As well as the rapid growth of the world wide web, the global pandemic has also brought about the increased growth of online business opportunities as consumers no longer have to travel to stores or places to buy products or receive services.
Instead, they can now complete transactions remotely, from the comfort of their homes.
Between March and September last year, the total number of online payments made using debit and credit cards in the UK alone registered an overall increase of 11 million payments, and with more than 80% of people going online to review a product before purchasing or to complete their transactions, it’s no wonder businesses and service providers are taking advantage of the increased demand for digital products and accessibility.
Setting up online businesses has also opened the door for inspiring entrepreneurs who can benefit from an array of advantages compared to more traditional business setups. From global access 24/7 to fewer expenses and faster transactions – these are just some of the benefits of starting an online business. Keep reading to find out more and what these key benefits could mean for you.
Global access 24/7
By starting a business online, your products and services will be available 365 days a year, 7 days a week, 24 hours a day. So in short, if you’re running an e-commerce business, then you can continue to make money even when you’re asleep, as anyone with access to the interest can view your products or services online. From the capital city in London to a coffee shop in America, potential customers will have global access 24/7 to browse and purchase your products or services, leave reviews and sign up to your mailing list – a great way for you to collect valuable data to ensure you’re targeting the right audience.
Opportunities to Manage Your Business from Anywhere in the World
With unlimited reach to unlimited markets, you have the opportunity to target the entire world. Not only can you promote and sell products or services easily, but you can also purchase stock or complete transactions online too. For example, your business may be in property investment and due to current Covid-19 restrictions, it has made it more difficult for foreign investors to view and purchase property. However, online businesses and property specialists such as RWinvest have allowed property developers to take advantage of the latest deals around the globe, all from the comfort of their own home, or office, with virtual reality viewings to speed up the investing process.
Minimal Overheads = Higher Profit Margin
Online businesses usually come with fewer expenses compared to more traditional business modules as digital setups reduce or minimise many of the overhead costs associated with starting a business. For example, there is no need to buy brick and mortar as you can set up an internet connection and office at home.
Social media, blogs and forums also offer a way to effectively market your business with little to no cost. Use press releases or blog posts to provide useful information about your business to entice new customers, and if you’re looking to learn more about the marketing side, research or take an SEO course to help boost your website’s rankings and generate more online traffic.
Offers Greater Flexibility
Another key benefit of running an online business is the fact you can enjoy maximum flexibility in your working life. With around the clock global access, you are able to create a work schedule that is convenient for you, allowing you to give your business your undivided attention around other commitments to ensure you provide the best possible service to your customers. With flexible hours you have the option to work full or part-time, and you could even start an online business while working in another job role.
Faster Delivery of Products and Services
Perhaps one of the most appealing benefits is how easy you’re able to complete transactions. By setting up a secure checkout page on your website, customers can instantly pay for products or services using their credit or debit card at the click of a button. This also encourages paperless billing, which helps companies save on packaging and mailing costs, as well as helping to protect the environment.