It’s been said that eCommerce is the future. If you’re thinking about venturing into this virtual retail world, here are five reasons why now might be the best time to start your own online business.
- Ecommerce is growing at a remarkable rate worldwide
The eCommerce market is growing at an almost unbelievable rate globally. According to an Oxford Business Group report, in Nigeria the eCommerce industry is predicted to reach an estimated value of $10 billion in the next few years, with 300 000 shoppers expected to make a purchase online every day. As more stores go online, consumers are constantly flocking to online retailer in ever-increasing numbers. The Oxford Business Group report highlighted that the African eCommerce market is expected to reach over $70 billion in revenue per year by 2025.
- You can be your own boss
Who does not dream of being their own boss? One of the many perks of launching your own eCommerce site is that it affords you the satisfaction of managing your own business. Starting an eCommerce business gives you the opportunity to work according to your own schedule and working hours, and that is a delightful feeling. Being your own boss puts the future of your business in your own hands. Your ideas, planning, and decisions determine the success of your site.
- An online business offers a 24/7 storefront
Apart from the additional running costs, the biggest hurdle for a physical store to overcome is that it has fixed operating hours. While some shops, or fast food chains, are open to consumers for 24 hours, many businesses operate under normal trading hours, whereas eCommerce offers a 24/7 shopping experience. This allows consumers to shop online at any hour of the day, at any day of the week, from anywhere with an internet connection.
- Opportunity to sell to global markets
A physical store could limit your business to a specific location, but eCommerce allows you to sell your products to larger global markets easily. Many of the most popular eCommerce sites such as Amazon have international versions of their site that service specific countries. Since users can pay for their purchases through your site’s online payment solutions, it’s easy to receive cross-border payments.
- Fewer costs involved
Ecommerce businesses generally have fewer running costs associated with the their daily operations. Firstly, you don’t need a huge amount of capital to set up your site, and the automation of checkout, payments, and other operational processes minimise the number of employees needed to manage your online business. There are also no additional expenditures for marketing, because you can simply use social media and other online advertising channels, many of which are very cost effective.
So, what’s stopping you from turning your eCommerce product ideas into reality by setting up your own online store? There are endless opportunities online.
Article written in collaboration with PayU.