2020 will be remembered as the year that saw significant development. Never before have developments occurred at such a breakneck rate. The COVID 19 epidemic necessitated rapid choices and actions that have far-reaching consequences for the planet we live in and breathe. Aside from the shifting meaning of the “new normal,” one area that experienced an extraordinary upheaval was eCommerce, whether for SMBs or major corporations. The digital space has been completely revamped and in a big way! When the globe was in the grip of a crisis, the eCommerce sector exploded, catalyzing a digital change that will continue to impact how we buy and sell in the future.
Every industry has seen digital processes that have been accelerated as a result of the epidemic. We use the internet not only to enjoy ourselves, but also to work, educate ourselves, and buy everyday necessities, medications, and so on. As a result, firms in areas ranging from entertainment to education, healthcare to retail, and so on would be impacted. Given that the pandemic increased internet usage by more than 65 percent, it makes sense for companies to invest in developing a strong digital presence. Now, more than ever, SMBs should be taking significant measures to create and implement their digital strategy in order to stay relevant and not just cope, but thrive.
We’re here to offer our thoughts and takeaways on eCommerce for small businesses as a result of the events that have unfolded since the COVID incident.
Ecommerce for SMBs – New developments
Customers tended to prefer in-store encounters with occasional internet involvement prior to the epidemic. But things have changed, and we now live in a world where people click, share, like, download, and follow at the drop of a hat. All of this has prompted firms to focus on their digital interactions and have a better online presence.
Businesses with websites prior to the outbreak have done with the situation. For smaller and medium-sized businesses, the leap of going from offline into online being the most obvious decision to make maybe a difficult decision. It’s essential for them to understand that those who made the leap are doing very well for themselves and haven’t just been able to maintain their operations, but have also expanded their reach.
According to a recent PayPal Canada research, two out of every three (67 percent) small companies already accept online payments. As the world around us continues to develop and adapt, the moment has come for businesses to fortify their resolve and devise new methods to stay afloat while empowering the community at the same time.
The shifting face of trade has definitely hastened digitization, enabling room for entrepreneurs to thrive. The world’s leading economies are viewing the pandemic’s upheaval as a chance for businesses to challenge themselves and innovate. This could not have been predicted a few years ago, but it is now a reality, with many tiny enterprises sprouting up all around us.
According to data from the third quarter of 2020, there were over 1.5 million new business applications in the United States, nearly double the amount in 2019. France, India, Germany, and the United Kingdom are not far behind and have successfully recorded a sharp increase in new businesses.
Despite the fact that the pandemic caused some inconveniences and shift to remote work, positive news continues to pour in from all directions. The rise of small enterprises shows an attractive growth trend for entrepreneurs, which could provide potential chances for job creation and, as a result, economic strengthening.
Ecommerce for SMBs – The sectors that have the highest performance due to the pandemic
On the one hand, the International Labor Organization predicts that the epidemic would cut worldwide working hours by about 7%, or 195 million full-time employees, putting the workforce at risk. On the other side, increasing small enterprises provide a silver lining.
In most economies, small and medium enterprises have created and continue to create the bulk of jobs and are making the job search process easier and more straightforward for industry professionals. This makes it all the more important for small company owners to take deliberate actions to improve and protect their businesses by devising innovative solutions. For example, small and medium enterprises have started using innovative HR technical screening solutions in their hiring
Here’s an examination of the fastest-growing small businesses in recent years:
1. Health Care
Without a doubt, this is one of the fastest-growing industries, and one that is certain to continue on its current trajectory in the future. Pharmacies, digital fitness centers, medical appointment bookings, elder home care, exercise, and surgical equipment, and many other company concepts are all part of the health care industry.
The sector’s rise, which was propelled by necessity, now provides an opportunity to innovate and remake it with better availability and affordability. Investment in digital health has increased, with venture capitalists planning to invest three times as much in the sector by 2020. Small Businesses in the sector must go the online way to explore the myriad business models thereby improving customer experience and accessibility.
2. Door-to-door delivery services
With numerous lockdowns being used and reinstalled by governments on a regular basis, delivery firms have played an important role in guaranteeing goods deliveries. On the one hand, large names in the delivery service sector gained the responsibility for countrywide deliveries, while on the other hand, many local delivery firms sprung up, further facilitating the procedure. Local drivers covering a small geographical region guaranteed that the goods reached the consumer as soon as possible.
3. Grocery Stores
The increase in demand for local grocery stores was evident when entire countries and states were put under lockdown, with restrictions on movement. This created a greater necessity to stock up on food items and other necessities of daily life that was made easier by local grocers and mainly small-scale enterprises that went online to start accepting orders. The shift to digital has not just helped small-time grocers grow their market but they also allowed larger chains to cater to the needs in these uncertain times.
4. Suppliers of Sanitizer and Masks
When entire states and countries fell under lockdown with restricted movement, the surge in customer demand for local grocers was clear. There was an increased demand for stocking up on groceries and other daily necessities, which was aided by local grocers, most of whom were tiny businesses that began taking orders online. The digital shift not only aided small-town grocers in expanding their reach but also allowed larger chains to meet demand during these volatile times. Small-time local companies have been able to find a place in the spectrum thanks to online grocery retailers.
Is selling via social media the same thing as eCommerce?
A no is likely to suggest a direction to investigate. Since popular websites on social networks continue to increase in popularity, a successful social media promotion strategy should be a component of your marketing plan. However it shouldn’t be the sole source of an eCommerce market or store.
