No one can blame you for wanting to put up your own online business. The lure of making more money and the freedom of working for yourself, after all, are hard to resist. But with so many online businesses already selling the stuff you plan to sell, is it too late for people like you to get in the game?
Now is still as good a time as any to put up your online business. And here are compelling reasons to support your plan.
1. More People Are Shopping with Their Phones
When e-commerce was in its early stages, many people dismissed it as a passing fascination. But as of February 2019, Amazon hit a major milestone: for the first time in history, online retail sales in the US surpassed total sales from physical stores, including department stores, warehouse clubs, and super-centers.
In the UK, a report estimates £25 million worth of merchandise this year from shoppers who are expected to buy more through their smartphones. ; If the estimates are correct, the amount would be greater than last year’s revenue by £10 million.
The same report projects that more than 30 million Britons will use smart devices to shop this year and that physical shopping centres will have fewer visitors. In fact, visits to shopping centres fell by 3.9% in December, even though shops were offering large discounts.
Another report also found that 55% of all Britons shop online an average of six times per month, and 65% of British consumers like to browse shopping sites “every time”. With numbers like these, it’s clear that there’s still a lot of room for new online businesses.
2. People Are Going Online for More Content
People don’t go online only to search and shop for bargains. An increasing number of Brits who go online—3 out of 4—are reading or downloading online news. Many young Britons go online to look at product reviews, too. A huge percentage, 88%, to be exact, said that they always consult online reviews before making a purchase. It means that you don’t have to restrict your online business to selling a product or service. You may actually create an online business out of reviewing products. You make a review site, get hired as a paid consultant, or even put up a YouTube channel that makes millions every year, like this one run by a child.
3. It’s Easier to Start an Online Business
Compared to a couple of years ago, starting an online business is much easier now. Almost anyone with a good idea and a sound business model can start a business, and you don’t have to be that tech-savvy. There’s a trove of tools you can use to build a website, track your online media presence, and advertise on high-traffic websites or social media sites. And if you think you need to learn more about specific skills for your online marketing, many sites like Udemy, edX, and Wordstream offer online courses. It might be more difficult to get a small office space, set up a home office, and get a fast internet connection than putting up a website these days.
4. You Can Use Online Payment Apps
Some small online businesses accept payments via bank deposit, credit card, or cash-on-delivery, but many are turning to online payment apps for this purpose. These apps are faster and more secure in processing and getting payments. Tracking shipments, billing history, and multiple payment methods are all possible with these apps and a smartphone. The best part is that the most reliable payment apps are free.
The truth about starting an online business is that it isn’t as difficult as you think, but it’s not as easy as you’d like, either. It may seem like there are enough online businesses already, but there is still room for new ones. You may encounter birthing pains; it isn’t unusual for any new venture. There are many tools and ways you can learn from online, and you won’t lack for talent if you need to hire them to help you put up and/or run the business. As long as you have a unique product or service to offer, making online business out of it can be done, and you should see to it that it’s done well.