Find a business opportunity in ecommerce
First things thing first, what is ecommerce? Also known as electronic commerce, ecommerce is the online marketplace where people buy and sell goods on the internet. It's open to anyone and everyone: business-to-business, business-to-consumer, consumer-to-consumer or consumer-to-business.
Ecommerce is not new. It was thriving before the pandemic and only got accelerated by the high demand to do more things indoors. Now, we have in our hands an even bigger online world with a bountiful amount of opportunities to sell and to shop.
What's going on in the online world in SA
Straight off the bat, that statistic alone prove that there's never been a better time to bet on the future of ecommerce than now. In 2020 alone, South Africa witnessed a 66% growth in ecommerce, and by the looks of things, it won't be slowing down anytime soon.
Did you know: The South African ecommerce industry is projected to reach approximately R125 billion by 2027.
If you're a goal-setter and a go-getter with an entrepreneurial spirit, you'll be glad to hear that there are many different types of online business opportunities to grab a hold of in 2022.
Here are seven reasons you want to grab them with both hands.
1. Online businesses are the future
The world of ecommerce is constantly developing and constantly evolving – for the better. Any business owner who jumps on the bandwagon is sure to be presented with opportunities that'll set them up for a fruitful future. Of course, if done right.
Why? Because more and more people are going the online route. It's convenient, safe, offers a personalised experience, and saves time.
2. Low starting cost and low barrier to entry
Nowadays, establishing your online business is as simple as choosing an ecommerce platform to sell your products and services.
Although you may have to cough up a few Rands to get started that's nothing compared to financing a brick-and-mortar store with additional costs like rent, maintenance, keeping the lights on, and taxes.
Additionally, platforms like Shopify and WooCommerce for WordPress make it easier to set up an online store than ever before.
Want to get clued up on the world of ecommerce? Learn the 15 Ecommerce Terms You Need to Know.
3. Reach anyone, everywhere, at any time
The world is your oyster when running an online business! It has the potential to reach your desired audience wherever they are in the world, at any time.
Did you know: 3.2 billion customers have access to products and services on the internet.
When you close your laptop, it's still business as usual. You can continue to make money even in your sleep because the internet has no opening and closing hours.
This is especially crucial with the unpredictable times we're living in. If there are further restrictions, rest assured that you can continue to operate behind your screen, from the comfort of your own home.
But like any type of business, there needs to be a good strategy that goes in for the hard work to pay out. Having a thorough social media, SEO, and online business strategy can take you from surviving to thriving.
4. There's freedom and flexibility
When it comes to the online space, flexibility is the ultimate flex.
As a business owner, you're not restricted to a location, nor are you bound by time. How you choose to do business is entirely up to you.
And may we add, that's not all. With an online business, you have the freedom to:
5. It increases your business's reach and visibility
When it comes to owning a business in this modern and digitally inclined era, having an online presence casts your net to a wider number of people. People can find you when they need you.
So, if you already have an existing brick-and-mortar store and you're happy with your sales numbers, can you imagine what an online store could do for you?
So whether your customer is just kilometres away or overseas – they can stop at your virtual door, and with the click of a few buttons, voila, they're done shopping.
That's why starting or having an online store is better for your business and better for your shoppers.
To top it off, if you harness the power of marketing and search engine optimisation, you can place yourself right in front of your customer, which is great for two things:
- Your reach and visibility increase
- You have more traffic on your website and a greater chance of making more sales.
And that means an opportunity for you to expand a grander scale.
6. You create employment opportunities
Growth happens. And that means there's more work to be done, so you'll need extra hands.
The cast of your one-man show will have to expand so you can deliver and sustain the growth your business would experience.
Which means there's an opportunity for you to hire new talent and offer new positions. After the pandemic rocked our world, employment opportunities are the one thing the economy needs. Your business growth will open up new jobs and new talent to be discovered.
That's why we say when you grow, our country thrives.
7. Make more of an impact with data and insights
In our article: How to Test a Business Idea we speak about the importance of knowing and understanding your target audience. Because if you don’t know who you’re selling to, you’re shooting in the dark.
When you have an online business, understanding your customers and potential customers is likely to be hyper-focused and more in-depth. Ecommerce platforms provide valuable data which helps you keep an eye on your customers’ interactions with your website.
You can use that data to create an innovative and more personalised experience that keeps your customers coming back for more.
Bonus point: Making money online is easier
What’s an online store without a way to get paid and make it worthwhile? You’re not physically present to take payment from your customers, so online payment gateways make it possible for you to get paid online.
For those who may not be familiar with the term “payment gateway”, it’s a secure payment technology that facilitates a payment from the buyer to the seller. It’s like a virtual card machine that approves a payment from a customer. In other words, the bridge between the customer, their bank, and you.
You can enjoy getting paid with no complicated set up and cash up systems. All your payments are kept in one place and integrated with your online store website.
Read: Grow Your Online Business with the iKhokha Payment Gateway
You have what it takes
The great news is you don't have to be a techie to get started. With a smart device in your hand and an ecommerce website, you have the power to create the online business of your dreams.
We wouldn't have shared this information if we didn't think you could do it. Your best online business owner days are ahead of you, and we've got just the tools to help you achieve it.