With so many social networks out there, you can’t expect an online B2B marketplace know which one to use. Even though you’ll come across many people, who’ll say that all social media channels are necessary, but practically speaking you can’t work on all of them at once? Even if you so, you’ll never be able to capitalize on the opportunities that come in front of you due to too much stress and workload.
Therefore, we have always emphasized on advising a foreign B2B marketplace to divert all resources on maintaining a well-thought and effective marketing strategy on a few social platforms. However, now the primary question that arises in the minds of B2B marketers is that which one?
Though LinkedIn is considered the best social media platform for an online B2B marketplace to focus on, that doesn’t mean you can’t benefit from other top social media channels like Twitter, Facebook, Reddit Quora, etc.
Today I’d like to put our focus on how Twitter can play a vital impact on your marketing approach for your foreign B2B marketplace. I’m sure you may be thinking that Twitter is old school and isn’t a reasonable place to market your brand, let me change your mindset with these crucial reasons why your online B2B marketplace should be using Twitter.
Remember, Twitter has it all! Twitter is considered one of the largest and most active social networks in the world. On average, around 500 million tweets are tweeted in a day. I can guarantee that if you are active on Twitter, you can’t miss a single thing that is going around the world. News, updates, business tips, festive days, this network will tell you everything.
If we talk about B2B platforms, just type in B2B marketers for a list of all the top digital marketing experts working for their respective foreign B2B marketplaces You could easily connect, learn and interact with these experts to learn a few things about B2B marketing. On the other hand, with the right Hashtags and Tweet, you can effectively market your brand and let the world know about it. You never know, you just might get that right trend with your tweet to make it hit the charts and show up with the most trending ones.
Apart from offering services like email, live call, live chat and chatbots to solve customer queries and provide support, many online B2B marketplaces also use Twitter to help their followers and prospects. Your company can set up specific customer support profiles on Twitter to focus on answering customer’s questions. These accounts can also be used to tweet updates and announcements related to your business operations or an upcoming event or sale. In addition, you can also engage with your audience with tweets related to what’s happening in the world or merely a social cause to display a good image of your organization.
It’s pretty frustrating not to know where you stand in front of your competitors. However, if you were active on Twitter the number of followers would be an indicator that could signal your popularity amongst others. You can use Twitter and analyze your competition and keep an eye on what they are up to. This approach is helpful in understanding how well your competitors are performing and how you can maintain the lead with the right tweets.
Did we tell you that Twitter has more than 330 million active users? – That is huge!
Your business-to-business website can stay connected to both the world and other global B2B marketplaces on this social platform. With such an educated number of users, your tweet can quickly reach out to people beyond your borders. If you are looking for a way to increase international presence of your B2B marketplace, Twitter is the first place to start with.
Thought international B2B marketplaces are built for international buyers and sellers from all corners of the globe, you still need to focus on your social presence. The primary reason is that there are still many business-to-business marketplaces that are unaware of the many B2B portals operating. You can attract such businesses with the help of Twitter.
For the reasons mentioned above, I’m pretty sure by now you are convinced that all international B2B marketplaces need Twitter to initiate a global approach and enhance their social presence.…
Kenya is known as a third world country struggling to survive. However, after the 2017 presidential election, Kenya showed the world that they still have the dedication and resources to improve as an economy. In fact, over the last decade, Kenya has recorded a GDP growth of 5.9% and got placed as one of the top performers on the African continent.
This significant data has made way for many foreign investors to invest in this country. Many businesses including B2B platforms have been studying Kenya import data to see if their goods stand any chance of getting sold. One reason for this is that export data of Kenya shows that not many local businesses are involved in sending their products across the border.
Having that said, let me provide you with a small guide on how you can import and be competitive in this growing country.
If you are an exporter, one thing that you need to understand is that Kenya’s local suppliers are highly competitive and have most of the market share. On the other hand, the wealthiest 10% of the population holds 39% of the income. While the poorest 10% only hold 2%. This figure indicates that due to inequality within the economy you can’t expect to sell your stock at a high price.
If you want to compete with the local suppliers, we suggest that you price your products with a margin of 10%-15% over cost. Though this may seem a bit too low, you won’t ever feel the need to increase it as your number sales will cover it. On the other hand, there is an exception for unique products. If you import a first-of-its-kind product in the Kenyan market, you are free to set the price according to factors of demand and supply.
Just like any other country, Kenya is also strict with its import and export rules and regulations. To avoid getting into any trouble and to get all your goods cleared by the customs department you’ll need the following documents.
