Why Start An Online Store (2020)?

why start an online store
Want to start an online store? Want to take your brick-and-mortar store online? What according to you are the various options to make money online?

By the end of this article 'Why Start An Online Store (2020)?', I bet you are going to start an online store right away!

And as always, for any one-on-one consulting and assistance, you may mail me at tariq@bloggersbloom.com
Tariq Digital Marketing Consultant
Tariq SP
Blogger & Digital Marketing Consultant

What according to you are the various options to make money online?

Trust me, but, one of the top priorities in my to-do list for 2020, is to start an online store.

Whether you are looking at making money online, or take your existing business online, you must consider starting an online store. Creating an online store is an excellent strategy.

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So why eCommerce? And why should one start an online store?

Before we do get into why eCommerce and why one must start an online store, I hope we all are clear on what exactly is an eCommerce store.

Yes, it is an online store. But beyond that, if I was to ask you what was the first thing to come across your mind when I say ‘eCommerce’, what would it be?

Amazon, Flipkart, Snapdeal, Myntra? Oops, did I just forget eBay?

But hey, does this mean I need to have so many products before I start an online store? Not at all. You could even create niche online stores selling just one product.

And do you need a physical store to start an online store? No again, my friend. And therein lies a couple of biggest advantages in starting an online store.

You can start an online store right now, from the comfort of your home.
You can start an online store with only one product as well.

And guess what, you will be serving a global audience. Not just a local market. You will be catering to a global audience, all from the comfort of your home.

eCommerce is Growing

Start an online store

As shown in the above graph, the e-commerce industry across India is estimated to be worth around 200 billion U.S. dollars in 2027, a significant rise from about 64 billion dollars in 2020.

Unsurprisingly, a growing digital population, expanding beyond the country’s urban centers spent an average of 224 dollars per user in 2017. The increase of smartphone users was directly proportionate to the growth in the e-commerce sector.

Based on a report on Statista, owing to the increasing internet user base and favorable market conditions, India has a lot of potential in the e-commerce industry.

Growing at an exponential rate, the market value of the e-commerce industry in India was approximately 50 billion U.S dollars in 2018. This number was estimated to reach 200 billion U.S. dollars by 2027.

The competition in the e-commerce business in India is fierce. The market is filled with many local and foreign companies trying to hold the maximum market share.

As of April 2017, Amazon India was the leading online marketplace in the country with more than 500 million U.S dollars in the sale. Flipkart and Myntra were prominent players in the local market.

In a survey conducted in May 2020 about permitting e-commerce platforms to deliver goods in India after coronavirus lockdown, the majority of respondents voted in favor.

The growing trend of eCommerce in India is attributed to a number of reasons. Digitizing the economy and providing cheap internet to the people are a few of many reasons that boosted the growth of digital sales in India.

In 2018, eCommerce sales across India were estimated to increase by 25 percent.

The growth rate, however, was predicted to observe a slight dip in 2022. Consequently, the revenue-generating potential has also increased.

The average retail eCommerce revenue collected per user in India in 2018 was more than 50 U.S dollars. It was estimated to cross 75 U.S dollars by 2024.

(Source: Statista)

Global Reach

As indicated earlier in this article, why stick to your local crowd when you have the potential to reach a global audience. Your products are available online and thus the reach is far greater than your local store.

When you start an online store, you get to test new markets. And honestly speaking, you have nothing to lose and everything to gain with business increasing from a new market destination. You may even get to test new products. And the ease with which you can start an online store and manage it, you can add any amount of products and sell it to your audience.

Start a 14 day free trial with Shopify. Start an online store now!

Open 24/7, 365 Days

Now, are you going to complain if you get orders even while you sleep or on vacation? I wouldn’t!

Unlike your offline store or shop, your online store is open 24/7, 365 days a year. Your online store works for you even if you are on vacation or you are asleep. Even if you were to consider the current pandemic which we all are facing, with your offline shop or store closed, wouldn’t you have been able to generate business, if you had an online store?

This is another big advantage of why you must start an online store.

Cost Savings. Low Overheads

Consider having a team across various cities around the world. In addition to the team, the infrastructure cost as well. Will our small retail store be able to handle such costs and overheads? For sure we can’t.

And that’s another huge advantage we can leverage on. With tie-ups and associations, we can partner with various firms and companies to take care of logistics and shipping.

In any online business, if you can master the shipping, delivery, and customer care, you will be a huge success.

[Related article: Helping You Choose the Right Shopify Plan]

Make Money Online

I could go on listing the various benefits of eCommerce and why you must start an online store. You could read my article on How To Start An Online Store (2020) for more advantage on why you must start an online store.

But, to go back to our initial discussion of the different ways to make money online, starting an online store is definitely the best way to make money online.

Like I mentioned, even if you were to promote only one product, it would make sense. Create a landing page, include all the features and benefits of the product, and sell online. Be it a physical or a digital product, selling a product online, and setting up an online store is a very lucrative online business.

Yes, you do have other avenues to make money as well. For e.g., selling digital products or affiliate marketing (What is Affiliate Marketing?) [Related: Online course on Affiliate Marketing for Beginners] as well. But unlike in an eCommerce business or your online store, you have no control over the product, price, and commissions in Affiliate Marketing. In an online business of your own, you control everything.

What’s next

Over the next few articles, we will go into creating an online store, building your website, start an online store using Shopify and WooCommerce, identify the various products, niches, etc., and also understand some promotion strategies.

So, do look out for the various upcoming articles. Let’s start an online store and start selling!

I hope you found value in this article.

Please do share your views and feedback in the comments section below. It will only help me improve and in turn, help me in bringing out quality content for you.

Thank you!

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