The COVID-19 outbreak has slowed us all down. Our day-to-day do not look similar. We’re all either self-quarantined, in lockdowns, or slowly, yet skeptical beginning to resume our regular lives. The new normal has changed and for tons of folks, it’s not almost not having the ability to move out or being afraid of it. It’s also about our businesses. It’s also about our jobs.
Digital Transformation within the e-commerce and retail sectors has been accelerated by COVID-19 – many more people are making purchase decisions online.
There’s still an opportunity to succeed despite the layoffs, pay cuts, and furloughs. And that opportunity lies in starting an online store & eCommerce business.
What is the opportunity in eCommerce?
Do you know that 40% of worldwide internet users have bought products/goods online from an eCommerce business or eCommerce store? People are increasingly looking to shop online for an easier customer experience. And, they’re even shopping from the smaller screen, because of better mobile networks and bigger mobile sizes.
According to IBEF, India’s internet economy E-commerce has transformed the way business is done in India. Propelled by rising smartphone penetration, the launch of the 4G network, and increasing consumer wealth, the Indian E-commerce market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion in 2017. Online retail sales in India are expected to grow 31% to touch US$ 32.70 billion in 2018, led by Flipkart, Amazon India, and Paytm Mall. Add to that how our shopping behavior has changed owing to COVID-19, and the numbers only increase.
2020 has confirmed how important it is today to have an established online presence in order to sell online. Consumers spent more time on social media and buying online, and many brands realized they need to seriously consider investing in e-commerce. 2021 will be the consolidation of a booming industry.
Why should you consider starting an online store?
- Consumer to brand engagement has moved online
- Increased internet usage has led us to explore more brands
- Even the basic of purchases are being made online
- Starting an online business can be extremely inexpensive
- You have the flexibility of your time
- You have the freedom of choosing your location
- The business runs 24/7
1.Consumer to brand engagement has moved online
Instead of stepping into physical stores, we’re choosing to interact with brands online. Be it on social media, through live chat, or chat apps, no one wants to take the risk of walking into a store anymore owing to the threat and the restrictions imposed due to COVID-19. And it’s pretty understandable!
2.Increased internet usage has led us to explore more brands
With a little more time at hand, we’re using the internet more than ever, browsing through social media endlessly. From a point where we used to simply seek out brands we had known about or seen physical stores of, we’re now becoming more open to exploring the lesser-known names. Since we have the time to verify the brand’s authenticity, we’re automatically becoming more open to trying new things.
3.Even the basic of purchases are being made online
None of us wants to be stepping out to make purchases anymore. In fact, we’re now making even the day-to-day essential purchases online. Be it groceries, toiletries, or little purchases for comfort as we stay at home, like loungewear, we’ve all found at least ten online stores for everything. In fact, the Economic Times shared how online shopping has increased in India during this period.
4.Starting an online business can be extremely inexpensive
As small online businesses have started building their empire with nothing more than a computer, a domain name, and a web hosting service to house their website on and get their information out to millions of people online.
5.You have the flexibility of your time
Depending on the type of online business you choose to set up you can end up having much more flexibility in creating a work schedule that works for you. You can choose what time of the day you want to work, how many hours you want to work, and what days of the week you want to work as long as you set your business up in an efficient way.
6.You have the freedom of choosing your location
In an online business, you aren’t tied down to a desk or a single location. As long as you have an internet connection and a laptop you can run your business from anywhere in the world.
You have the freedom to travel and choose where you want to work on any given day and that’s extremely liberating. Whether you want to visit your family in another state or take a trip somewhere exotic your business will always be with you.
7.The business runs 24/7
Unlike most traditional brick and mortar stores, an online business can be run 24 hours a day 7 days a week, even when you’re not in front of the computer. And because websites are always online it allows others to always be able to find what they are looking for quickly and easily.
This provides business owners with much more flexibility in regards to both when and how they work by allowing the information, products, and services to always reach those in need.
So who should start an online business?
Virtually anyone who has something to offer can start an online business.
Whether you’re an entertainer, programmer, educator, photographer, clothing maker, woodworker, hobbyist, hard hat, nurse, or just an individual with an interest in a particular field you’ll create an internet site that will help others achieve their goals.
If you’re a programmer you’ll sell your latest programs to your targeted audience or use your blog to assist you to get work as a freelancer doing programming for people.
If you’re a graphic designer you’ll create graphics for other websites or clients and make a portfolio to land more jobs.
If you’re a photographer you’ll showcase your work online and grow a customer base or sell your own photography online.
If you’re intimate with a selected topic you’ll create a digital information product like an e-book, audio-book, how-to-video or start a membership site that will help educate others who are less experienced.
If you’re a consultant you’ll use the web to assist you market your business so you’ll gain recognition for possible clients and people curious about your industry.
The possibilities are endless, and you’ll start with little or no money.
There are no overhead costs (other than your domain name and hosting service), you don’t need to pay rent or monthly expenses within the beginning (except maybe for email marketing) and you aren’t locked down to a single location, so there’s very little reason for you to not try to build your very own internet business.
Whether or not you decide within the long run that it’s for you at least you’ll build an asset you’re a product of and connect with others who could benefit from what you’ve got to offer.
Do you want to know more about how to start your own eCommerce business please fill the form and we will share with you a step-by-step guide on how you can build your eCommerce business or store online.