According to a recent report published by the State Bank of Pakistan, ecommerce store sector in Pakistan is estimated to cross the $1 billion mark by the year 2020. For business owners in Pakistan, this means: by not having a digital presence, you are not only missing out on a large number of potential customers but also have the looming fear of losing your current customer base.
Although going digital does seem like an overwhelming task to business owners who have been running their brick-and-mortar stores for years, the truth is: it is easier than you think, especially if you have the right team or agency to work with.
If you are still not sure about building an e-commerce store for your business, here are 5 reasons why you should be thinking otherwise:
The cost of opening and running a simple retail store includes: rent, store fixtures, initial inventory, POS, equipment, licensing fees, signage, employee salaries, interior décor aesthetics etc. On the contrast, building an ecommerce stores require relatively less initial investment. And if you hire a digital agency, your costs will minimize even more.
Once your ecommerce store is setup, the cost of maintaining it effectively is far cheaper than a retail store. With less overheads, you will also witness a significance increase in your CPA.
Convenience for Customers
The very purpose of a business is to provide customers with maximum convenience and ease.
Being able to shop any time, anywhere is a significant motivator for online shopper to go for online shopping instead of visiting a physical store. The process is seamless, instead of waiting in long queues for your turn, with a simple tap on ‘Add to Cart’ button, you are done with shopping.
Increased Market Share
Millennials always go for the easy way out. They prefer to shop from the comfort of their home instead of going out. When your competitors are selling online and you are not, they will get innumerable opportunities to grab the attention of your customers. It will have a negative impact on your current market share.
With an ecommerce store, you can reverse the situation.
With a brick-and-mortar, you can only sell your products to people living in that particular area or its suburbs. For instance, if you have a store in Gulberg, Lahore, you cannot sell to people residing in Karachi or Islamabad as your physical outlet is not located in those cities. But with an online store, you do not need to be physically located at a place to sell your products there. You can reach more potential customers and see a definite increase in your sales and the conversion rate.
Accessibility 24/7 hours
A brick-and-mortar opens for a finite number of hours every day, with the limitations of public holidays. On the contrary, your ecommerce store is open 24/7 hours and 365 days a year. Any time a customer visits your websites and decides to purchase a product, they can do so without any restriction. Whether it’s a holiday or 2 AM, your customers can order any product they want to.
With your business being operational around the clock, more sales and revenue will be generated for your business.
If you look closely, in this day and age – it is no more an option but a necessity to have an online store. Because even if you don’t go digital, your competitors certainly will.