The next business opportunity is starting an online store by selling your products and services.
Research done by McKinsey and Company reveals that SMEs make up 98% of businesses in South Africa and employ between 50-60% of the country’s workforce. Online stores provide a simple way to reach your market conveniently, allowing you to work with the independence and flexibility of running your own business on a timetable that suits you.
A study done by Deloitte found that more than 70% of South Africans are shopping online. South Africans have more access to advanced digital technology, contactless payment methods, and high-speed internet, and it's becoming clear that they're driving the growth of e-commerce in their country.
Here are some reasons why 2022 is the best year to start an internet business:
The purpose of an online store is to make it easier for customers to find and purchase products. There are many benefits to having a web store instead of a traditional brick-and-mortar one. These include lower overhead costs, increased reach and market share.
The integration of wallets, bank apps, and shopping apps has made browsing through virtual shopping isles easier than ever before.
From a survey of 1,000 South African consumers, Mastercard concluded that the online shopping trend will continue to grow as 71% of respondents say they will still shop online post-pandemic scare. .
McKinsey found that more than 70% of South Africans want to cut back on transportation and travel costs.
This reduced need to visit a physical store was also identified in research done by Deloitte. They found that 26% of consumers said they do online shopping because it is more convenient.
As South Africans become more comfortable with the concept of online shopping, their appetites for e-commerce solutions are growing. The last mile delivery options have exponentially expanded and are more reliable
In a world when having an online store is increasingly becoming a cost of entry, having one instantly boosts a company's credibility and generates brand loyalty. There are a variety of free online shopping sites where you may sell your items. The Facebook Marketplace is a great location to start selling on the internet for free. Another platform where you may start selling is Bid or Buy.
These online selling platforms give you a great opportunity to start selling online in South Africa with a minimum investment or cash needed.
A lot of businesses do not have an eCommerce website but have a customer database, why not expand your current business online
For more information on starting an online business