Pros & Cons Of Selling Stuff Online
In 2020, we have seen a lot of young entrepreneurs starting their small business because the pandemic gave them the opportunity to pursue something they love. For many, it was a means of survival; for others it was an idea born out of the leisure time they had on their hands.
While the major portion of online retail businesses are selling brand new products, a small segment is selling pre-owned stuff as well. The pandemic has pushed people to switch to a more sustainable way of living which has given rise to the idea of selling used gadgets, clothes, furniture and other stuff.
For instance, if you enter the words sell my headphones on a search engine, you’ll find a reasonable deal on a headphone you love. On the other hand, Instagram has a lot of pages dedicated to thrift stores selling pre-owned clothes from top-tier brands.
However appealing it may sound, the idea of online retailing online does have some drawbacks. Let’s look at both the pros and cons of selling stuff online:
- Since there are no limitations, you can sell anywhere across the globe. This increases your reach and your income as your customer base is beyond geographical boundaries.
- There is high convenience as customers can buy at any hour of the day regardless of the time differences.
- Any customer who walks into a physical store will most definitely research about it online. If they find something appealing at a good rate online, they will most like order it rather than going out to the store.
- When you sell your headphones online, for instance, you can easily track similar vendors and review their price points. This provides you the information to work on your pricing strategy for better chances of sales.
- You can promote deals and offers easily to attract customers at minimal prices as compared to offline strategies like hoarding display boards and print publications.
- For ecommerce websites, it becomes easy to identify visitor details and patterns. For instance, how many visitors a page has and which customer did not go through a purchase.
- Billing and processing becomes more streamlined when the payments are being made online. There are no confusions related to amounts between employers and staff.
- The digital sales market is rife with competition. No matter what products or services you sell, there is always some other vendor selling the same thing at competitive rates. To stand out from the crowd, it is crucial to devise a SEO strategy and invest in a good social media marketing campaign.
- Pictures may not convey the look and quality of a product in the best possible way. This may make it difficult to convince customers to go ahead with a purchase. To overcome this, invest in getting a good photographer to click pictures and videos of your products, and a content writer to convey the product specifications effectively through words.
Online marketing is a cost effective way of running a business without investing in a store and other supplies like furniture, air conditioners, stationary, etc. Despite its drawbacks, it is possible to find success if you identify your target audience and customize your content as per their needs.