Low Cost of operation
For most of the people, buying or renting out a shop to run a business, can be financially impossible. For such people, running an online business can save thousands of dollars in overhead costs, and the profit rates will remain the same. The only expense you need to incur initially comes in the form of web hosting and domain name.
Helps in defining the sales strategy
By making your business online you can receive a brutally honest feedback, representing the exact sentiments of the customers. This will help you identify the weak areas and assess what the customers actually want. This knowledge can go a long way in defining your marketing and sales strategy.
Search optimization = more money
The sales of any business can be boosted significantly if its website has a high SERP on Google and other search engines. A business website having a good SEO rating will always appear in the top few searches of the relevant niche, meaning that the probability of customers going for you brand increases.
An online business knows no bounds when it comes to time of operation. If you have a website through which the customers can access products, they can make an order at any time of the day, or night for that matter. You don’t need to hire salesmen to highlight the products; everything is automated.
An online business is not restricted to a specific location - town, city or country; you can literally have access to the whole world.
A communication forum
Your business website can be a very good forum to communicate with the customers and cater for their specific demands. You can also introduce special packages and deals instantly through this portal, and address the common questions and confusions through the Frequently Asked Questions (FAQs) section. The emergence of social networking websites like Facebook, Twitter etc. have greatly helped in this regard as well.
Adds to the credibility
With competition getting more cut throat by the day, it is essential for business people to eliminate all the possible loopholes. Not having an online presence can be huge mistake, and can take a toll on your credibility in the market.