According to Kenya import data, you can clearly see how dominant China and India are in sending their products to this country. On the other hand, export data Kenya shows that they are dealing with a massive BOP deficit. However, with the economy growing, many manufacturers have shown interest in exporting goods to reduce the BOP and also bring in foreign currency to the nation. You as an international export need to keep these guidelines in your minds to avoid getting caught up in any mess.…
UAE is known for its strict rules and regulations, and as a business person, I’m pretty sure you wouldn’t want to get caught with breaching any policy. Therefore, to help out all those businesses who are planning on bringing goods from across the border into UAE, I have compiled a small guide.
The first and foremost things that you need at your desk while importing goods are accurate documents. These documents are what’ll keep you safe from paying any fine in the future when all records are audited for the UAE export data by an agency.
1.Original commercial bill
• The shipper needs to stamp and sign the bill with blue ink manually
• The currency of sale needs to be mentioned
• Must clarify all sales terms like Ex-works, FOB, C&F, CIF, etc
• Country of origin should also be mentioned
2.Packing list: This list should signify all the packages and weight of the goods. It also needs to tally with the House Air Way Bill (HAWB).
3.Original certificate issued by the chamber of commerce of the origin country
4.Bank endorsed bill for all bank through shipments
5.For all hazardous goods, a Marine Safety Data Sheet (MSDS) needs to be
6.Personal Effect cargo: For all own products the visa page, passport copy and
Emirate’s ID needs to be provided.
1.Duly endorsed express/original or sea waybill.
2.Original certificate issued by the chamber of commerce of the origin country.
3.Original shipper’s invoice on shipper’s letterhead that’s signed and stamped.
4.All shipping docs need to reflect the value of goods, currency, weight, the
number of packages and H.S code number.
5.Original signed and sealed Packing list on shipper’s letterhead.
The standard rate set by the government is 5% for most goods. However, specific IT products are allowed relief and are charged only 1%. It’s always better to verify with an agent first.
Usually, it takes a couple of hours to clear most goods from customs after filing the declaration with all required docs and delivery is made the next day. Although, particular products need extra time to get through the process.
• All importers need to have a valid importer code and VAT/TRN. (the importer
code is provided to those individuals who have registered with the customs
department after giving all required docs)
• Certain goods need special approval from specific governing bodies. For
example, all pharmaceutical products need approval from the Ministry of Health.On the other hand, food products need permission from the Abu Dhabi.Food Control Authority or Dubai Municipality according to where you import.
• Many goods are forbidden to cross the border like drugs pornographic material and products intended to be imported from boycotted countries.
Though UAE customs are difficult to deal with, if you have all the right documents required for clearance, you should face any difficulties in getting your shipments passed. Follow our checklist to see if you have all the required docs ready before shipping your goods to UAE so that you don’t have to face any delays, fines or penalties from custom agents.
Over the past few years, many businesses have experienced a change in consumer buying trends. In addition, competition is also rising significantly, and as a B2B marketer, your sole objective is to make your brand look better than your competitors. Well, how would you do it?
As a B2B marketing expert, I believe the best way to step ahead of your competitors is by producing informative and high-quality content. In fact, even if you produce off-topic content and publish it Online B2B marketplace, you’ll derive immense traffic which can turn into potential leads in the future. Still not convinced? Take a look at what quality content can do to grow your business.
1. It Enhances Your Brand’s Credibility within the Industry:
Though you’ll find thousands of new pieces of content published on a daily basis, most of them are promotional based. To be honest, promotional content may increase your rate of conversion, but it won’t create a good picture of your brand.
Informative content that is helpful is the real game changer! If you want your readers and target audience to see your expertise then publishing non-promotional content is the ideal move here. Your content should answer many questions when a reader or viewer goes through it. With high-quality content, you’ll first earn your consumer’s trust – and finally their business.
2.It Gives the Sales-team a Resource to Close a Deal:
Content can always be used as a tool to close a deal. Whenever your sales team is dealing with a potential client, they can use your published content as reference or information regarding a specific query. For example, you can use a blog to demonstrate how a product works or the benefits of utilizing it. On the other hand, you can publish a case study to show your viewers how your company dealt with a recent crisis or cyber-attack.
3.Increases Your Chances of Cross-selling:
With high-quality content and your knowledge, you can enhance your chances of making cross sales. Wondering how? If we talk about your regular customers, they may start purchasing different products from you just by reading your blogs. In addition, a potential reader who merely loves reading your blogs may turn in to a customer some day after feeling amazed by your knowledge. – A great way to boost organic traffic and sales.
