If you are performing exceptionally good in your bricks-and-mortar operations, then start thinking seriously about expanding your business to the boundless world of e-commerce. E-commerce platforms have become the latest must for every business. No matter big or small, business organization are selling through e-commerce space to fulfill the need of the modern times.
The electronic commerce space, commonly known as e-commerce, predominantly depends on digital technologies such as the internet to run business organizations. Within the e-commerce world, the internet is used as the primary medium for the trading of product and services. E-commerce mediums that have got all the limelight recently are websites & mobile applications. E-commerce platforms have been increasingly adopted by modern enterprises, as they are easy to access, user-friendly, and all that is needed is just a few clicks to make a purchase.
So, if you are one of those retailers who are thinking of diving your nose into e-commerce operations soon, then there will never be a better time to gain a thorough understanding of opportunities that e-commerce can bring to your business.
Without a second thought, the e-commerce platform gives you better access to a wider variety of consumers. People who have been probably restricted to visit your store may now explore your website and e-shop, and even if they won’t purchase they could recommend it to others, whom your offerings are more relevant.
Having an e-commerce platform can get you a chance to sell in collaboration with giant global e-retailers such as Amazon and eBay, which allow businesses to sell their products through their website. This can fast track your path to sales while offering the opportunity to get access to millions of registered users.
With e-commerce, you can take over all the challenges of geographical boundaries that were posted to your path of success. Having an e-commerce platform allows potential customers from all over the world to access your product and purchase it. This also serves as the key to increasing your revenues and global market presence. Global expansion through e-commerce platforms also provides you the opportunity to explore the new facets of your business. For example, if your expertise is service-based such as hairstyling, and people located in the other country cannot avail it, you can probably introduce a range of specialty offering and accessories such as electronic hairstyling tools or styling hair products, that it may complement their needs to purchase and can add up to your business.
As mentioned above, the greatest opportunity offered by e-commerce is the chance to sell your offerings globally. Business embarked upon online operations have seen a significant boost in their sales, revenues, and global recognition. If you think you also have a product that can appeal to customers beyond the geographical boundaries, then e-commerce is a cost-effective and efficient way to expand your geographical influence.
According to the ‘Entrepreneur,’ the in-store shoppers; the market is still way bigger than the online market; however, the online shopping trend is growing aggressively with the changing demographics across the globe. Currently, 67% of the US population is comprised of millennials, whereas 56% are Gen Xers, and both of them have proven to be frequent users of modern technological means and gadgets. So, if your market offerings also include millennial and Gen Xers in its target audience, then e-commerce is a non-negotiable for you. Additionally, e-commerce (especially mobile e-commerce) is growing at a rate of 300%, projected to make up for 17.5% of the global sales by the end of 2021. This offers an excellent opportunity to businesses having a strong online presence, to unveil their new potentials and profits by tapping new consumer markets.
If you have a business idea that you want to put up to action in upcoming years, or you have successful retail operations that you want to expand, then opt for the right time and right strategy to explore your new potentials in the world of e-commerce.
Today, business organizations that deliberately choose to ignore the power of Business Intelligence are not far from being taken over by the advanced businesses that are adaptive to the BI technology. The truth of the day is that a business cannot be successful in recent times without embracing the latest technologies and changes. Unfortunately, small businesses are found reluctant in adopting new technologies, as they fail to recognize that they have a relatively big advantage of adapting things at a smaller scale than the big corporation who have dozens of problems coming their way due to old, strongly reinforced processes, work patterns, culture, etc.
If you own a small business or just a part of it that think about leveraging the powers of BI today. To help you out in your decision, we will discuss how can BI benefit a small business, like yours. Keep reading to learn more.
The first and foremost benefit that BI provides are the incredible business insights that assist you in better, informed decision making. Small enterprises usually lack resources that help them driving accurate business analytics every time. But with BI, you can get your raw, meaningless data transformed into valuable insights, backed by the latest information. Informed decisions work as the first step to business success, as they empower you to make expedient moves in favor of your business while keeping the opportunities and market influencing factors in consideration.
Another significant benefit of BI for small enterprises is effective communication. In actual, BI facilitate your employees to have accurate information that they need, without being dependent on the IT department to present you with your desired data. Real-time access to data fosters quality communication within the organization while reducing work stress and saving time.
With incredible insight and effective communication, BI helps you understand your target market in a better way. With BI, you can sort your best customer based on their purchase frequency and recency. Your BI software uses this information to create a customer ranking list and also provide insights about their buying patterns etc. Small businesses can use this information efficiently to anticipate the needs of their customers and hence targeting their marketing efforts accordingly.
Forecasting is one of the best feature BI leverages its user with. It is usually observed that small enterprises invest less in acquiring forecasting skills, which often lead to weak sales efforts and consequently, low-profit margins. However, getting closer insights into your business allow your business to forecast demand shifts, inventory levels, sales unit, and even ROI, and will enable you to craft your business efforts and strategies accordingly to reap the best out of your investments. Better forecasting also helps you to make informed decisions to push competitive deal in the market to get an edge over your rivalry.
Last, but not least is the benefit that every business strives for, regardless of what size it is. It is the profit margin and higher productivity. With BI, you relish the benefits of valuable insights, effective communication, accurate forecast, and a better understanding of your target market. All these factors collectively bring prosperity, increase employee and organization productivity, and profitability to your business.
The benefits of BI are countless for both large and small business organizations. All you need is to hold a hand of a professional BI consulting company to get started with.
Tell us which of the above BI benefits you are seeking for your business. We can also help you with a free consultation. Click here.
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