for more details.