The world of shopping is evolving. More and more people are turning to their computers to make their next purchase – and it isn’t just because of the pandemic.
The benefits of launching and running an e-commerce store are plenty – as are the benefits of collaborating with a women-owned business on a venture. Add in the massive growth predicted in what is considered a high risk industry, and we have a trifecta!
There is endless potential for growth in e-commerce right now.
It’s a no-brainer that more people are doing their shopping online these days. The thing is: online shopping is said to keep growing well into 2021 and the future. Even after this crazy Covid time has passed and we start moving out and about in the world again,
Statista predicts that 2.14 billion people worldwide will be buying goods and services online in 2021. They also expect that global international sales will make up around 22% of all retail sales in 2023. Income from these online sales will be nearly double what they were in 2019! Now, if we look even further ahead – it is predicted that by 2040 95% of all retail purchases will be made online.
People are spending more money online – the average amount of items that people buy each time has more than doubled during the Covid pandemic. More than that: 44% of people tried out new brands during the pandemic.
One of the wonderful things about an ecommerce business is that it opens you up to an international market. All of a sudden, you (technically) have access to all 7.8 billion people in the world instead of the couple of hundred that walk past your shop on main street. In fact, 70% of all online buyers make purchases from foreign sites. 96% of small businesses that sell their products on eBay (yes, we know…) ship to 17 countries on average. Comparatively, traditional US-based businesses ship to an average of four countries – four.
According to e-Marketer, some sellers have increased their sales by 1 000% after they had opened their online store. 1 000%, people!
Working with a woman-owned business.
The Anita Borg Institute for Women and Technology has summarized various studies about women in the workforce and found that there are multiple benefits that women bring to the (boardroom) table.
The institute reports that Fortune 500 companies with at least three female directors on the management team see an increase in invested capital of 66%. More than that, these companies see an increase in return on sales of 42%.
40% of businesses in the United States are owned by women, and these businesses employ 8% of the total private-sector workforce. Between 1997 and 2017, the number of businesses owned by women in the United States has increased by 114%.
That means when you do business with a woman-owned company, you help them uplift their local community and economy. It also means that you are increasing your potential to diversify. Many women-owned companies work with other small businesses and local producers. These could potentially become valuable business connections for your own business.
By doing business with a women-owned business, you become cool by association. That’s right – working with us will give you infinite bragging rights. Partnering up with women-owned businesses shows that you are supporting minorities and that you consciously invest in the growth of local communities. More than that: 73% of buying decisions in the United States are made by women… And women like to support other women. Sisterhood and all of that, you know?
Showing that you have a robust supplier diversity program that supports minorities and women-owned businesses could increase your business opportunities. It also looks really good to shareholders, employees, and most importantly, to customers. Having a diverse supplier portfolio could make your business seem more accepting and welcoming of clientele from different backgrounds. We like to buy things from people who we like and who like us. It is that simple, really.
Women commit. That’s just a natural part of who we are and what we do. We commit to our lives, to our partners, and to our businesses. Globally woman-owned business discontinuation is around 10% less than for businesses owned by men. Less than half of women-owned business closures are due to financial reasons (either lack of profit or lack of financing).
Other reasons why they step away from their businesses include other business opportunities, retirement, sale or acquisition, and personal or family reasons. The thing is: you are less likely to encounter supply issues due to the business closing down.
Businesses that conduct business with minority and women-owned businesses get tax incentives from the federal government. What is more, projects that are funded with federal or state loans or grants have more favorable tax liabilities when the project uses women-owned businesses as their suppliers.
Working with small businesses gives you service tailored to your needs.
Smaller businesses are queens of innovation and creativity. They are ceaselessly competing with large corporations as well as other smaller businesses. That means they need to work both harder and smarter and invent ways that would set them apart from their competitors – which often result in unique product offerings. Because they are small(er), they are able to enforce strict quality assurance practices. At the same time, they are driven by passion and love for the products and services that they sell.
Smaller businesses are also more flexible and less restricted by the red tape that comes along with dealing with larger corporations. They can customize their offering, accommodate rush orders, and adjust service agreements easier. This gives you a lot more flexibility and room to negotiate business agreements that fit your specific needs instead of trying to squeeze into a one-size-fits-all package with a larger business.
Why Kb Pure Essentials?
Want to launch an herbal wellness e-commerce store, but you’re just not sure how to start? We’ve got you covered. As part of our wholesale service, you can choose to resell our products under your own brand. Our wholesale products contain all the goodness and love that we put into our own products – we can even custom make something especially for you.
We can provide everything you need to launch your e-commerce store this instant. Our services include assisting with product formulation, product training and education, and brand design.
Want to get started but worried about buying a bunch of inventory right off the bat? No problem! We offer drop shipping services. That way, you don’t need to order and store multiple products – we do that for you. We also prepare your customers’ orders and send them out within 3 to 5 days.
100% women-owned business? Check. A massive player in the herbal wellness and cosmetic industry? Check. Able to support your e-commerce business? Double check! Kb Pure Essentials have been focusing exclusively on producing herbal-infused products in a high risk industry since 2015. Each batch of every product is produced using organically grown plant material and independently tested by a third-party laboratory.
The time is ripe for getting into the herbal wellness and cosmetic product industry right now. It is also the perfect time to start your e-commerce store and build up a brand voice and reputation. We know how daunting it might be to start out on a new venture, and we are here to support you each and every step of the way.