Starting a business is probably the farthest thing in your mind, especially if you’re content with your 9-5 job. If you do have plans, it’s probably at the bottom of your bucket list reserved for an infinite “someday.” However, there’s no need to postpone your dreams of having your brand. The year 2024 could be the best year to launch your own business and showcase products or services you can offer.
If you’re worried about costs, operating hours, hiring employees, and working through orders, an e-commerce business is your best bet. E-commerce businesses are all the rage right now, and Statista says it’ll continue to boom and even amount to $ 6.5 trillion in 2024.
You can choose from various e-commerce models such as business to business (B2B), business to consumer (B2C), direct to consumer (D2C), or consumer to consumer (C2C). In essence, such models feature the exchange of goods and services and a transfer of money and data over the Internet. You can choose to engage in retail or wholesale, feature dropshipping or sell digital products. The options are endless. It’s up to you to use the right platform to sell your goods.
If this sounds good enough to ramp up your dream of having your own business at the top of your bucket list, then we’re halfway done. Read on so you’ll be more than convinced that an e-commerce business is the best thing you’ll start with this 2024.
The Booming E-Commerce Business
We remember 2024 as the year that changed it all. If there’s anything good that came out of it, it’s how it propelled retail to greater heights. Lockdowns and travel restrictions turned consumers into online shoppers for anything and everything. This trend continues into 2024, with experts forecasting a 10% percent year-to-year increase until it reaches 4.9 billion users in 4 years.
Experts add that e-commerce revenues will steadily climb with a 15% increase every year. By 2024, they estimate it at $2.7 trillion. By 2025, it’s estimated that revenue from e-commerce sales will reach $3.4 trillion.
Increasing demand spells good news for would-be owners like you. You probably have one or two great ideas that could benefit a lot of people. Take advantage of the booming trend and let your passion become your brand. You can set up your online store of the following products:
- Clothes, shoes, and accessories
- Toys and Hobbies
- Furniture and appliances
- Health and wellness
You can also offer services such as creating templates and themes or conduct training courses and coaching sessions. Offering ebooks or software also make good e-commerce ventures for this year.
For components of your new business which you can’t handle just yet due to lack of expertise perhaps, you can outsource your order fulfillment needs here as you focus on marketing your products instead.
Advantages Of Building An E-Commerce Business
Technology has paved the way for individuals like you to start their businesses with an affordable and flexible setup through e-commerce. With the right software and tools, you can have the advantages of an e-commerce business such as:
Lesser Overhead Costs
You can start your own e-commerce business even if you’re on a tight budget. Everything happens online that helps lower overhead costs. As you don’t have to worry about renting a physical store or paying monthly utilities and shouldering maintenance costs, you can use your finances to create your website for your online store. You can partner with a reputable web designer to create a customized site that is appealing and user-friendly.
You also don’t need to worry about hiring a lot of employees for now. You can have a few to help manage your products and deliveries.
24/7 Online Store
Another advantage of an e-commerce business is that your store is always open with the world as its audience. You don’t need to limit your operating hours to 9-5 as customers can access your site whenever and wherever. Your site may even employ chatbots or self-help sections so that customers receive support even if you’re unavailable.
Your presence in e-commerce platforms can drive traffic to your site and increase sales. Apart from allowing you to showcase your products, these sites also allow you to customize your website, manage inventory, fulfill orders, and receive payments. Your e-commerce business will surely take flight when you partner with a reputable selling site.
Enables You To Serve A Particular Niche
Identifying your customer niche is one of the secrets to e-commerce success. When you serve a particular segment of clients, you develop products and services that address their needs.
You can use several marketing strategies to learn more about your customer and how you can best serve them. Cookies can customize your store based on their shopping behaviors and tailor it to their preferences. Aside from this, you can create a customer profile for targeted promotions.
Offer Customized Products
Besides offering generic products, your e-commerce site can also feature customized products for a more personal touch. Buyers would love to know and see that you make an effort to ensure that your products are made from high-quality materials. You can even offer them product bundles or packages to improve their customer experience. A personalized shopping experience can help consumers feel valued and can increase brand loyalty.
Allows You To Scale Up
With e-commerce, you don’t need to worry about shelf space, foot traffic, or parking spaces. You can scale up your store better than physical retailers. You’ll need some storage space and a reliable fulfillment company to manage your orders and deliveries. With new product delivery methods, you can meet and even exceed customer expectations by providing affordable shipping rates and options such as same-day or next-day delivery.
Online stores benefit from 24-hour sales and can generate revenue in as little as a few months. Because credit card fraud and identity theft are common issues, you’ll need to include a safe and secure payment method for your customers to ensure their trust.
Handle Returns and Refunds Efficiently
Aside from ensuring efficient delivery, you can also include reverse logistics to handle refunds and returns. You’ll need software to respond to these demands. Or you can partner with a fulfillment company to provide you with their 3PL return warehouse and a platform to handle these requests and transform them into positive customer experiences.
Setting up your own e-commerce business this 2024 can help you cross out one item off your bucket list. It can also present a lucrative opportunity to showcase your products and address the needs of consumers all over the world. With many advantages, starting your e-commerce site can be the best thing you’ll do this year that’ll bring great rewards now and in the future.