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As a traditional business owner, whether you like it or not, the fact is eCommerce has revolutionized the retail landscape of many businesses in the last two decades. Though both business forms have pros and cons, a fundamental shift to online business was seen after the ongoing pandemic no savvy business person can ignore, and it is just the beginning.
According to Statista, there will be 2.14 billion digital buyers globally in 2021, and e-commerce retail sales will account for 22% of the total in 2023.
Running an online business doesn’t mean you should abandon your physical business. You don’t need to own expensive warehouses or buy office spaces in the city’s center with an online business.
With an online business, you’re free to operate from anywhere you want. Although the transition period is always complex, here are some benefits that will make it worth it.
#1. Unlimited Income potential:
In traditional business, you will only get a piece of the pie. Your earning potential is determined by the income level of the people in the area you’re targeting. Whereas in an online business, there’s no cap on your earning potential as people living in different cities or even states can buy from you.
We have examples of many entrepreneurs who started doing business online grew exponentially within no time.
The growth phase in eCommerce can be challenging as the industry continues to grow at a phenomenal pace. Jumping into eCommerce requires a specific set of skills you can acquire. From an online business master’s programs degree to help equip you with the skills needed to understand the industry better as an entrepreneur. This will help you reach your business goals quicker.
A professional qualification can give you a strategic mindset and knowledge of critical business areas such as Marketing, Finance, Supply Chain, Customer Services, and Technology.
#2. Open 24/7, 365:
This might have been mentioned or talked about a lot, but a point that deserves to be repeated. No brick and mortar can run without burning loads of cash 24/7, but after gaining initial traction, an online business can run 24/7 throughout the year at minimum costs.
You don’t have to be glued to your computer for running a business all the time. Every process can be automated.
A “search bar” option on your website can provide all the information to anyone who visits it within seconds. All a person needs is a smartphone or a laptop to access your website.
#3. You can run it from anywhere:
Not too long ago, running your business from any part of the world would’ve been called wishful thinking. But now, the internet has made it possible to run your online business from anywhere around the world with just a laptop and an internet connection.
Many people live this dream while visiting their dream countries and running their businesses from any time they like.
This saves you considerable time that is typically wasted in commuting from your home to work. Saving these extra hours in commute means more productivity, allowing you to set your schedule and be flexible.
#4. Everything can be automated:
After working long hours, even during the weekend, it can be automated almost completely once an online business starts gaining traction.
Doing everything on your own at the start for some time is recommended, as it saves you money and gives you experience about how things work.
Once you start generating steady cash flow, you can begin outsourcing tasks that you don’t like or the ones that take up most of your time. With time, you can outsource or automate the business almost completely.
For example, you can hire a virtual assistant to handle customer issues, a freelance writer to write web content, and even hire someone to make videos for your products.
#5. You build an online asset:
Buying and selling businesses and property are typical with online companies too. You may have seen people buying and selling restaurants and stores when they are struggling. One of the best things to remind yourself of while establishing an online business is that you are building an asset. And this can be sold for a profit.
This list of some of the most expensive tech acquisitions might surprise you. Once you sell an e-commerce business, you can always start a new one. Only this time, you will not be starting from zero as you have valuable experience under your belt.
#6. Global Reach:
Last but not least, you will have a global audience to reach out to with an online business without restrictions. An online business can make you a globally recognized brand which will help boost your credibility locally.
With global supply chains becoming more and more efficient, it will not take long before someone sitting in China can order goods from the US with great ease. By building your brand online, you also understand customer response in different locations. You can assess their strengths and weaknesses while analyzing chances of potential expansion to those territories.
Regardless of its type, every business requires time and effort, with its own set of pros and cons. If we conduct a cost-benefit analysis, an online business will emerge as the best choice by any measure.
You not only build an online asset that yields lots of returns but also acquire a set of skills that are highly sought off in the market today to land a high-paying job.