Lower Overhead, Greater Flexibility: The Benefits of Starting an E-Commerce Business in a Down Economy
New research shows entrepreneurs expect more growth, profits, and stability with online retail during times of economic volatility.
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As the job market tightens, especially in tech, many people are considering starting their own retail business. After all, why not be your own boss after your old boss just showed you the door?
However, entrepreneurs often struggle with the decision of whether to start a physical retail store or an E-Commerce business while the economy is struggling. While both options have their pros and cons, there are six key reasons why E-Commerce businesses are better than physical retail stores during a recession:
1 - E-Commerce businesses have lower overhead costs than physical retail stores in a bad economy. There’s no need to pay for fixed costs like rent, utilities, and other expenses associated with a physical location
2 - E-Commerce businesses reach a wider customer base since they are not limited by geography.
3 - E-Commerce businesses can operate 24/7, allowing customers to shop at their convenience.
4 - E-Commerce businesses can easily track customer behavior and preferences, allowing for targeted marketing campaigns.
5 - E-Commerce businesses have the ability to quickly and easily pivot their products or services to match changing market conditions.
6 - E-Commerce businesses can be started with relatively low startup costs compared to physical retail stores, which helps when capital is tight.
Wealth Assistants recently surveyed 150 entrepreneurs about how they’re reading economic conditions and how they’re considering E-Commerce as a way to grow their funds.
Here are some of the key survey insights:
E-Commerce is friendlier to innovation than physical retail during recession.
94 percent of entrepreneurs view E-Commerce businesses as being more innovative than traditional businesses.
E-Commerce has greater access to global markets than physical retail during slow economic growth.
92 percent of entrepreneurs see E-Commerce businesses as being more accessible to global markets than traditional businesses
Economic uncertainty grows E-Commerce potential.
97 percent of entrepreneurs expect E-Commerce businesses to benefit from the trend of increased online shopping during economic uncertainty.
Entrepreneurs regret not starting sooner.
55 percent of entrepreneurs strongly wish they had started an E-Commerce business sooner
E-Commerce is more flexible than traditional businesses.
96 percent of entrepreneurs believe that E-Commerce businesses can operate with more flexibility than traditional businesses.
E-Commerce leverages technology for cost efficiency.
94 percent of entrepreneurs believe that E-Commerce businesses can leverage technology to reduce costs and increase efficiency.
E-Commerce is personalized and convenient.
93 percent of entrepreneurs see E-Commerce businesses as being able to offer customers a more convenient and personalized shopping experience than traditional businesses.
E-Commerce’s global reach means recession resistance.
88 percent of entrepreneurs consider E-Commerce businesses to be recession-resistant due to their online presence and ability to reach a wider customer base.
E-Commerce will still see demand during downturns.
97 percent of entrepreneurs believe that E-Commerce businesses can benefit from increased demand for online shopping during economic downturns.
E-Commerce businesses grow funds through lower operating costs.
91 percent of entrepreneurs see E-Commerce businesses as having lower operating costs than traditional businesses, making them a more attractive method of growing funds.
E-Commerce is experiencing popularity that drives growth.
97 percent of entrepreneurs view E-Commerce businesses as having the potential for significant growth due to the increasing popularity of online shopping.
For entrepreneurs who are still on the fence about whether to start a physical retail store or an E-Commerce business while the economy is slow, there are three key ways to compare the benefits of each.
1 - Consider the potential customer base for each option.
2 - Evaluate the overhead costs associated with each option.
3 - Assess the potential for growth and flexibility in the long-term.
As the economy struggles with high interest rates, inflation, and a potential recession, E-Commerce businesses may provide a more attractive option for entrepreneurs looking to start their own retail business. With lower overhead costs, a wider customer base, and greater flexibility, E-Commerce businesses have the potential to thrive in even the most challenging market conditions.
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