Thankfully, we live in the day and age of technology.Amid the pandemic, almost every single business and citizen is banking on cutting-edge innovations to help them perform crucial day-to-day tasks.The fast-evolving retail sector is no exception.Tech integration has been on the rise in the retail industry.Technological advancement over the years has managed to cushion the fall owing to the pandemic’s impact.For the retail industry which has taken a considerable hit, technology has proven to be indescribably useful to help it slowly, but surely, bounce back.Let us take a look at technology’s pivotal role in retail during such unprecedented times.Changing consumer behaviourThe outbreak of the coronavirus is certainly a wakeup call for businesses to up their game as this marks a paradigm shift in consumer behaviour.The pandemic has brought about decreased footfalls for the industry as customers are hesitant to make purchases, and the lockdowns in several countries have only limited their needs to essential items.With the help of tech, however, retail stores have been able to assume an online presence and offer on-demand services that have become increasingly popular.Consumer behaviour and demand have truly evolved to stay in sync with the technology available.Currently, the future of retail is actually unfolding right before our eyes.In times of such a global crisis where social distancing has become the norm, businesses that sell online will flourish.While online businesses have been around for a while, the pandemic has shed light on their importance to the economy and livelihoods.Ecommerce enablers: Offering easy access to improve businessFor entrepreneurs who have only recently ventured into this highly competitive and ever-evolving business environment, ecommerce enablers are a dream-come-true of sorts.Particularly for those without technical know-how, these e-commerce enablers facilitate their progress by offering easy access to technology and required handholding for them to further develop their businesses.This allows them to retain their customers and continue their business operations even in the face of adversities such as the current pandemic.With the demand for essential items surging dramatically, small-time retail entrepreneurs can make the best of the situation by leveraging technology offered by platforms designed to boost their success.Ecommerce enablers act as catalysts in empowering small-time businesses to help them flourish in the increasingly competitive online setup.For emerging entrepreneurs, it is also important to be mindful of the website they choose before displaying their products online.
Hence the first question you might encounter when you tell people about your business is, “Do you sell online?” And, going online is not just another example of becoming a lemming.The options are unlimited for a customer, and for the business, its audience is no more restricted.Let’s get a broader understanding of the reason that has made eCommerce create a huge momentum from the following points:With correct marketing and correct reach, you start catering to the needful customers.Be it an existing business, a startup, or freelancers looking for a platform to showcase their service, the online market is a space for everybody.Ready to start your own business online? eCommerce Business Guide: How to Build, Launch, and Grow a Profitable Online small eCommerce Business.
But sooner or later they would have to look outwards for funding and seek out investors.It started off as a way to fund artistic and creative projects, medical expenses or community-oriented social enterprise projects and gained mainstream traction with the launch commercial crowdfunding sites in the US like Indiegogo, Kickstarter and GoFundMe.The market is still in its early stages in Asia and there are issues concerning consumer protection and the regulations in the financial systems of the different countries.However, the idea is steadily catching up as your location ceases to be a limiting factor to securing investments.It is important to keep your backers engaged and updated by sharing updates and following through with the promised rewards.Launching a series of small campaigns to reach specific benchmarks builds brand loyalty over time and gives fans additional opportunities to support the startup at various stages.
It is basically a temporary sales outlet to supplement your online business.The idea is to make flash appearances and get customers you couldn’t reach before.One option could be a stall in an already existing store.Otherwise, you could be looking at renting a small commercial space in an area with a good football.Promoting the event to your existing social audience is the key to having sustainable foot traffic at your pop-up.Running promotions during your pop-up also helps to keep the momentum going.
This is vital and it is up to you to get creative to make this happen.In order to help you meet the end goal of revenue growth for your firm, we have some ideas for you.This offer can also come as a follow up to the initial purchase in the form of a discount coupon emailed to the customer that can be used within a limited time period.You might also consider Introducing a discount ladder by sending discount coupons periodically to your paying customers.All they will need to do is pay a small amount for shipping which hints at their genuine interest in your offering.In order to show your appreciation, you could offer them a coupon code as a mark of gratitude.
Time management is the process of organizing and planning how much time you spend on specific activities to increase effectiveness, efficiency or productivity.Good time management skills will also help in increasing productivity and help you stay motivated and focused on what really needs to be done.Completing them successfully will give you the momentum to help you sail through the rest of the day.It makes sense to follow the well-known Pareto Principle where 80% of results come from 20% of activities.The way to succeed is to identify the top 20% of efforts that are producing 80% of results and scale that as much as possible.Daily goals are easier to achieve while helping us move towards the bigger goal.