4. Use Your Experts to Produce Optimum Quality Content:
In every company, I’m pretty sure you’ll have experts in every field of operation. However, it’s your job to utilize their knowledge in producing content. Content creation isn’t an easy job to pull off, but with team-work and a proper content marketing plan you can easily generate your desired result and get closer to achieving your business objectives.
In addition, if you believe that you don’t have the adequate resources to create high-quality content, you can always either hire a professional content producer or outsource this task to a digital marketing agency.
However you choose to create content, what matters most is that you capitalize on this opportunity until the trend is alive. Today, many organizations have diverted their resources and attention on content creation all because of the benefits it brings to a business. As a company operating in the worldwide B2B platform, you also need high-quality content to boost your marketing approach.
If we go through the recent headline-making marketing campaigns, what comes to your mind? The #ShareACoke approach, or Oreo’s Super Bowl blackout? Wait, what about the Twitter campaign Volvo pulled off in 2015’s Super Bowl game? However, all these campaigns were initiated by B2C Companies. Consumer brands have a habit of breaking the charts with new marketing campaigns.
On the other hand, B2B businesses haven’t shown the same level of creativity or planning in the past. However, B2B marketers can catch up by walking in the same footsteps as their B2C peers. Wondering how? Read on!
1. Enhance Your Brand’s Value
Even though, smart advertising tactics that highlight how a specific product can benefit you, are quite useful if you find success in delivering a heart-touching cause for what your brand stands for can inevitably increase your sales.
Your brand’s value is based on how you show it to the world. For example, your business could promise to provide consumers a high-quality product like iPhone and win many brand loyal customers. On the other hand, you can use a brand story like how Jack Ma struggled in the past and still managed to create the greatest organization in the worldwide B2B marketplace. – The choice is yours!
2. Know, and Show Your Worth
Now that you’ve finally decided on increasing your brand’s value, you need to first start internally. You need to know your products and how they are better than your competitors. Convince yourself first, then move towards your target audience.
Next up is how you’ll do it. You need to show your worth to your clients and believe me; it’s pretty comfortable with the right products and a practical approach. Remember, if you don’t have the right resources, you can always consider the services of a digital marketing agency.
3. Get Personal
B2C businesses are highly focused in running marketing campaigns that get personal. B2B companies, on the other hand, have lacked this approach over the past. These businesses usually concentrate on account-based targeting. To be honest, that won’t work for long!
B2B companies need to change their approach and use digital marketing tactics like social media marketing and content marketing to engage customers directly on a channel where they are either active or have shown interest in. Businesses need to understand that humans are purchasing their products and therefore a personal approach is essential.
4. Engage Your Social Audience
Lower down your marketing budget on traditional methods and divert it on digital techniques. You can’t rely on cold calls and emails as much as you used to. B2B marketers need to understand that their customers are actually humans and need to be treated in the same way.
In 2018, B2B marketers need to develop a social media marketing plan that involves social networks. Out of all the major social platforms, B2B businesses need to focus more on LinkedIn, as almost all major organizations are active on this network. One surprising factor to look into is your employees sharing content on LinkedIn. Readers have shown more trust in posts made by employees in comparison to the CEO’s updates.
5. Increase Your Video Marketing Budget
Video marketing for B2B businesses is on the rise. Not because of all the hi-tech video cameras that have emerged, but in fact because videos play a significant role in convincing someone to make a purchase. According to research by Google, 70% B2B buyers watch videos before buying products. In addition, almost 50% of these B2B personals watch at least 30 minutes or more industry-related videos, and nearly 20% watch over an hour of content. – If you plan on getting B2B buyers to learn more about your products and convert, video marketing should be your next step to success.
Even if your business is doing pretty well in the worldwide B2B marketplace with traditional marketing techniques, it won’t always stay the same. Many top companies have had to go down the line just because they couldn’t keep up with those B2B marketers who focused on digital marketing techniques. If you think I’m exaggerating, take a look at how Alibaba got listed at the top of the chart with the help of modern tech marketing strategies. If you plan on keeping your B2B business alive, follow the trends listed above and capitalize on the opportunities before it’s too late.…
Augmented reality is here to stay! Currently, augmented reality is a considerably hot topic that is being discussed by various businesses. Many have already integrated this technology within their business, while many are still clueless about its benefits. To be honest, we all carry AR-ready technology with us in the form of smartphones. One example of augmented reality is a game that broke all records, Pokémon Go. We could actually see a virtual world through our smartphones that are filled with wild Pokémon.
