It provides customers with the flexibility to choose from a wide range of products, and get services at their doorstep. Online businesses even provide different payment options so that the users can choose the most suitable one, be it COD or via e-wallet or card.
Online businesses are in a better position to adapt to the modern needs of customers. It gives a better insight into the customer preferences and allows you to adapt to their needs accordingly.
In an online business, you do not need to burn a hole in your pocket to buy a fancy store with an expensive front and at a high-end location to attract premium buyers. It eliminates the need for establishing a physical store as all the selling and purchasing takes place through your website. Building a website is comparatively very cheap than a physical store and thus saves your operational costs. Now, you have an edge over your competitors, and the ability to provide your customers with products at reduced prices. Many businesses also try to pad their profit margins, however, that might not be a good practice. Instead, you could create a balance between retaining profit margins & distributing its benefits to your customers in the form of more discounts.
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