With the entire world undergoing lockdown courtesy of the coronavirus, businesses big and small suffered huge financial setbacks. However, in the meantime, most of these companies that were previously not into online trading, resorted to eCommerce, creating an instant boom in the electronic market. And Business Line being the technology savior that it is came to the rescue of all those enterprises that wanted to undergo digital transformation and establish their eCommerce platforms in the Kurdistan region.
Now the question is what fuelled the entire surge. Therefore, to address your concerns, we’re here with some benefits that eCommerce comes loaded with, especially for small and mid-sized companies.
Benefits of eCommerce to Small and Mid-Sized Companies
Reduced Operational Costs
Unlike a physical store, an eCommerce website is all things profitable. Since choosing the right space and location is a key factor in determining the success of your non-online business, it can turn out to be very costly.
Nonetheless, with an online store, you primarily do not have to worry about setting up your business at a posh or suitable location. You can get the operations all up and running even from the comfort of your home.
Subsequently, when you’re not running a brick-and-mortar store, you won’t have to worry about any overhead charges, including utility bills and physical staff payments. Everything will be taken care of through an automated system.
All you have to do is invest an amount in the development and maintenance of a well-designed eCommerce website that will be a lot less than all the costs combined to keep a physical store running. So, we suggest you get one created already for your business to flourish in an economically effective way.
Improved Customer Base
An eCommerce website can open up a plethora of different avenues for small or mid-sized businesses. It not only helps them prosper locally but internationally as well without spending much capital. Selling products online means they are out in the open to be looked at by audiences of all sorts from all around the globe. And as a digitally run store is not geographically restricted to any particular area, it has more chances of attracting larger crowds, thus increasing the company’s customer base.
Moreover, apart from having your website, you can also virtually display your products on some of the most renowned commercial platforms like Amazon and OpenSooq. These will not only help you garner more customers but will also aid you in building a certain reputation that may result in increased customer retention.
Subsequently, by increasing and maintaining your clientele, you will have more positive reviews and customer testimonials to your basket that will further boost your sales and increase the number of your customers.
Reduced Marketing Costs
Once you have a solid customer base in hand, you would not have to worry about employing direct marketing tools and spilling extra cash to help your business grow. Your satisfied customers and that too the loyal ones will do all the talking and whisper your business away in their social circles and wherever they go.
Therefore, word of mouth plays a crucial role when it comes to a digitally run business. If you provide your existing customers with a personalized shopping experience and good-quality products, they will use their social media forums to appreciate your small-scale business and gather the attention of their counterparts who may also want to hoard the products you have to offer.
Additionally, if you want a further spike in your sales, you can take the support of an effective social media marketing strategy that is not only less heavy on the pocket but is equally effective in the success of a business. By using the correct keywords in your online advertisements, you’d be able to improve the search engine ranking of your eCommerce website, attracting more potential buyers.
Apart from this, you can also pay for sponsored ads on various social media platforms like Twitter, Facebook, and Instagram. This will help you target the right set of audience at the right time in a cost-effective way.
Higher Returns on Investment (ROI)
The scale of the business does not matter when it aims to grow manifold even with limited resources. And when you take your small or mid-sized business online, there’s no way you’ll experience a downfall. With an increased customer base and reduced costs, both operational and otherwise, your business is bound to turn profitable.
Moreover, unlike having a mom-and-pop store in a vicinity far far away, it’s better to have an eCommerce website where you can sell your products to a larger niche as well as assess the buying behavior of consumers and market your products accordingly. By giving them a personalized experience through target marketing, you will gain their trust and they will always head back to you instead of fleeing to your competitors.
Therefore, all these KPIs combined can turn your otherwise small or medium-sized business into a fairly large enterprise with higher returns on investment and increased revenue.
Having an eCommerce website, especially for small and mid-sized companies has become extremely crucial now more than ever. Within this fast-paced environment, consumers prefer options that are convenient as well as efficient and the digital realm has become their abode to fulfill all their shopaholic instincts.
Not only that, establishing an eCommerce website proves to be of great advantage to businesses too. Apart from increasing your customer base, they can help you cut down on operational costs as well, adding to your business’s profitability.
Having said all this, if you’re still reluctant to shift to eCommerce and have any inhibitions regarding the matter, simply head over to the Business Line website. And get in touch with the most sought-after consultants and IT professionals in town to be all satisfied in steering your business’s gear towards a fruitful digital future.