This clears the air that AR isn’t a futuristic technology. Instead, it has already made its mark with various apps and technologies that are being used in our daily lives. However, I’m pretty sure now you’ll really want to know how augmented reality in retail stores can enhance customer’s experience and increase your overall profitability. Here are a few augmented reality retail examples to start with.
The more time they spend in your stores, the more money they’ll spend. This statement has eventually turned out to be true. Especially, after Pokémon Go was launched! Players used to visit shops merely to catch a Pokémon, and most of the time ended up buying something they had never planned of.
Now, that doesn’t mean should also develop such a game to enhance your sales. However, you can work on creating a map that improves your customer’s navigation while they come over to shop. Your app could add a feature in which customers can note down all the products they need. The app will scan the list and display the best route that customers should take to find all their desired commodities. In addition, you also use this app to show all the offers and discounts currently active every time the customer opens the app. – Excellent app to boost sales and bring a smile to your customer’s face!
Due to rising competition, not many products sell themselves. You need to use the right set of skills to make consumers pay for your products. However, augmented reality in a business can make your lives easier again. With the help of AR technology you can show your customers how the product works, just like how it used to be within videos. Although, this time you’ll use an AR within you store so that the customer can have a better understanding of the product.
I simply never purchase any piece of clothing before trying it on. Regardless of the fact, how much time it consumes! I agree it’s annoying to step into the trial room and look at yourself in the mirror to make sure it fits right and looks good on you.
However, augmented reality in retail stores can save you the time and effort of going through this process. Many top brands have already started using this technology, but I’ll still tell you how it works. This AR technology can be used either on your phone, or a device provided by the retailer. This software will virtually let you try on all the clothing pieces you like and also show you how you’ll look. You can swipe and change products with your fingertips, all thanks to these apps.
Gamification is the next big thing in running an active talent hunt. Many top businesses around the world are using this technology to create simulations to test how individuals will react in various condition. Having that said, companies can also use this technology for training purpose.
With the help of virtual worlds, you can easily test and teach people without incurring any physical lose. It’s true that virtual reality also uses the same concept. However, in VR stimulations you need to use headsets and physically make actions to perform specific tasks. On the other hand, augmented reality in business only requires a smartphone to complete tasks and get through the training or hiring gamification process.
The augmented reality retail examples mentioned above crucial for all business to enhance their productivity and profitability. Though this process may increase your operational costs, the benefits will surely exceed the costs in the long run.…
Don’t you just love the sight of likes and retweets on your latest social media posts? In fact, we are so obsessed with seeing likes on our posts that we simply delete it within a day or two if we don’t get that many. However, as a B2B marketing agency, this misconception can hurt your business big time. Likes, retweets, comments, and similar engagements don’t show the performance of a particular post. It's only a superficial fact that looks appealing to us.
There are many more such misconceptions that we fail to avoid in our social media marketing plan, and end up damaging our own business. Here are a few of them that you need to start taking into consideration.
It’s true that we all get excited with every new like notification that popups up for our posts. However, are you sure that the person who liked your post read the whole thing or clicked through? To be honest, there is no guarantee. Many people just skim through their newsfeed and like almost everything they see. On the other hand, many of your friends will also like your posts just out of courtesy and not read a single word that is written on it.
Therefore, we suggest that B2B marketing agents should look at the number of clicks on the link that you’ve provided on your posts. Or simply the reach of your posts. Since it’s your post, only you are entitled to view these stats, but believe me, it’s how you can evaluate the performance. In addition, if your website is integrated with Google Analytics, you should also look at the average time users from social media channels spend on your landing pages.
Have you ever witnessed a rise in you traffic right after you posted something new on social media without many people sharing your content? If yes, that probably due to dark social shares. Dark social shares refer to those links that are copied and shared on personal chats via Messenger, WhatsApp, email or any other channels of communication. It’s pretty apparent that the traffic that comes from these shares isn’t shown in the same channel at where you’ve actually posted.
Therefore, think twice before deleting a post just because it doesn't show many shares! If you see a rise in your traffic without the shares, the dark social shares are playing a part in this.
Timing matters a lot when it comes to posting on various social media channels. According to HubSpot, the time to post on Instagram for a high click-through rate is 1-4 p.m. You’ll find out that all social media marketing services have their own ideal times for your post to perform up to the mark.
However, posting at the right time won’t always save the day for you. Posting poor quality content at the optimum time won’t help your post garner your desired level of engagement. Even if you do manage to catch viewer’s attention, all thanks to your excellent timing, users won’t think about clicking through.
