Selling online is so much easier now due to the advent of technology and the abundance of supply. It’s an industry that has been made accessible to almost everyone. In my opinion, the only barrier for entry just boils down to the person’s will power and determination to succeed. If you are thinking of launching a small business or if you’re thinking of starting up a side-income hustle then here’s the sign that you’ve been waiting for.
Here are 10 Reasons Why You Should Start Selling Online:
Employment Salary is Not Enough
The minimum wage as of the time of writing for National Capital Region is at P449.75 (Non-Agricultural) and it’s way lower in other regions. You can see the list of Minimum wage per region on the website of Department of Labor and Employment National Wages and Productivity Commission here.
If you are a young employee who does not have a family yet, then this might suffice especially if you’re still living with your parents. But if you are starting your own family, then you know that this is not enough. For those who don’t have their own family yet and want to live on their own then it might be quite difficult to make both ends meet since you will have to pay for rent.
Selling Online is Not that Difficult (Anymore)
A lot of people might be dissuaded in selling online because of their confidence in selling. You might think that you are not knowledgeable enough to thrive in the online selling world. But, thanks to Youtube and various E-learning websites, it’s now easy to learn the basics of selling.
If you could not find any information about selling in your country then do not be afraid to watch tutorial videos from other countries because fundamentally, the art of selling and doing business are the same across all countries. It’s all about the relationship between demand and supply.
You could also try signing up to free E-learning courses online about entrepreneurship if you want to prepare more.
Also bear in mind that your knowledge will naturally increase as you build your business because of the experience that you gain along the way.
Startup Capital does not Have to be Big
A lot of people nowadays are buying online due to its convenience. If you have experience buying online through Instagram or Carousell, you may have noticed that a lot of clothes sellers are students who are trying to earn while studying. And you know for a fact that a lot of students do not have that much money to start up with. How are they able to start their own business if they don’t have access to a huge capital?
The answer is – retail arbitrage. Retail arbitrage is defined as the act of buying products in your local retail stores and then selling those same products through online marketplaces for a profit. They found products that are in-demand and can be bought for a lower price and can be sold for a higher price online.
An example of this is second-hand items such as clothes, bags, toys, housewares, furniture, etc.
If you are familiar with Ukay-ukay, you know that it’s a place where you can buy cheap clothes, bags, and shoes. Online sellers through years of experience have learned to sift through piles of items to look for those pieces that can be sold for a higher price online.
You Do Not Need a Physical Store
Gone are the days of needing to have a physical store to be able to sell. We know that the rent of a commercial space alone is an expensive thing to acquire. Thanks to the existing technology, you can now sell without renting a shop. All you have to do is open an account with any buy and sell websites like eBay, Carousell, Facebook, or Instagram (Yes, you can sell on Instagram) and you can easily sell your merchandise across the country.
Logistics is So Much Easier Now
As the number of online buyers and sellers grows, the number of couriers or logistic companies serving this market also grows. There are so many choices now when it comes to your logistics partner. The biggest names in this business include JRS and LBC. There are also smaller couriers that specifically serve selected areas. You also now have the option to deliver your merchandise within the same day via Grab and Lalamove.
Receiving Payment is Now Easier as Well
Your customers do not need to physically send you their payment anymore as payment can be done electronically via online bank transfers. For customers who do not have access to this option, you can still offer to receive payments via remittance centers such as Palawan Express, LBC, MLhuiller, and Cebuana Lhuiller. Even convenience stores now can accept payments on your behalf such as 7-11. There are also mobile payment options such as GCash and Smart Padala.
Marketing is Cheaper and More Accessible for Small Businesses
Almost anyone now can now create marketing materials for free online using a variety of websites. It can easily be done also via your mobile phone using a variety of free apps. Gone are the days of using Adobe Photoshop to create a marketing flyer. You can also use your mobile phones to take pictures of your products. Use that same phone to post your listings online. Your online selling business can be managed by using your mobile phone. Isn’t it such a great gadget to have?
You can also do cross-posting to increase your chances of selling. You can post your merchandise on multiple online platforms.
Customer Feedback is Instant
Most websites used for selling online such as eBay and Carousell have a feedback feature. You can immediately know what your customer thinks about your product/service and use this information to improve your business. This is a great tool that every online seller should utilize. If you do not receive feedback for a certain transaction, do not hesitate to ask for one. A lot of sellers are afraid of getting feedback but this is one of the best ways to improve your skills and competencies as a business person.
Registration and Taxation has become Simpler and Filing is Easier
Because of the increasing numbers of small businesses being set up in recent years, there are numerous guides written online that could help you register your business with DTI and BIR.
Here’re helpful links that you might find handy:10 Reasons Why You Should Start Selling Online Click To Tweet
I will leave number 10 to you guys.
Are you also selling online? Feel free to share your thoughts on the comment section below.