Expanding your market reach and streamlining your operations through online selling can revolutionize your business. By leveraging digital platforms, you can tap into a global customer base, reduce costs associated with physical stores, and open up new opportunities for growth. In this lesson, we will explore the various online selling options available to you and guide you in choosing the right platform for your business.
Unleashing online opportunities
Selling online offers undeniable advantages, such as increased accessibility, 24/7 trading capabilities, and the potential to reach a wider audience. However, it also comes with its own set of challenges, including visibility in online searches and competition from numerous similar offerings. To navigate these challenges, you have several options: setting up your own website, utilizing an e-commerce website builder, or leveraging established online marketplaces.
Using third-party marketplaces
Creating your own website provides complete control over your brand’s online presence, but it requires substantial time, money, and expertise. Alternatively, e-commerce builders like Shopify offer ready-made website templates and essential features such as secure payment systems, customer data protection, and customizable elements. Another option is to sell your products on established online marketplaces like Amazon, eBay, or Etsy, benefiting from their extensive infrastructure and large user bases.
Choosing the right platform
1. Your own website
Building your own website allows you to create a virtual shopping experience that reflects your brand and you have full flexibility on what content you’d like to include on your website. Here are my pros and cons of building a website for your ecommerce store yourself:
Pros...
- Showcase your brand's unique story and values.
- Flexibility to adapt and optimize based on customer interactions.
- Independence from changing algorithms on third-party marketplaces.
- Tailor the structure to improve search engine visibility through search engine optimization (SEO).
Cons...
- Requires investment of time, money, and effort for maintenance, marketing, and hosting.
- Responsibility for payment and data security, with full liability for breaches.
- Competing with larger websites that may offer a more seamless shopping experience.
- Demands technical knowledge for website creation and maintenance.
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2. Using Shopify
Shopify specialises in everything e-commerce and offers additional software services for free or on subscription to customise your website. You can simply choose from a library of proven design templates and fill in your information fields to create your website.
Pros...
- Easy setup, minimal technical knowledge required.
- Hassle-free maintenance, leaving you more time to focus on other aspects of your business.
- Multilingual capabilities, enabling international appeal from day one.
- Secure payment and data systems, along with additional e-commerce tools and insurances.
Cons...
- Ongoing expenses for maintenance, marketing, and hosting.
- Responsibility for payment and data security, with full liability for breaches.
- Competition from larger websites with superior shopping experiences.
- Requires technical expertise for optimal website creation and management.
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3. Online Marketplaces
These sites are like huge, online supermarkets where thousands of products are listed internationally. To sell on these sites, you just need to create an account, choose a selling plan and then list your items.
Pros...
- No need to create or market a separate website.
- Access to dedicated advertising platforms for effective product promotion.
- Massive marketplaces with international customer bases.
- Multilingual support and compatibility with various currencies.
- Availability of built-in e-commerce tools.
Cons...
- Intense competition from thousands of sellers, making it challenging to stand out.
- Referral fees imposed by online marketplaces, sometimes as high as 50% depending on the product and platform.
- Fixed site structure and trading terms that may not align with your business model.
- Algorithms that frequently shift, affecting your business's visibility to potential customers.