Note: Fewer posts isn’t considered a bad thing all the time. If you can, you should maintain an ideal posting schedule with high-quality content to capture the highest number of leads.
Yes, we read many success stories about Vloggers earning thousands of dollars and have millions of followers just by posting their videos on YouTube. No matter how useful this social channel may be, but it’s not fit for all types of businesses. It’s good to use various social media marketing services to enhance your brand’s social presence, but stop wasting time on those that aren’t good for you.
For example, if you are running a B2C business, Facebook, Instagram, and Pinterest are the ideal social networks to use. While, B2B companies can rely more on LinkedIn and Twitter to capture more leads.
At the end of the day, if your digital marketing on social media channels is not planned adequately, you can’t expect it to derive your desired results. A well prepared social media marketing plan is ideal for capturing quality leads and boosting your web traffic. However, don’t get carried away by misinterpreting the metrics mentioned above. Avoid these misconceptions and experience better than ever results.…
For a retail or small business, planning to switch from a sole trader to a partnership can be tricky. Without any doubt, partners do bring many benefits with them to the company. However, due to conflicts, these partnerships can turn in to your worst nightmares. What we are going to focus on today are engaged, partners. This means those partners who actually work in the business. On the other hand, a non-engaged partner is one who only provides capital to the company and doesn’t get involved in the operations.
A partnership is formed when 2 to 20 individuals sign a partnership agreement. A retail partnership can prove to do wonders in becoming a business sensation within no time. With all the extra capital and minds collaborating for a single vision, this type of business has pretty good chances of surviving. However, conflicts between these different minds can lead to the partnership ending and the company closing down. Having that said, the following are various pros and cons associated with forming a partnership.
Though retail or small businesses don’t really have that many responsibilities, startups can use all the help they can get. It’s true that you can make more money for yourself if you run the business alone. However, by splitting the workload, tasks can be performed more efficiently. While you can also do this by delegating specific tasks to your employees, they won’t show the required interest that an owner would. Imagine if you could split your daily to-do list with your partner, how much more could be done?
You never get to keep all the profits in a partnership. This factor can lead to many conflicts in the future. Many partnerships dissolve just because owners start to disagree over the share of profits each gets. On the other hand, even if your partner isn’t performing up to the mark, they will still be entitled a percentage of your well-earned money.
It’s pretty evident that all humans come with different mindsets and skills. Therefore, each partner can manage various functions of a business. For example, if you are a marketing and sales expert, you can create a partnership with a finance expert. That way, you can take care of the sales and marketing of your business, while your partner can manage the books and financial matters.
Since you are operating in a partnership, all decisions made by you or your partner, affect the whole business. This means that you are liable for all the decision your partner makes, whether right or wrong. Not only will this damage your business’s reputation in the market, but people may point fingers at you also for being a part of these wrong decisions.
Partners don’t realize that in order to run a successful partnership they need to focus on a few critical factors. Wondering what they are? Take a look!
The first aspect that partners need to establish in a partnership is trust. Partners need to have complete faith in each other. If one partner takes a step without informing or discussing with others, then maybe it’s time for you to move on. You can’t trust someone who doesn’t consider taking mutual decisions important.
A communication gap can easily destroy your partnership. Even if you have all the retail intelligence to run a business, you need to speak with your partner before taking any major step. If you spend money on something your partner isn’t aware of, that is a problem. Communication gaps also lead to trust issues between partners.
Why do you do business? For the money, right? To be precise, that’s why all entrepreneurs set up their businesses. Both partners need to be careful with what they do with the company’s money. If one is spending money for their personal reasons and the other partners aren’t aware of it, problems will arise. In the end, the co-owner will develop a thought that their partner is cheating on them by setting up a side business.
It isn’t that difficult to become a recognized retail expo in your industry. All you need to do is focus on maintaining a healthy business relation with your partner. You should always note down all mutual terms in the partnership agreement before starting the business. That way, chances of misunderstanding and conflicts will reduce. Apart from that, if you believe that you have problems trusting people, then it’s better to run your business as a sole trader.…
In the marketplace for consumers, the exposure of the digital commerce has charged a near panic-stricken race to cash in on demand created by the customers for providing fantastic experiences for shopping in different parts of the channels. Albeit the initial movers have somewhat attained exceptional results from the investments, they made in the digital commerce industry, the speed for adopting different trends have been relatively slower in the B2B market.
