Key Signs Your Business Should Pivot to E-commerce
More and more companies are pivoting to e-commerce because that is where the clients are. The Covid pandemic restrictions led to an upswing in online shopping, and this has continued up to the present. How can you tell if your business is ready for e-commerce? Here are ten signs to look out for.
Is This Where The Customers Are?
If you want to get your share of the market in an industry that has largely gone digital, you will need to offer an e-commerce option to your customers. Customers prefer it. It is convenient, available 24/7, and does not require them to make a trip. They can compare products and prices online and have their queries answered. Advances in technology have enabled e-commerce to thrive.
What Is Happening In Your Industry?
If you are in an industry like agriculture, e-commerce may not be ideal. On the other end of the spectrum, the ICT field is rapidly digitalizing and any company within the industry that has not moved to e-commerce is at a disadvantage. But just because the majority of businesses like yours have not digitalized does not mean you shouldn’t be at the head of the pack.
What Is The Demand For Your Product?
If you are the only provider of a product in your area and customers are driving quite a distance to come to you, e-commerce is a good idea. Especially if you are battling to cope with the in-store demand, your business needs to go online.
Can You Afford The Costs Of Going Digital?
There are costs you will have to cover to pivot to e-commerce. This includes hardware such as computers. You will need to be able to warehouse your stock. Delivery services will be required to get the product to your customers. A fast internet connection is a must.
How Will Employees Be Affected?
Current employees may not have the skills required for e-commerce. This means either upgrading their competencies or getting new employees.
Do You Have The Time To Make The Transition?
Going digital takes time and focus. If your company is struggling to make ends meet, now might not be the right time.
Do You Have The Patience?
E-commerce is not a quick fix but rather a long-term strategy. It will take time before you reap the rewards.
Are You Prepared For Global E-commerce?
International online trade is increasing at the rate of 21% annually. Can you cope with customs, shipping, and dealing with different countries? You can start locally but be prepared for the possibility of potential customers from abroad.
Do You Have A Strong Marketing Component?
Once you build a sound infrastructure that handles the logistics of e-commerce, you will need to work hard for brand recognition. Customers want immersive experiences, which require a new skill set.
Do You Still Operate With Manual Systems?
Converting your processes to a paperless environment will be a challenge if you handle sales, returns, and inquiries manually. It may be better to start going electronic in your store first.
Do your homework first before jumping into the online scene. Weigh up the pros and cons for your business. Above all, pay attention to costs and capacity for pivoting to e-commerce.