When you were younger, and your parents handed you a $20 bill, that seemed like all the money in the world. With your first job, you were just happy to receive payment regularly.
Once you moved onto the real world, bills and other obligations started flying at you. You have calculated your salary to see how much you were earning per hour. A full tank of gas could be one hour of work. Going to the movies was 20 minutes of work.
For some people who find hobbies and passions, they start equating all other living expenses to their amusement. “All that money for a going-away party? I could get a round-trip ticket to Miami with that!”
That’s when you know someone has been bitten by the travel bug. Everything in their life revolves around travel. For these people, some may grow and evolve where a trip every few months isn’t good enough. They want to take the long road trips, bouncing from city to city, and see everything there is to see out in the world.
Travelling that often though means you’re going to have some kind of income while on the road. Teaching English or working locally may not be possible for you, so you turn to the idea of becoming a remote worker. You might work for some business, or you could set out on your own, creating your own.
Many nomads turn to ecommerce, one of the fastest-growing industries in the world. In fact, the global ecommerce market is expected to be worth $5 trillion by the year 2021. That’s a lot of cash!
Going into ecommerce is full of positives, but it would be unwise to tell you at least the other side as well. Below, we’re going to run through the pros and cons of this great industry.
THE PROS
Let’s start with the positives, shall we? Always better to begin on the right foot!
Low Overhead
With ecommerce, you’re not going to have to spend a ton when it comes to getting your business started. Of course, you’ll need to have partners, your own capital, or investors to get everything off the ground but by no means do you have to be flushed with cash.
With dropshipping, you can serve as the middleman in many interactions. You’ll be the point between the consumer and the manufacturer. You’ve got an “unlimited shelf” as you won’t have to handle the inventory yourself.
Global Potential
Amazon has just about touched every corner of the globe and ecommerce is something just about everyone is used to. That means you have unlimited markets and target audiences to explore when it comes to growth and expansion.
You can be successful in selling to customers in Europe or North America and everywhere in between.
Marketing Made Easier
When it comes to marketing the business, it’s all going to be online. That means you’ll be able to track customer behaviour and improve your website and products. In-push notifications, personalized newsletters, exclusive coupons, referral programs, and other features are all possible. Moreover, if you need help choosing a name for your company, you can use a name generator. When clients search the web, choosing the right name could enhance your website’s visibility.
There are plenty of free tools out there for getting you started with web analytics and tracking information as well.
A Ton of Tech Experience Not Required
You might be thinking this won’t be for you as you’re not the savviest computer person around. But don’t worry, you won’t be having to code every line on your website. Your big tech projects will be big decisions like the domain name and website look.
So don’t fret if you feel like you have the most significant grasp on technology. Of course, it does help to have somewhat of a background, but indeed not necessary.
Major Future Potential
When it comes to job security and prospects, you should know that the ecommerce industry isn’t going anywhere soon. There’s significant growth here, and it’s a job that you’ll be able to take with you for the years to come.
When you combine all the facets of the ecommerce market, you will not only grow your business but also grow your personal skills as you’ll be wearing many hats over time.
THE CONS
Not everything can be all sunshine and roses, and it’d be a disservice not to run through some of the cons with you.
Lack of Personal Touch
As remote jobs rise around the world, many workers notice the lack of significant personal interaction. The same will be right with ecommerce, as you’re likely to only interact with customers and others in the business through electronic means.
Security Risks
As with anything online, there is always a massive risk in publishing anything. Before you only had to watch out for your personal information is online, but now, you’re going to have the knowledge of all your customers to protect as well.
A major security breach can result in the death of your business or a lawsuit.
Red Tape
While ecommerce is global, you might run into some issues in where you’re working. If you plan to set up shop in one area, there might be new regulations, taxes, and rules that you weren’t aware of.
You may also run into issues selling into various markets, being hit with specific tax penalties or running into previously unseen problems.
You May Not Ever See Products
No one wants to spend a handful of money to receive something that is of low quality. With ecommerce and dropshipping primarily, you may never get to see or physically touch the products you’re selling.
While that may not be bothersome, you don’t want to attach your store to low-quality products. You may not get to sample what you sell.
Tough Competition
Even though we’ve mentioned the rapid growth, the industry is going to see over the next few years, that’s also because there is a lot of competition out there and more competition with every passing day.
You might have the perfect idea to enter the ecommerce business, but market research and surveys may show you’ll have to approach from a different angle entirely.