Online retailing is growing at an extraordinary rate, with online sales currently representing around one-quarter of the total retail market. Retailers who overlook e-commerce may see their trade diminishing as customers continue to shift to ordering products online. E-commerce offers many ways for retailers to reach consumers and conduct business without the need of a physical storefront. The Nigerian e-commerce sector was estimated to be worth US$13 billion in 2018.
Today, e-Commerce has transformed the way companies are doing business. Presently, customers can purchase almost anything online and get an ultimate shopping experience. Before you opt for an e-Commerce business, have a look at its overall benefits that you can enjoy:
Ease of use
For several people in the world, e-Commerce has become one of the preferred ways of shopping because of its ease of use and convenience. They are allowed to buy products or services from their home at any time of day or night.
Because of its convenience, customers can save lots of time as well as money by searching for their products easily and making purchases online.
Reduced overhead cost
In general, an online store costs less to set up and run than a physical store, typically a physical store owner will have to hire many more employees than that of an e-commerce store owner. With an e-commerce store, the start-up cost is only a fraction of the expense allowing you to invest in better marketing and customer experience in your online store.
Increased Customer Reach
One major advantage of an online store over a physical store is the ability to expand your market beyond local customers very quickly. Selling online allows retailers to display their merchandise in any part of the world without additional expense. An online store removes the blockades of travel, parking, and getting lost en route that can drive some customers away. While you can certainly continue to market to your local customer base, when selling online you have the option of catering to fans of your product or service that are miles away.
Supply on demand
In a physical store, customers expect to be able to leave with the t-shirt they’ve just bought, but in an online store, a period of waiting is expected. You don’t have to take the risk of purchasing 300 of an item to have in stock in case there’s a pre-weekend rush in the store. Instead, you can show one picture of an item and task your employees with keeping an eye on inventory.
An online store can be updated instantly and as often as you like. Take for example changing the price of a product; with an e-commerce store, prices can be changed from the stores' dashboard by simply changing the products’ price field.
Easy access to market
In many ways the barrier to entry for entrepreneurs has never been easier. Online e-commerce platforms such as Tradift allow anyone to set up a simple online store and sell products within minutes.
No doubt selling online can bring many added benefits to businesses’. It is the responsibility of the business owner to inform themselves, assess the situation, and take the necessary steps towards reaching the goals for their business. One of the easiest ways of taking a physical business online is by creating an online store with Tradift, the platform provides all the tools needed to build and grow an online store of any size.