We all know Amazon. This is one of the largest online stores in the world. Another name in the category of online stores is alibaba, owned by a Chinese man, Jack Ma. Most of the time we see these two names in the search results when we search for a consumer product on the Internet. Gone are the days when we had to go shopping. Now almost all types of consumer products are available online, globally too. People can have their required things while sitting at home or in the office.
The concept of online stores started in the West and is now a growing trend in Asian countries. Seeing its popularity, many brands and companies went online. All the big corporate names now have an online presence. Social media has played a big role in it. Brands and individuals also own online stores. Individuals along with their teams or families are also inclined to open online stores with a wide range of products. It includes books and magazines, clothing, furniture, cosmetics and handbags, herbal products and medicines, building material, electronics and jewelry, etc. The sole purpose of opening an online store is to expand the reach and tap into the maximum number of potential customers. An online store can give us a huge fortune as a long-term business even if it started on a small or medium scale.
Let’s take a look at how an online store is different from physical stores and what benefits are there for you that aren’t available otherwise.
No physical space requirement:
Your presence will be web-based so you don’t have to worry about hiring or buying physical space, buying large shipments of items or goods at once, and storing them. However, you must pay for a domain name and the associated fees.
Without intermediary problems:
You can pick up the items/merchandise directly from a factory or manufacturer and transport it to the customer at retail price. Your win ratio will also be high due to the fact that there are no middlemen. A very useful tip for small and medium-sized industries and home crafts is that they can reach potential customers and get orders directly. But for this they will have to spend reasonably on advertising.
Work according to capacity and resources:
Do you have to run the store on your own or is there a team or family there to help you? Make a work plan accordingly. If you are the only manager, you can do it part time along with your job. You can expand it according to the resources available and when it starts to give you a reasonable monthly or annual income, you can quit your job or another job.
Manage it on the go:
You can manage your online store on the go with the help of a tablet, laptop or smartphone. Without the hassle of being forced to sit in one place.
Long-term benefits and safe investment:
You invest a small or reasonable amount depending on the circumstances in an online store at first. So the investment is safer than other businesses. At first it is slow but over time it is gaining customers and great benefits. You will reap long-term benefits by continuing to work ‘slow and steady’.
Distribution of work by product:
If a team or family is helping you run and maintain your online store, you can spread the work by product. For example, women can take care of cosmetics, handbags, women’s clothing, etc., while men can take care of technical and electronic items. This distribution of work can make things easier.
Now take a look at some requirements as well to maintain a great online store and reap the benefits.
Eye-catching, user-friendly design:
Hire designers and inventory experts to design the store who already have experience in this field. For various types of items in the store, you will need to create sections. Links, buttons for easy navigation, orders and cart, newsletter subscription and other necessary things should be there. Keep reviewing the design every two years or so.
Advertising and presence in social networks:
We all use social media these days, so it’s a great way to catch up with customers and the market. Create social media pages/profiles of your online store and available products, and properly advertise to the targeted audience.
High-quality products and customer service:
Don’t compromise on quality and customer service! Sometimes customers complain that they receive a different item than the one they ordered or selected. This gives a bad impression to customers and the reputation of the online store suffers. Give customers what you intend to give. Only good customer service can earn you a great name. The better the customer service, the more positive the result will be.
Response and delivery on time:
Check orders regularly and deliver items on time. Set a specific period for delivery, such as 24 hours for local orders and 48 or 72 hours for out of town and faraway places. Delay in response and delivery will damage your business and reputation. Also arrange a live chat with customers.
Product description and clearly specified charges:
Specify charges, including product price and shipping fee, clearly with each product. There should be no confusion between the price quoted online and the price charged at the time of delivery or purchase.
smart spending:
Hire a financial adviser who can guide you on how to spend the money and on what things. Do your research and study about the operations and functioning of online stores. Your financial advisor should have knowledge and experience in managing online stores as well as inventory.
Storage space for expansion:
In case you need a new storage space, you will have to organize it as soon as possible. The Internet is the largest source of knowledge about online store management, inventory, and storage. Study the way it works. You may need to do things like that in the future for your own store. Be aware of everything that happens and be ready to act according to new situations.
Hard work for reputation:
You need to put in a reasonable amount of time to make your online store a success. First, you may not need to put in many hours, but once your store is up and running successfully, you will need to devote full time and attention to it.
With dedication and hard work, you will surely get the result of your efforts.