You might have heard from your buddies that the e-commerce industry is booming.
Well, that is actually true, given the fact that a lot of people are buying from online stores than in physical shops.
However, despite the fact that there are plenty of advantages that can be had when engaging in e-commerce, there are some downsides to it as well.
This article will center around the advantages and the disadvantages of the said industry so that in the event that you are going to dip your toes in the said industry, you are aware of the things that could possibly happen.
Just remember that accessibility is always one of the top factors that you should remember. A slow-loading website will not bode well for your conversion rate so, in order to prevent that, you will need a really good web hosting company to help you.
When you establish a physical store, you have to make a lot of upfront costs; not to mention that you will also have to pay rent and other miscellaneous fees every month.
An e-commerce website doesn’t require a lot of money. Sure, there are some upfront costs as well but it is significantly much cheaper than creating your own brick and mortar shop.
2. Good Potential Income
Because an e-commerce website runs 24/7, people can place their orders at any time.
That is not possible when you are running a physical store since it will always have opening and closing hours.
3. Wider Reach
Another major benefit of having an online shop is that you can cater to a much wider (global) audience. Who knows, you might have a lot of potential customers in othercontinents rather than in your home country.
4. Easier to Promote Your Products
You can create your website in such a way that you can showcase all of your best
products quickly and easily. Furthermore, you can use Facebook ads or any other ad system so that you can easily promote your products over the internet.
1. Potential Site Crash
In the beginning, you might not be getting a lot of website traffic. However, if your marketing strategy is good (and I mean, too good), your online store might suffer from a crash due to the massive surge of web traffic.
A site crash is the bane of online stores since people will be unable to access your site if this happens. Fortunately, it can easily be remedied by signing up to a reliable hosting platform.
2. No ‘Try Before You Buy’
Unlike physical stores where people can actually see the product in all its glory and be able to test it out for themselves, online stores do not allow this since the product is just not physically available to your customers.
You can rectify this by posting as many images of the product as you can (or a video showcase may be more apt).
3. It is a Highly-Competitive Industry
Although people can easily find your store online, the e-commerce industry is actually quite competitive as other people are also establishing their own shops.
By utilizing SEO to your advantage and using the proper marketing channels, you can go a cut above the rest.