As visits to physical stores were restricted due to the COVID-19 pandemic, many shoppers were pushed to make their purchases online. With the internet granting people access to a wide range of products from clothing, accessories, shoes and even food, online shopping has immediately become a reliable option for shoppers who are eager to make up for the lost time. With more and more people shopping online, businesses have to re-evaluate their digital offerings and embark on digital transformation. This is where the need for an eCommerce platform for small businesses comes into play.
Most Common Types of eCommerce Business Models
No matter what product you’re planning to sell, the odds are you’ll fall into at least one of the three most common eCommerce business models. Understanding each one of them and finding out where your idea fits can help you think of better opportunities and the list of possible threats there might be.
Business to Business (B2B)
In a B2B model, the business sells products to another company. In most cases, the buyer is the end-user, but there are times when the buyer resells to the consumer. B2B typically involves the trading of raw materials or products that will be manufactured. Generally, B2B transactions have a longer sales cycle, higher-order volume and more recurring purchases.
Business to Consumer (B2C)
This model is the most common of all the business models. This involves a business selling products or services directly to the consumer.
Consumer to Consumer (C2C)
C2C platforms allow consumers to market products to other consumer through online marketplaces. Some of the most popular C2C platforms include Etsy and eBay..
Benefits of an eCommerce Platform for Small Businesses
Almost two years have passed since the pandemic changed not only Singapore but the whole world in general. It affected us not only in terms of public safety but also in the way we do business. If there’s anything the pandemic has taught us, it’s that the online shopping trend isn’t going anywhere. To meet the demand, we need digital transformation now more than ever.
If you haven’t made up your mind about adapting an eCommerce platform for your business, we’ve created a list of the benefits you can get from doing so.
Faster and automated buying process.
A well-developed and well-designed eCommerce platform for small businesses can contribute to a faster buying process. With an easy-to-navigate online storefront, customers can quickly find and purchase whatever product they need. They can just search for an item, check out the description, browse photos, add products to their cart and have their orders delivered to their preferred location.
Instant customer support.
Nothing beats excellent customer support. A good eCommerce platform for small businesses can be integrated with chatbots that can provide round-the-clock customer service to ensure that customers’ queries are addressed as fast as possible.
More marketing options.
One great benefit of eCommerce for small businesses is the wide array of marketing opportunities available. Fortunately, entrepreneurs don’t have to spend a lot of money to increase visibility and lead conversions. You may want to consider content marketing, social media marketing, sponsored ads and more.
Offers payment flexibility.
Another great benefit of eCommerce for small businesses is that it allows customers to pay in many different ways. They can choose whether to pay in cash, using debit or credit card, through electronic bank transfer, mobile or prepaid cards and even e-wallets. These methods not only provide convenience to your customers, it also ensures security on your end.
Always open for business.
One of the biggest advantages of an eCommerce platform for small businesses over brick and mortar stores is its ability to keep your business open 24/7. An online storefront allows you to take orders any time of the day making your brand an attractive choice, especially for people who spontaneously get in the mood to shop.
With an eCommerce platform, you don’t even have to spend money on hiring someone to man the website. All you need is a reliable server and a well-developed interface to close a sale.
If you have any questions about setting up and growing your eCommerce platform feel free to contact us at (65) 8687 8143 or leave us a message at hello@smmile.com.
Chris Anne
Smmile is a Digital Marketing Agency in Singapore with over 10 years of experience in the industry.