As I’m writing this, we are in the middle of September which means that it’s about time to start thinking about holiday sales (at least, for those of us in the marketing world). That got me doing some research about sales, especially online.
My friend, the stats are mind-boggling!
Surveys estimate that about 1.8 billion people shop online across the world. Other surveys also show that nearly half of the consumers shop more online than in a store. Wowza!
That alone has me motivated enough to talk to you about online stores and how you could use one for your business. But instead of talking about how to set up an online store, let’s talk about a few signs that your business might benefit from one.
Ways your business might benefit from an online store
Today, sales look different — they’re usually made on a mobile device and most people buy from an online shop. The stats are clear on that. But that doesn’t mean online purchasing works for every audience and every business, right?
So let’s talk about your business.
If you own a brick and mortar…
You’ve seen your business change overnight, thanks to the pandemic. Your customer habits may have been changing before that, but 2020 has definitely impacted your foot traffic and sales. And while the pandemic will hopefully become a thing of the past, changing consumer trends are showing that people prefer to shop online — or at least start their search online.
If you were to create an online shop, you may be able to:
- Boost your business’s revenue
- Reach national customers
- Build brand loyalty
- Attract more local customers who search for stores online first
- Connect with influencers and retailers
- Prevent any future dips due to other national or global events
- Automate orders and shipping (depending on how you set it up)
If you create courses or digital products…
You’re probably halfway (or closer!) to having an online shop, just because of the sort of business you run. You likely have sales pages or packages that are easy to shop and buy, and that’s great. But do you have a single place where people can find all of your digital products, courses, or packages? If not, an online shop could help you:
- Get more eyes on all your offers
- Make it easy for people to buy multiple products
- Create a single place to point people who are interested in your products
- Generate passive revenue instead of needing to promote offers
- Create a more cohesive brand and help customers see how everything connects
- Build community and increase your brand’s physical presence
If you offer done-for-you services...
You may see the greatest potential from starting an online shop, but also you may need to do a bit of research to see how best to pull it off. Would there be interest in templates or packages for your services that offer a lower price point? Is there a digital product that can help people “DIY” your services to get similar results? If so, you can create an online shop (and online offers) to:
- Offer lower price points that make your brand more accessible
- Introduce people to your services and how you work
- Build trust and expertise
- Generate passive revenue instead of needing to seek out clients
- Create a more cohesive brand with clearer, packaged offers
- Supplement your virtual services with physical products
Diversifying your income with an online shop
No matter what kind of business you run or what sort of audience you serve, you may find that an online shop is right for you — or not! It’s totally fine if you don’t want to create another branch of your business.
However, I will say that an online shop may be a great way for you to diversify your income. I’ve always heard that the average millionaire has seven sources of income. After 2020, we’re all realizing that having multiple sources of income is a great way to build security with our businesses. I also think that creating diverse “branches” of your business isn’t just about money — it’s about serving more people.
You’ll also be able to create a joy-filled life when you’ve got more passive ways of making money. When you’re not trading every minute for every dollar. Wouldn’t that be nice?
Where to start
If, after this blog, you’re toying with the idea of starting an online shop, start slow. Do some research.
What would you sell?
How will you create those offers or where would you source your products?
How would you sell it? (There are some amazing tools out there, like Shopify Lite, that make it super easy to start a small online shop!)
How would you fulfill orders?
Where would you promote the store?
Keep it simple and start slow! I’m going to be sharing a ton more resources on this on my Sweet Life Sisterhood email list, so if you want to learn more, sign up today!