If you’ve been hesitant about expanding your business into the eCommerce marketplace, the recent pandemic and resulting quarantine may have you rethinking that decision. Prior to the pandemic, online sales were projected to make up 22% of the total global retail sales by 2023, almost triple what it was in in 2015. The necessity to purchase goods online during quarantine could make that figure a reality much sooner.
For those consumers not already shopping online, sheltering in place forced many to give the eCommerce marketplace a try. Once they’ve realized the ease and convenience, many will continue to do at least some of their shopping online, even when it is no longer necessary. And, of course, those already doing business online will continue to do so once life returns to normal.
However, there has been much speculation as to what normal will look like. Will people continue to avoid crowded brick and mortar retailers for fear of contracting an illness? Will social distancing and working from home become the new normal? While there are no concrete answers to these questions, there’s no doubt that eCommerce is on the rise. It might be time to take another look at how your business could benefit from entering the eCommerce marketplace.
Expand Your Reach
Launching an eCommerce website can significantly increase your customer base. Your products will be available to those outside your local vicinity that wouldn’t normally have the opportunity to frequent your brick and mortar store. This can be especially beneficial for those businesses in a niche market. An eCommerce site can make your unique products readily available to consumers around the world.
Expanding your reach will, of course, increase your sales. However, marketing is just as important for your website as it is for your physical location. You’ll need to create a digital marketing strategy to promote your eCommerce business and establish an online presence. Become active on social media platforms, utilize online advertising such as Facebook or Google ads, and encourage customers to leave online reviews.
Entering the eCommerce marketplace can incur a significant upfront cost. However, it will be much less expensive than opening another physical location and will have the ability to reach a much larger audience. The daily operating expenses will also be smaller. An eCommerce website requires a much smaller workforce and eliminates the expense of a storefront, displays, signage, and more. In some cases, businesses transition completely to eCommerce, enabling them to increase sales and reduce their overhead expenses.
With an increasing number of consumers shopping online, entering the eCommerce marketplace is essential to remain competitive. Everyday consumers use computers, tablets, and phones to search for products they want. If your business doesn’t have an eCommerce website or you’re not taking the proper steps to promote it, many of those consumers will end up doing business with one of your competitors.
Funding Your Entrance into the eCommerce Marketplace
Business expansion requires a substantial initial investment and branching out into eCommerce is no different. If your business is ready to make that move, CapFlow funding may be able to help. We offer invoice factoring and merchant cash advances and are dedicated to providing the short-term working capital you need to establish your presence in the eCommerce marketplace and remain competitive. We will work with you to find the best funding solution for your business.
CapFlow Funding Group specializes in factoring and merchant cash advances., We also work with trusted partners to provide other alternative financing options that may be better suited to our clients’ business needs. We service many different industries with a variety of funding needs. Contact us today and find out how invoice factoring can help grow your small business.