The same forces in the market that precipitated commerce into the limelight in the customer sector have boasted a digital revolution in the commerce sector in the market for B2B – and are developing considerable yet effective opportunities for the producers and manufacturers.
Digital commerce merely is not just another channel; it constitutes a considerable shift in way buyers and businesses approximate the marketplace. The buyers, however, today are not using any particular technology like fax machines or phones or anticipate for any sales representative visit next week to position orders.
Instead, they anticipate the same seamless and convenient opportunities for purchasing goods online when they search out and buy products in their personal lives.
Directed towards revamping the expectations of the buyers, the majority of the businesses in the B2B and other manufacturing sectors are expending in banking and digital commerce on significant growth. The most recent survey conducted by CloudCraze about the decisions makers in the B2B market in software, manufacturing, and GCP suggested that nearly 89 percent of the decision-makers in the B2B market fasten anticipated growth in the business to the succession of their digital commerce programs.
Moreover, within the span of the five years, it is expected that about 88 percent of the decision-makers in the B2B market wait to provide different products that could be sold online effectively.
It is worth mentioning that digital commerce solutions for manufacturers are not run through technology or other strategic methods. Majority of the organizations are backing up the idea of developing digital opportunities for the buyers with almost half of the businesses in the B2B market sell their full range of products online.
Digital commerce online is revamping the dynamics of the B2B marketplaces in different ways. Majority of these changes are in acknowledgment of the choices made by the buyers, while others designate a different direction in the way B2B businesses and manufacturers tackle the marketplace.
In answer to facilitating the buyers and fulfilling their expectations for more effective buying and shopping practices, it is necessary for the manufacturers to authorize capabilities for self-service.
Regardless of the notion that digital commerce is an essential element for growth, some of the decision-makers in the B2B market stay doubtful because they don’t have what it takes the abilities of the most existing systems.
The demand for buying and providing services has constructed various misapprehensions about the nature of the sales teams. Instead of downsizing and replacing sales teams, the digital commerce improves the relationship between the customers and sales teams for practical purposes.…
I still remember those days when my parents had to scream ‘taxiii’ on the top of their lungs to catch one. Nowadays, a cab is only a click of a button away. No one could have imagined that finding a cab or buying products could get this comfortable. However, the world has changed all thanks to technological developments. Technology, is the primary reason we have seen changing consumer market behaviors globally, but is it right?
According to a consumer market survey forecasting by Capgemini and The Consumer Goods Forum (CGF), the industry should not consider the supply chain a linear journey. Gone are those days when products and information were passed from one agent to another. Now the manufactures should utilize various marketing and communication channels to create a network around consumers.
The forecast further states,
“Consumer behavior has changed forever. The path to purchase is no longer linear and could involve social media, an app, web-based research, an in-store visit and an online purchase in any order. Consumers now have the means to share their concerns and opinions with a larger audience than ever, through a growing array of social and digital channels.”
This change in consumer’s mindsets has been noticed for many years. When the first ecommerce website was launched, no one expected that it would turn out be the most reliable shopping option. Getting your goods delivered with the click of a button was beyond our imaginations. However, now that it’s done businesses that have learned to adopt this change are surviving and doing pretty good. Although, those businesses that either are too small to take such steps or are egoistic to continue with their traditional methods are losing big time. Don’t believe me? Take a look at what has become of our favorite toy’s store, Toys "R" Us. They simply couldn’t catch up with online giants like Amazon and Alibaba, and eventually had to close down over 700 of their stores in both UK and USA.
Local businesses also lost the monopoly they had of supplying products to their particular region. Now with online stores, an American customer can order a Chinese product from China and get it delivered within a few days. We are always short of time, as no one knows what new inventions will hit the industry tomorrow and change how business is being done. Only those companies that take certain steps to grasp current opportunities will live to see the daylight when further changes arrive.
In this fast-paced market, retailers are the ones standing on the losing side. All their investment in creating fancy and appealing outlets is going to waste. Most ecommerce businesses focus on outsourcing almost every aspect of the business. From product deliveries to customer support, all is being done by third parties. Still, they are managing to earn high returns.
From groceries, like fruits and vegetable, to ordering a cab or specific products, all is being done either through a website or an app. In addition, customer support is also provided on both platforms to make sure consumers receive a worthwhile experience. Consumers are the kings of the market, and our job as business owners is to provide them with the best. Therefore, if you are left behind in this race, start working on going online and marketing your products through social media channels. The chances are that you wouldn’t end up having your name on the list of businesses that closed down their operations this year.…