With Valentine’s Day and Chinese New Year over, and many other traditional and marketing events taking place throughout the year, are you ready to take on the surge in traffic and (hopefully) transactions?In anticipation of the higher traffic and sales, there is considerable planning and organization necessary on your end.It is a great idea to develop seasonal products by creating new collections around holiday/festival themes.Sales promotions could also be the opportunity to bundle some of your existing products with festive add-ons.A gentle nudge to your customers in terms of suggestions of other products they might want increases sales.Being an online florist and gift shop, it goes without saying that Valentine’s Day or Chinese New Year is a huge source of revenues, and must be focused on.
As you start off, you are trying to save time and money and think that having a Business Plan in place is not really necessary.This becomes an absolute necessity when marketing your product or even looking at external investors for fundraising.Underestimating the sales cycle can sometimes land the business in trouble!One can go very wrong here and land into deeper crisis unless they are able to fix the flaws in the business model first.Hire only those truly needed and take staffing up step by step.Have a well-defined target market and good knowledge of your opportunities and threats, competitors and substitutes of your products, customer needs, and behavior, market value and demand.
Your self-funded resource pool has covered all your expenses for the past 6-8 months.At this point, one has to consider raising funds through investments.Sooner or later, most small businesses and startups look for funding and find investors.Let us look at some of the funding options available to you as a small enterprise.Such funding has been able to bring numerous investors and entrepreneurs together, even though they might be geographically far removed.If your product is solving a real problem and you illustrate thinking outside the box, you greatly increase your chances of successful crowdfunding.
What kind of a planet are we leaving behind for our children?Or can we ride the wave and do good both for ourselves and the world at large?Social consciousness is on the rise and data reveals that customers are becoming increasingly concerned about where their produce and products are coming from.They do care about a company’s sustainability efforts and would perhaps reward it with brand loyalty.But Their Behavior Does Not Always Support Their BeliefsIn reality, we find that while consumers care about the issue, they do not always follow through when it comes to actual shopping habits.
Online brand building will allow you to tell a story about what makes your business remarkable.It is going to be hard for you to compete with the bigger stores in terms of price, so it’s smarter to compete by differentiating your product.For starters, spend some time in developing absolute clarity on the mission your store serves.Once you do have a clear idea, write this mission down; preferably in a sentence or two.It will help you use the right words when you speak of your store, when you send emails to your customers, and when you write any copy on your website.Tell the story of your brand to uniquely position your products in the minds of your target customers.
You have got customers, and prospects for the future are generally looking good.Understanding your financial position provides you with valuable insights to help you make the best decisions for your business.As your business grows, cash gets sucked up.This helps in managing cashflow.Sometimes cashflow problems occur due to poorly managed Accounts Receivables.Please do your due diligence and make sure to follow up on your collections regularly.
Analytics is a powerful tool that helps you better understand what is going on in your website.Essentially, the more you know what is going on inside and around your business, the better and swifter your decisions for change will be.‘Business intelligence’ tools are the ones that can identify customer or product segments that are giving you maximum sales when you sell items online.Revisit your website periodically and try looking for areas that you think is performing below par.Usually traffic is categorized into four groups – Search (from search engines like Google), Referral (from another website via links on another webpage), Campaign (marketing activity mostly created by your own company) and Direct (from unknown source eg a bookmark or a PDF document).Tagging each post can help split the results and give you indications on the best areas to focus your energy and resources on.
This multi-faceted tool has the potential to reach large global audiences that may not have had the chance to access your website before so it’s important to harness this power in the correct way, create a great impression for your business and make it work for you.Studies show that companies spent $9billion on Facebook adverts in the second quarter of 2017 which is an increase of 47% from 2016 so here is how you should be following their lead…..Create your Facebook Business Page and Personalise it!Facebook users tend to use the site to connect with friends and socialise – to give your business a ‘voice’ you will need to write in a personable, friendly manner that engages people and that they can relate to and resonate with.If users comment or ask questions on your site ensure that you respond quickly as they will soon lose interest if they feel unheard.Identify your goals from the start either conversions, lead generations or just driving traffic to your store.