- Selling products on an online store or on a marketplace is very different than displaying items through social networks.
- Social media platforms like Facebook or Instagram have greatly helped small-sized businesses to get in the spotlight, however, after a certain point, there is a slowing of growth making it difficult to expand.
- If you run an e-commerce store, you can use tools like advertisements, SEO, and content marketing, and other tools to give your store a greater audience, greater brand visibility, and more specific leads.
- You are in charge of the brand narrative you would like to create around your small business, which gives more room to discover its potential.
- Customer experiences can be made more effectively based on your customer’s preferences and purchasing patterns that aren’t an option if you’re just selling through social media.
Small business digital transformation: What can you do?
Enhance your eCommerce business with a strong social media presence. Help your small business achieve its maximum potential by arming it with all of the benefits that eCommerce platforms have to offer, as well as the interaction that social media channels provide.
When first starting out, eCommerce is the clear way to go; establish your website and then gradually transition to using social media as a tool for marketing and directly engaging with your customers. The apparent first step is to choose a less time-consuming alternative, which is to launch an eCommerce site and populate it with your products and services, followed by a comprehensive social media marketing strategy.
Social media video Ads
These aren’t your typical social media videos. A common blunder is simply posting a video you made for another purpose on social media. Social Video Ads are videos that are tailored to each social platform and backed up by paid placements to deliver very specific results.
Brands or non-profits that have a specific target audience to reach as well as clearly defined goals. If you need to track ROI and effectiveness, Social Video Ads are also a good fit.
If you don’t know where to begin making video ads, simply use online tools like pcmag, clipchamp, or you can create videos on your phone using apps like slideshow video maker, filmorago, inshot, and many others. These apps and video maker tools save you a lot of time because they already have thousands of pre-defined videos for each and every niche, so all you need to do is register and customize your video and you’re good to go!!
What are the advantages of an online store for your small-scale business?
Over the last ten years, there has been a boom in the number of small companies choosing eCommerce. During the epidemic, the shift was facilitated even more. In today’s mobile-first environment, it makes sense to combine technology with the business for the greatest reach and results.
1. Bigger Reach
A physical small business outlet is frequently constrained to a certain geographical area and has access to a very limited consumer base. Ecommerce allows one to overcome these constraints and reach out to clients all over the world. Small companies may now sell their items to people at the other side of the planet without relying on foot traffic. Small company owners no longer have to rely exclusively on foot traffic to sell their products and services; they may offer their products and services all over the world. This increased reach leads to more income and brand visibility.
2. SEO: Search Engine Optimization
Word of mouth would have been the most common method of disseminating information about your small business. Your eCommerce store will now be easily available to your intended client group, thanks to SEO. With efficient Search Engine Optimization methods in place, your eCommerce SEO firm will see a space for itself when your targeted client searches for a product that is part of your catalog, and presto, a few clicks later, they land on your website. Simply put in the work to make your eCommerce website SEO friendly, and you’ll see results in no time.
3. All-hours availability
You may earn money even while you sleep. When your small business has an eCommerce presence, the overly ambitious term becomes a reality. A physical business that would normally be open 10-12 hours a day would suddenly be open 24 hours a day for buying and selling.
4. Improved Customer Analytics for Customers
Having an eCommerce site to supplement your small business helps you to better understand your buyers’ purchasing behaviors thanks to consumer analytics. Now, your judgments do not have to be affected just by public opinion, but may also be based on hard evidence. Small company owners may develop tailored experiences that help them go a long way if they have a better grasp of what their consumers want to purchase when they prefer to buy, and what discounts appeal to them the most.
5. Examine PWAs
The rising smartphone prevalence makes it impossible to ignore your small business’s mobile friendliness. In such a fast-paced society with the internet at its heart, the importance of Progressive Web Apps cannot be overstated. Because of the numerous benefits they provide, PWAs are best suited for small enterprises. They are the best solution for small enterprises because of their lower development costs, removal of the need to push separate updates, operability in bad network circumstances, and support for low-end devices.
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6. Gift Cards
Gift cards have repeatedly been shown to be an extremely successful marketing tool for businesses of all kinds. Increased holiday sale capture might be accomplished with the aid of virtual gift cards, which serve to attract new consumers while also raising the average purchase value (AOV). Virtual gift cards also have the added benefit of being easy to distribute and have a greater cash flow.
Ecommerce for SMBs – It’s this time of year
Businesses of all sizes are preparing for sales as the Christmas season approaches. It is not necessary to reintroduce the significance of this time of year. This holiday season, which includes Thanksgiving, Black Friday, Christmas, and New Year’s, accounts for more than 20% of firms’ yearly sales. Aside from providing a fantastic chance for both small and large enterprises, the Christmas season is a perfect time to get new consumers, develop your brand value, provide amazing customer experiences, and gain consumer loyalty. This is an especially good time for small companies to flourish since, during the Christmas season, consumers do not always stick to big brands and go all out to buy.
Final Thoughts:
It’s time for small companies to face the Christmas season with plans in place to make the most of it. It is critical to capitalize on the business prospects presented by the Christmas season. If you provide the right offerings, tailor-made customer experiences, and an efficient marketing approach, you can increase conversions.
If you want to expand your business into multichannel selling and need a platform to assist you do it, we propose LitCommerce – the simplest method to keep track of everything in your multichannel shop for a cheap charge.
If you require any further information, please contact us; our customer service staff is always happy to help.
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