Financial freedom and risk management terms are only coined for the large-scale firm but for small or start-up companies these are the vague term in short of extent. But still, we can ignore their implication in each and every step.
By reading and understanding articles and profitable figures attained by e-commerce platforms such as Amazon, Flipkart, eBay, ETSY, Paytm and others; impacting the young entrepreneur how they can compete with the shark of the market business plan.
For start a business of selling and purchasing so many online platforms are available. Now it is the open battle for all of us but question is that how you can penetrate the market and sustain your position.
The parameters those are the backbone of e-commerce market and how they are ready for feud whether it is about percentage discount, comparative fast delivery, refund policy, customer online shopping experience.
Once the online shopping user already has experienced how they gonna convenience with your services. So thinking like should you need to abolish your business idea and start looking for a new job for secure financial stability.
A local business owner always is a runner-up in the field of e-commerce, no need to lose hope in this festive season. Social media marketing is play huge role to penetrate your market segment for small business success.
Checkout some business tips to make your profitable income by doing small business.
1. Make Top Priority for Transparency and Provide Clear info
As per the research on online shopping behaviour of customers influenced by discount coupons and offers available and schemes such as refer & earn. Different techniques of small business owners are adopted by online e-commerce platform whether it is instant cash back or Gold cash back or earning some of the reward points, within this cut-throat competition buyer used to get a handsome discount and comparatively less pay for that particular item.
Offline storekeepers are need to create the loyal trust of clients that they are currently having and also competitively turned the same count of customers into new buyers for new arrival festive sale!
Say for example:
You are having an offline boutique store or you can take the Mc Donald’s and Pizza hut example, after all, availability of online order facility still the customers are looking to visit the store and order there and enjoy the Pizza along with their family, friends.
Similarly, in the case of an offline boutique store, buyers are more conscious of testing the fabric of cloth by touching it and how it looks on them once they wear the same. Selection of mindful cloth and richness of beauty trends. Exceptional beautiful appearance for buyers.
They used to prefer visit store rather than to buy the same cloth from the online store. Word of mouth somehow try to convince other buyers of same psychology, also visit the same store repeatedly once in while to check out new apparels for their kids, man, women and most probably buyers are having a huge demand of the same product in order to gift they’re loved once.
This is game of customer psychology and seller try to make them convince even in case of no margin/no profit just to build Rappaport. As you know the customers’ behaviour is dynamic and whether you are going to make them convince them by price penetration strategy.
2. Try to start with your niche business expertise:
Every company is having their own weakness and strength as well but the winners are those who surpass their weakness. Similarly, if you would like to come up with some business idea check out your key skill set and minimum labour cost at the initial phase.
Hand-loom and handicraft business, uniquely devoid of market automation and now the buyer segment is completely different from other buyers’ niche behaviour. At Least you can create your business segment and survival inside and outside the situation.
3. 24/7 customer support service:
For the startup company it is a bit difficult for them to manage the company’s service online 24/7 hours but for the shake of brand positioning and other aspects. If you able to reach out not only local customers but also subordinate states or countries then you would likely work 24/7 hours for your products and services make them available to your customers.
At the same time if prospective customers are ready to understand the company’s portfolio then it is far much better for branding point of view. Sometimes clients are having queries that’s why they are looking for online customer support services.
Say for example:
Many of the electronic companies before launching of any of mobile phone, TV, electronic devices in any of particular geographical location they undergo for demographic analysis, local language barrier and build the strategy how to launch and sustainable growth of business over there so they establish first of all service centre at the prime location before company gonna launch their product.
Convey the same message in between marketing campaign they are having 24/7 online customer support available.
In which they not only penetrate the customer psychology but also win the competition.
MSME Concept very nicely discussed
User Review( votes)
I am Rhojit from Nepal, I found this very useful article.
Hope to see some more article.