We are living through truly volatile times, amidst a highly competitive market place triggered by the upsurge of a pandemic that has left offline brands at the brink of a meltdown. Each brand is now trying to outgrow and outperform the other by fighting for the top of mind spot. The retail industry is no exception with most of the consumer brands resorting to a digital footprint to boost their sales and revenue.
With retail giants moving from offline experiences to online experimentations and interactions with their customers, every other business now wants an answer to the big question, How Small Businesses can flourish with an Ecommerce presence?
Here are 6 reasons why small retailers should take the e-commerce route.
1) Brand Building
The pandemic has led to an outbreak of another kind, where brand owners have been increasingly revisiting their brand promises and value propositions to suit the current market needs. A brand is defined by its USP and having a USP that that resonates with the customer at the need of the hour is vital for a business to survive. With the integration of social media and ecommerce, the word of mouth recommendations translate as ratings and reviews for the products and the brand.
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. Small retailers can track down behavioural patterns through an ecommerce portal developed by an ecommerce website development company to better identify prospective customers.
3) Better Inventory Management
With prediction of buying patterns and consumer behaviour, 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 website, web solutions and 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 platform, 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.
So there you have it. The secret ingredient to building a successful brand in today’s volatile market really lies in the adoption of a technology-driven ecommerce platform that is both scalable and profitable for your business in the long run. Ask our satisfied clientele and they will give you 4 secrets of success for launching the best eCommerce site for your business.
Get in touch with us and our experts will be more than glad to take your through our ecommerce plan for your business.