WCWB Blog
WHAT TO KNOW BEFORE STARTING AN ONLINE STORE
The benefits, disadvantages, and process of an online store.
An online store, also known as an e-commerce website, displays all the products and services you may be offering with the ability to purchase them electronically. Many brick-and-mortar businesses also have their products on a website to increase their reach to non-local consumers, grow their overall sales, and build their brand. It is highly recommended in 2023 to have an e-commerce option if you have a high demand. However, there are some things to consider before jumping into the online market.
BENEFITS OF AN ONLINE STORE
First, let’s talk about the benefits! Many of us have switched our shopping to online due to its accessibility, variety, and convenience. The online marketplace allows us to compare costs and read reviews quickly giving us insight on products and services before we purchase them. It saves us time in travel and guarantees us the product we were looking for. In addition, we are able to search out discounts and lower prices with detailed information provided.
PERSEPCTIVE OF OWNERS
As an owner of an online store, there are no space constraints, allowing you to grow your inventory and create variety for your customers. Owners are able to save costs with less employees if they decide to go strictly e-commerce. There is a lot to learn regarding demand, manufacturing, and shipping, but it can be very profitable to have an online store with proper pre-education. Owners are able to create ads and design elements on their site to promote specific products they are targeting to sell. They are able to reach their regular customers consistently with new promotions and products through the “sign up with email” feature on their website. The ability to sell online has changed the way we do business today.
PERSPECTIVE OF CUSTOMERS
Most customers want to save time and order online. With online orders, they are able to find exactly what they are looking for and track their shipment once it’s purchased. They are able to cancel their order if needed and the store never closes. Customers want to read the reviews and see that others are satisfied with the product before they commit. There are no lines, no travel, and no frustration when you get to a store and find out that they have run out or may not carry what you are looking for.
DISADVANTAGES OF ONLINE SHOPPING
There is no personal interaction with the customers and many still enjoy the adventure of shopping. Stores are able to provide an experience that is memorable. There could be shipping delays or possibility of damaged items from travel. You could be a victim of a cyber-fraud. It can be a lengthy process to send back items you want to return and the money to be back in your account. The quality may not be the same as what was represented online. You can’t try on clothing and you can’t test out furniture before buying. Depending on the product, the in-person experience is still necessary to be fully satisfied.
In conclusion, there is a lot of preparation to start an online store. In regard to any business, you still need to create a formal and detailed business plan that clearly determines your type of products and your desired target market. You need to choose an e-commerce platform, maybe a partnership with a drop shipper, a supplier, connection to payment provider, a strong brand, a domain, confirmed business structure, and knowledge on design and effective marketing campaigns. Learn all you can and use every resource you have to be successful. There are many owners out there with very profitable online stores. Take a look at what they are doing and plan ahead. A detailed plan is always a better setup for reaching your goals!
By: Ashley Whitley WCWB
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