Since the introduction of the internet to the consumer market, we have seen a shift in demand of consumer trends moving from land-based high-street shops to doing their shopping online due to the low costs because of the highly competitive market. The thing is, the benefits aren’t just for the consumers, and are there for the business owners as well so what are the benefits to taking your business online?
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One of the main benefits behind taking your business online is that an online store will never close meaning that you are creating a business that can create money 24 hours a day, 7 times a week. This means that you aren’t have to open a high street shop from 9 until 5 and then shut and not be able to do business out of office hours, meaning that you are able to make money without having to work and through the night meaning that the opportunity to make money is certainly increased compared to offline alternatives.
Furthermore, and continuing from the comparisons between online and offline in businesses, the money saving element behind having an online business is seriously impressive. With owning a high-street or offline business, the costs that come with that are astronomical in comparison to that of an online business. The two main costs behind an online business are the high rent costs that they must pay for to own a shop, factory, or warehouse and then business owners must get someone to work in the shop which will include a lot of labour costs whereas these are virtually non-existent for an online business.
And finally, one of the best things about having an online business is that you have a global market in which you can reach. Due to the barriers on entry being non-existent, you can see to virtually any country that you please. Compare this to offline businesses, you are only able to sell to people coming into your store or even just being able to sell locally. This has enabled a lot of businesses a lot of businesses to be able to expand where they wouldn’t have been able to if they were offline.