An online business is my favorite way for anyone to create additional income. Many entrepreneurs have attributed an online business to their success. A business helps you build wealth, create impact, and bequeath a transferable asset.
Reasons To Start An Online Business
You should not be on the fence. Instead, build an online business. More so, this is the best time to start. In this post, I will give you 5 top reasons to start an online business. According to Nasdaq, 95% of purchases will be done through eCommerce by 2024. Presently, the United Kingdom, United States, and South Korea take the lead when it comes to online buying (WP Forms). As of today, Internet World Stats puts the number of websites worldwide at close to 2 billion websites. Likewise, in 2021, there were 5,168,780,607 internet users as stated by Internet Live Stats.
Consumer Purchase Behavior
KPMG notes that one of the factors that influence consumer purchase behavior is buying from a preferred website. According to the KPMG Global Online Consumer Report, reasons for consumer online behavior were centered around flexibility, convenience, and pricing. Some stats from the report showed the following reasons consumers shop online instead of in stores;
i) 58% of respondents preferred the ability to shop 24/7.
ii) 54% of respondents wanted the ability to compare prices easily.
iii) 46% of respondents saw online shops as having better prices.
iv) 40% of respondents felt it saved time.
v) 39% of respondents wanted the convenience of not going to shops.
These are powerful stats that play in your favor. Therefore, unlock your ability and move into the online business space. You can do it if you have not started yet. An online business might seem daunting but it is a necessary stream of income.
5 Top Reasons To Start An Online Business
1. An Online Business Increases Your Income
2. An Online Business is Easier to Set-Up
3. An Online Business Operates Automated 24/7
4. An Online Business has Global Reach
5. An Online Business Responds Faster To Customer Feedback
1. An Online Business Increases Your Income
You can increase your income through an online business. Moreover, there is no cap on your earnings. As such, the world is your market place and this means you will get access to the numbers that will translate to the bottom line. Consequently, the more people you serve, the richer you become. Today, there are payment platforms that integrate with most websites, allowing you to be paid from anywhere on the globe at any time of the day.
2. An Online Business is Easier to Set up
Your operational setup is easier for an online business than for a brick-and-mortar business. Similarly, the ease of setup is in time, cost, and documentation requirements. Although, you need to put in time and effort to learn and do. However, the rewards are worth it. The initial setup cost could be quite minimal if you already have a laptop, phone, and internet access.
Likewise, the other cost would be for your hosting. I would recommend a shared hosting plan to start. They are the most affordable for a starter and you can upgrade to dedicated hosting as your business grows bigger. For all online businesses, your main documentation is the Privacy Policy, Disclaimer, and Terms & Conditions documents, which have to be on your website to keep your online business legal. The lower setup cost helps you pass cost savings to your customers.
3. An Online Business Operates Automated 24/7
Your products are on display 24/7, which is what your customers want. So they shop at any time that is convenient for them. There are no closing hours, except you, want to add that. And if your site is set up well, most things will be automated and well integrated. You will serve everyone even while you sleep. Check out some business tools that will help you to easily automate your online business.
4. An Online Business has Global Reach
Your online business has a global reach. It can be seen by people in other geographical locations. Furthermore, customers have access to products that might not be accessible in their country. This gives your brand the level of exposure it might not have operating locally.
5. An Online Business Responds Faster To Customer Feedback
You can tweak your offerings to reflect your customer feedback. This ability alone can save you money that could have been left on the table. In addition, you easily get feedback to create what your customers want. This allows you to quickly make adjustments in case of customer complaints, thereby winning their trust. Customer loyalty is built when their brand can interact with them.
An estimated 5. 55% of people, according to KPMG, will search online for reviews and recommendations before making a purchase, while 47% will visit the company website. According to WP Forms, 30% of people would rather return to a website they’ve purchased from in the past.
Conclusion
What your customers want mirrors what an online business can deliver. This tells you that there is a marketplace for what you offer. Your customers and clients are waiting for you online. So, start your online business now.