eCommerce And The Future Of SMEs
With the increasing challenges businesses around the globe face each day, more owners are resorting to eCommerce Web Development as a way to increase profits and enhance growth. One major benefit of eCommerce is that it can significantly reduce your overall costs and also the reach of your products. Also, of late, there are an increasing number of Government grants and initiatives to help facilitate your journey from local company to an omni-channel business. In Singapore, about 99 per cent of businesses are SMEs and about two thirds face the risk of winding up within the next five years. In view of this, the Government had initiated various programmes, such as the SME Go Digital Transformation to help businesses go online and reduce the risks associated with going digital. There are several simple step which can be used to help a business embark on the eCommerce journey.
Find The Correct Platform
For one, it is important you find the right platform to build your business online. Sites, like Carousell provide you access to a large consumer base, while Shopify provides a wide selection of design templates for your personal eCommerce store. By choosing the right platform you will be able to better engage and reach the customers you desire to purchase your products.
Secondly, it is important for a business to target it’s products towards the desired audience. The use of analytics can help focus your products towards specific audiences, by showing you what they engage with best. Also, instead of spending hours thinking and calculating this yourself, a computer can do it all for you instantly. Analytics gives businesses the insights into how you are appealing to your customers, and cloud based applications such as Shopify provide this in real time.
Customization and personalisation is the third step to consider as engagement is integral to customer journeys, and it does not begin when they receive a product. If their journey to purchase and after sale is personalised, there is a 20% increase in the likelihood of retention and they are also 4x more likely to open emails and notifications. Customizing each email to address the person receiving it with Email Marketing is a simple but highly effective way to engage and target your customers.
The next step is providing customers omni-channels, which will allow you to engage them on a multitude of platforms, whilst allowing them to tell you what they want. About 85% of online shoppers will make purchases across multiple platforms and they are also 3x more likely to spend than single-channel shoppers. Mobile purchases are going to overtake desktop purchases in the next 5 years, thus client interaction is key. Lastly, in eCommerce, your must be prepared to scale up quickly as speed is key in this digitized world. You need to be able to meet demand quickly and cannot just process orders as they come. Sales analytics can help improve your forecasting, thus the chances of unpredictable demand are reduced and this can all be done for you through cloud computing. Scaling up is also easier with cloud based applications, as instead of needing a larger workforce or having to make fundamental hires, they can do some of these roles for you. Xero for instance when seamlessly integrated into your business, firstly gets rid of the need for an accountant. Secondly, as the software is fully-automated it means your eCommerce business is more secure, better managed and with a reduced chance of mistakes occurring.
The benefits of opting for eCommerce are huge and automation gives you the time to focus on your customer needs,and develop good products. You need not fork out large amounts of money and embracing eCommerce today would help you better target your business globally. Talk to the experts today on how best you can join the eCommerce race without burning a hole in your budget.