"Hope alone is not enough to bring about change or make things happen. We need to take concrete steps and work towards our objectives to turn hope into reality."
– A very wise person
While hope can be a valuable motivator, relying on it as a strategy for success can be dangerous. Without action, hope can quickly turn into wishful thinking or even complacency. It is not enough to simply hope for a better future - we must actively work to create it.
Taking action is essential because it allows us to make progress, learn from our experiences, and overcome obstacles. By taking action, we are able to move towards our goals, instead of simply waiting for them to materialize. This requires courage, determination, and a willingness to take risks.
Taking action allows us to take control of our lives and shape our own destinies. We cannot rely on others or external circumstances to bring about the change we desire. Instead, we must be proactive and take responsibility for our own success.
Opportunity cost means the benefits that could have been gained by doing something, but were lost because of choosing to do something else, or worse, nothing.
For example, imagine an online store decides not to make its website load faster. The opportunity cost of this decision would be the possible increase in sales and happy customers that could have been gained by having a faster website. If the website is slow, customers may leave without buying anything, which could hurt the store's reputation and lose sales.
Another example of opportunity cost in online shopping could be when a store chooses not to offer free shipping. While this may save the store money on shipping, the opportunity cost could be lost sales and income from customers who like shopping at stores that offer free shipping. These customers may decide to shop somewhere else, which could mean lost income for the store.
Opportunity cost can also happen when a store doesn't invest in advertising and marketing efforts. By not promoting its products or services effectively, the store may miss out on potential sales and income. Similarly, if the store doesn't spend money on customer service or improving the shopping experience, it may lose repeat business and referrals from happy customers.
Opportunity cost in online shopping means the benefits that could have been gained by doing certain things that were not done.
Stores that understand opportunity cost can make better decisions and choose investments that have the potential to bring in the most money.
In many cases, taking action requires us to step outside of our comfort zones and take risks. This can be scary and uncomfortable, but it is often necessary in order to achieve our goals. By pushing ourselves to take action, we can build confidence, resilience, and ultimately increase the effectiveness of our online stores.
The phrase "hope is not a tactic" reminds us that we need to take action in order to achieve our goals and create the lives we desire.
If you're ready to take action on something with your store, we're here, ready and willing to help with a myriad of Shopify services.
Cover photo by Ethan Elisara.
