The advent of the internet has had a drastic effect on every sector of the economy. Technological advancement has also leveled the plain field for small scale business to compete globally. One of the unique aspects of this tech development is in the areas of e-commerce. Although e-commerce is still in its infant stage, small scale businesses have amazing opportunity to tap into the unique opportunity it presents for business development. According to U.S. Census Bureau, the sales via e-commerce have doubled since 2007.
The advent of smartphones and the internet has also made it easier to integrate e-commerce with any platform in a way that makes selling and buying work for anyone, anywhere. Now the question is how can a small business owner benefit from e-commerce? In this article, I will be sharing 16 specific ways in which e-commerce could help a small scale business achieve growth.
- Ability to open 24/7
One of the benefits of e-commerce is the ability to keep the business open 24/7. As long as your business website is functioning well, your business could remain upon to clients all over the world. How beautiful is it for your business to remain active and transaction ongoing even while you are asleep?
- Increase Sales
Over the last couple of years, statistics has revealed a tremendous increase in online sales. It further revealed that the revenue of a business with e-Commerce can be shot up by as much as 250%. The convenience that comes with e-commerce platform has led to an increase in sales worldwide. A 2015 online transaction data put the global B2C e-commerce sales worldwide at about $1,471 bn. There is a piece of this pile waiting for small scale business that is ready to take the advantage of e-commerce.
- Increased Customer Database
With the convenience that goes with e-commerce, quiet a lot of customers are attracted to it. And come to think of it, the diverse mode of payment that comes with e-commerce makes it easier to attract customers of a different background.
- Wider Coverage
This is one way an offline business is restricted. On the other hand, a small business with e-Commerce platform integration will be able to operate beyond the shores of their physical location. The e-commerce fulfillment technology also makes it easier to deliver any type of goods anywhere in the world. As long as the internet is not limited, then small scale business with e-Commerce can get anywhere on planet earth.
- Recurring Bills are Easily Serviced
Should a business be offering services that involve recurring bills, payments are easily made. Most online payments are designed with the capability to collect credit card details for recurring sales/services. Hence, the customer will be charged automatically by the system as long as there is ongoing transaction between the buyer and the seller. This is a hassle-free method for both customer and the business owner.
- Location Independence
Some of the e-commerce fulfillment centers even make it easy to have location Independence in a way that people could run their business while they travel. This kind of venture could help small-scale business avoid things like freight factoring and other logistical issues involved with the offline delivery of goods.
- New Customer Magnet
Having an e-Commerce platform has the benefit of attracting new customers from various means such as search engine or referral. There is no limit to who can see the business.
- Minimize Operational Cost
Yes, an e-commerce store can really save some money that is associated with an offline store. Inventory management could be automated and most cost associated with setting up an offline store is removed.
- A Good understanding of Your Customers
An e-Commerce platform will give business owners the privilege to understand the customer’s buying habit. Business owners can easily determine what products customers are likely to buy as well as their motivation.
- Ability to Increase profit
With e-Commerce, business owners can easily determine and target goods or brand of goods that are making more sale and capitalize on it. Promotional offers and referral offers also make it easy to increase sales.
- Increased Brand Awareness.
There are many cheap ways in which small business owners can increase their visibility online. Owning a blog, PPC campaign, SEO campaign, paid advertisement, Social branding campaign, etc are means through which small business owners can increase and strengthen their online presence, and make people familiar with their product.
- Increased Conversion and Sales through targeted marketing
A careful analysis of your business will help design your marketing strategy such that it reaches the people who are really interested in what is being offered.
- Customers Anywhere Can Get Information about Your product and Service
With a personal website, owners are at liberty to provide any desired information. Business owners can make available extensive product details, thus when customers access the site, it will be like being physically present at the store.
- Opportunity For Customer review
With an e-commerce platform, business owners have the opportunity to get adequate feedback about goods/services supplied. This is an effective way for business owners to understand the business, creating an avenue for more sales when positive reviews are read.
- Visitor Tracking and Statistics
With e-commerce, you can easily know from which part of the country or world at large anyone is viewing your website. A benefit associated only with the e-commerce platform.
- Customer email Communication
One outstanding benefit of an e-commerce platform is the access to customer’s mail. Think of the immense benefit of being able to market directly to customers via their mail, an opportunity not available with offline stores.
As a business owner, think of the amazing world of opportunity that opens to you with the e-commerce platform. To be able to withstand competition and survive the economy, e-commerce is not a luxury just to be ignored. With the appropriate software in place, running and maintaining an e-commerce store is simple and achievable.