Unveiling the Potential of the eCommerce Business
If you still wonder if eCommerce is the right business to go for, you are in the right place. The eCommerce business is growing rapidly at the moment, and the truth is, it is not going to stop.
The answer to the question, “Is eCommerce a good business to start with?” the answer is Yes!
This process could be profitable, and at the same time, exciting just as the greatest catch in Super Bowl by Jermaine Kearse back in 2015.
However, you should know what you are getting yourself into. Running a successful online business is a hard and continuous process. So, if you consider this business to be your hobby or part-time job, you should give up now. eCommerce requires devotion and hard work in order to reach its full potential.
A recent analysis showed us some fantastic results. By 2040, 95% of all transactions in the world will be done online. This means that eCommerce businesses will continue to grow until the whole world functions like that.
- Exceed geographical limitations
The eCommerce business will allow you to do international business. Not worrying about geographical boundaries can be a massive bonus for your business. This means that you can tackle any market you want by using social media and search engine targeting tools.
- Lower your costs
If you decide to go for the traditional physical store, there will be a considerable cost difference to running an electronic one. For example, if you go for the eCommerce store, you will cut down on advertising and marketing expenses just because you can use organic search engine traffic (SEO) to bring customers to your store. Also, the automation on the checkout process, payments, inventory management, billing and etc. will cut down the number of employees in your business.
- It is a 24/7/365 running business
Running an eCommerce store means that you don’t have closing hours. All business process is done automatically and you will be available to users no matter what time zone they are in. When you look at it from a merchant point of view, this means that the number of orders will increase.
- Money potential
Let’s analyze what we all want to hear, money. How much money can you make from running an eCommerce store is a difficult question and must be answered with “It depends.” The truth is, no eCommerce store has limitations. You might make from a few hundreds of dollars per month to a steady $10,000 to $15,000 in monthly revenue.
It is essential to set financial goals before you start this business journey. Just like in any business, the first couple of months to a year will be hard. However, if you believe in your idea, and set up your store the right way, you can achieve every goal you set.
There are a lot of real examples that made over 7-figure income in a year, and there are a lot of failed eCommerce businesses. There is no secret ingredient or a pre-defined formula for getting it to work.
- Have better products
Nowadays, it is much easier to set up your online business. You can run the whole operation from the comforts of your home without meeting with manufacturers or distributors. Finding the right product is a significant part of any business. It is what defines sales. Running an eCommerce store means that you can get whatever product you like and make a profit out of it. You can also sell it without having your merchandise at your disposal.
This boosts the potential of the eCommerce store for the future since trendy products are much more natural to find and to be shipped directly to customers.
These are some of the things that make the eCommerce business unique and with a lot of potentials. There are also a few disadvantages like lack of personal touch, transportation and return problems and etc. but all of that can be overcome by merely believing in your business model.