The idea of starting a grocery store is also catching the eyes of many of the entrepreneurs
Do you have a dream of starting your profitable business that improves people’s lives? Then starting an online grocery business could actually be a perfect choice for you. The acquisition of Whole Foods by Amazon in 2017 marked a milestone itself in the world of egrocery business. Starting the grocery shopping store doesn’t require formal training. It just requires the common sense and ability to stay completely organized, honest as well as compassionate. Selling the grocery items is one of the most profitable ventures of all the times. In fact, this is a business which can be started from almost anywhere and has good earning potential. With the countless of the innovative business concepts that have emerged, the idea of starting an online grocery store is also catching the eyes of many of the entrepreneurs.
Why starting grocery shopping business can bring good money in your pockets?
Let’s scratch some of the reasons to convince you why starting grocery shopping business can bring good money in your pockets.
Minimum start up expense
Do you want to earn some extra income? Then starting the grocery shopping business can be a great idea. Unlike many other types of small business ventures, the start-up expense for this particular endeavor is minimal. The biggest of the investment required is the time and your efforts. The earning potential of the e-grocery retailer depends upon the number of the customers which are served and the time which is devoted for the success as well as the growth of the business. The cost involved might not be too high as you will mainly be buying what has already been ordered itself. You don’t necessarily require any of the formal space for conducting the business. You are likely to invest in the technology so that the consumers can easily shop and order the products online.
Good earning potential
Many of the giant names of the e-commerce industry has also entered into the domain of the online grocery shopping which further signifies the fact that this field is full of immense opportunities. Although most of the online grocery stores charge the shopping and delivery fees on the basis of the size of the order. For example, if it is $ 20 for $ 100 of the grocery items ordered then the average hourly earnings comes out to be $27/hour. This is something which is quite good for an e retail business which you can actually start on the shoestring only. Apart from that many of the online grocery store retailers offer additional services or the add-ons too which increase the earning to even more. The FMI (Food Market Institute) and also Nielson estimated that around 70% of the consumers will purchase at least few of the groceries through internet within next five or seven of the years.
Flexible working hours
Unlike many other types of businesses, the e-grocery shopping business can be operated either part time or full time. Many of the e- retailers start their business while they are still doing their regular jobs and later they go for full time for it when they are fully ready. You can have flexible working hours which are an advantage for all those people who want to balance their family lives with a fulfillment of their need to earn money.
Small start-up grow large with time
One of the things that are required to keep in the mind is that you should not target the big market at the start itself. As a start up, you will be having limited of the funds as well as the resources. Thus it makes much more sense to initiate a small grocery store catering to a small area. The business will itself expand with time when it will grow.
The ultimate truth is that no matter what is the level of this business in the industry if you are able to promote your online grocery store in a proper manner, you will always be headway. Make sure to sell the groceries which are in high demand in your target region and you should also be in a position to attract as well as to reach out the target market. Since there is a countless number of the grocery delivery chains which are scattered all over the United States, there is surely a stiff competition which exists among the supermarkets as well as the food hubs in your targeted location. Besides that, there are some big grocery stores which are the determiners of the trends in the industry. Therefore, you should always be in the position to compete with these giant retail companies for the customers. Before launching your venture, just look around and find out how the competition is there in your targeted region. See if there is a chance to carve out the niche market of your brand? For instance, your competitors are delivering the grocery foods and you are willing to hit the farmer’s market during weekend, this might help you out.
Transforming consumer behaviour
The trend of online shopping has already transformed the consumer behaviour in the past one decade. Presently the consumers prefer to choose the convenience over the cost. This is actually the sole reason for the success of online shopping businesses. Just like other products, shopping for grocery items is also a necessity for each and every household. With the increasingly busier lifestyles of the people, online grocery store seems to be a perfect business idea for today as well as tomorrow.
Assured industry growth
Although the changing behaviours of consumer itself seems to be a propelling agent for the future growth of this business but one can always check out what research study has to say. According to the IBSWorld Report, the online grocery shopping industry is growing at a rate of 11% in a year. Another study conducted by the Statista suggested that the grocery sales would actually touch $ 18 billion by the year 2020 in the US itself. These statistical reports provide the assurance that the growth prospects as the online grocer seem to be quite high. The number of supermarket chains is increasing at the 3 times rate with each year. This is also another indication that this industry offers quite an abundance of opportunities for the new players.