In these unpredictable, and confusing times you may be wondering, how will my business survive this change? With government mandates encouraging people to stay home and off the roads, it may be beneficial to the livelihood of your business to move to the online space.
E-commerce businesses are growing very fast in Canada and around North America. With many online stores and businesses coming up, there has been a great decrease in brick and mortar retail establishments.
According to an article written by BDC, “ Internet based sales from all retailers rose 31% to $15.7 billion in 2017, according to Statistics Canada.” Now more than ever before consumers are making purchases online. With the majority of major malls and stores indefinitely closed down making that switch seems to be the safe way to go.
Here are 4 PROs to switching over to an online Ecommerce store
You open up your clientele roster to more international audiences . You’ll be geographically limitless!
You will be able to track your customers' insights through analytics . Now you can see what advertising avenues invested in bring in the most capital.
Cost efficient. When you have a physical location there's more of a financial strain in terms of paying for staff, supplies, rent, utilities and maintenance. By having an online store, you can either use your home as a storage for the products being sold or rent out a small storage space monthly.
Instant Gratification- If you sell a product that can be sold digitally, eCommerce allows for delivery within seconds of the purchase and instant downloads.
The transition may pose as challenging at first especially when certain establishments are used to doing business a certain way, however with the right amount or research, thoughtful planning and implementation it can be done quickly and effectively.
Start off by only adding your top 20% best-selling products on your site to start. By doing so you will be able to get an idea if your product will do well and this can educate you on the potential of cross-channel selling on platforms such as Amazon and Ebay.
Apps have become the norm for online shopping. If you have not already, invest in an App that your customers can purchase from using their smartphones or tablets.
Once you have your target market, chosen effective domain purchased, research your e-competition, include compelling images and descriptions, find cost efficient shipping prices, offer an array of payment methods and adjust your policies to accommodate your shift.