Posted On: 14 Jan, 2022. 3 min read
With the penetration of the internet, there is a rapid shift in the buying pattern of consumers. The Covid-19 pandemic has further accelerated this transition. A study conducted by McKinsey on US consumer buying behaviour states there has been a 15-30% growth in consumers who purchase online with groceries, apparel, furniture and medicines categories leading the pack. This shift poses a significant threat to traditional retailers or distributors who have been selling offline all along. But this also presents an opportunity to digitally transform their business and stay relevant in the changing times.
Here are some of the top reasons why it is important for you as a retailer/ reseller/ social-media entrepreneur to set up your own online store:
A lot of retailers still rely on taking orders over WhatsApp or a phone call. This often results in a poor customer experience whereby the customer is unable to fully explore or search the catalogue, compare products or view product details. But by using your online store you can list, promote, track and sell better thereby improving your revenue and customer retention.
In trying to catch up with the digital boom, few retailers are migrating to online marketplaces like Amazon, Flipkart, Udaan, etc. However, a lot of them end up having bitter experiences due to the buyer-friendly return policies and high commissions charged by the online marketplaces. By owning an online store, you need not share your revenues with 3rd parties and hence improve your margins.
Having an own online store means you now have access to your customer data and their transaction history. You can use this valuable information to run loyalty programs by offering discounts and cashbacks or run email or SMS marketing campaigns to improve your customer retention and lifetime value of your customers.
Small and medium businesses have done well in using the power of social media to brand and attract leads. However, if the leads from your marketing activity are not properly channelled to a page to make a purchase it can create leaks in your sales funnel. This is where owning an online store closes the loop. By integrating your online store with 3rd party logistics can enable you to reach customers anywhere in the world. Thus turning your local business into a global one.
One thing that the pandemic has exposed us to is the fragility and uncertainty associated with people's lives and businesses. With people being stuck in their homes, offline retailers have overnight lost their customers and they, unfortunately, didn’t have a Plan B. With viral variants getting formed very frequently, Covid induced lockdowns will become a norm. Hence it is important to shield your business from this uncertainty by having an online presence.
Setting up an online store by a retailer can be quite challenging due to the significant amount of money, time and technical skills required. Not all retailers have the know-how of web development and it can quickly get overwhelming and confusing.
Luckily, there are new-age, no-code tools like Zopping which enable retailers to set up their own online store in a matter of few clicks even though one doesn’t have any web development skills. The intuitive, click, drag-drop functionality makes it a no-brainer to set up and run your store.