Let’s face it, we are all living in a highly competitive world where one tries to one-up another by standing out in the crowd. The retail industry is no exception and most of them adopt digital footprint to boost their sales and revenue. Let alone meeting the targets, but the brand outreach is one good takeaway from this exercise. Let us dig deep on why small retailers are going the ecommerce way
1) Building your brand
The brand is defined by the retailer’s USP. This can break boundaries through an ecommerce platform. There is a good chance of reaching out to millions of users and potential customers in the internet, and they start buzzing and trending with time. With the integration of social media and ecommerce, the word of mouth recommendations translate as ratings and reviews for the products and the brand. Now that’s good publicity and increases credibility of your offerings doesn’t it?
2) Strategic Customer Identification
Your target audience can be easily narrowed down based on the customer demographics. It makes sure that you do not miss any customer or opportunity for business. The retail shops can only serve a particular locality and are bound by constraints. For small retailers, the customer behavior pattern with ecommerce packages can go a long way in identifying and narrowing down their prospective customers. It helps to position your brand in the minds of the target audience.
3) Better Inventory Management
With prediction of buying patterns and consumer behavior, you are at a better position of finding out what to provide to your consumer. We are living in an era of Business Intelligence, which helps the small retailers keep stock of their inventory so that they can meet consumer demands at will. Loads of solution providers are available in the market who develop the best ecommerce websites, web solutions, mobile applications.
4) Better relationship with delivery partners
The ecommerce business model is heavily logistics driven. It requires a lot of channel partners, payment providers to ensure on-time delivery to the customer. The retailers have a good opportunity to strike the right chord with top online store builders, ecommerce payment providers to ensure smooth business transactions between the retailer and the customer. On the long run, the delivery partners would want to extend their services in case of expansion plans.
5) Choices are endless
There are cases where the products customer demand or wish for, become unavailable. But with the ecommerce way, there is a good opportunity for consumers to access a fair range of all available products. This situation provides a win-win for both the customer and the retailer. The customer is satisfied with his purchase and the retailer will create a demand for that particular product.
6) Good return on investment
Retailers have taken stock of the prevailing digital situation in the country, and many impulsive shoppers turn to e-commerce websites for shopping. They have tapped this goldmine of an opportunity that has helped them evolve to suit consumer needs. The ROI on ecommerce is huge and many retailers have made bold investment decisions on this front.