The business lockdown that resulted from the recent pandemic has shifted the focus of many brick and mortar retailers to the online marketplace. Branching out into eCommerce offers numerous benefits that can help you expand your business. However, the already crowded online marketplace is more over-populated than ever. In order to succeed, you have to find a way to stand out from the crowd and remain competitive. You may feel like the products you’re offering are unique but remember, you’ll be going up against online retailers like Amazon, where you can buy almost anything or websites like Etsy that specializes in unique products. That doesn’t mean success in the online marketplace is impossible. There are things you can do to help set you apart from the competition.
You may be selling products similar to what other online retailers are offering. This is where you need to get creative. You may be selling shoes but so are companies like Zappos. They carry just about every brand and type of shoe made, making them tough to beat. One way to succeed in online retail is to have a specialty. Instead of simply marketing your business as an online shoe store, target a specific audience. Maybe you specialize in women’s high heels or men’s work shoes. Once you identify your specialty, you can use it to increase your search engine ranking as well. Potential customers will often type in the specific kind of shoe they are looking for when they search.
Because the online marketplace is so crowded, it’s important to keep your eye on the competition. It’s especially important to know what they’re charging for items you both carry. If possible, make your prices lower than theirs. Online shopping has made it so much easier for customers to compare pricing that having the best price could give you a competitive edge. While this will reduce your profit margin, it can increase your customer base and your sales volume. If you don’t feel you can offer a lower price, at least offer a comparable one. Then look for other ways to lure customers away from your competitors.
No matter how good your products are, consumers won’t know that until they’ve tried them. If everyday lower prices aren’t an option, consider an introductory discount for first-time shoppers. You can also offer discounts for referring a friend or offer free shipping. Free shipping can be a big draw when trying to attract new customers. An article by Rejoiner cited an AlixPartners survey which showed that shipping cost was the number 2 reason for consumers to abandon their online shopping cart. Out of the group that participated in the survey, 95% said that shipping costs impact their online ordering decisions. Hassle-free returns are also a great way to attract new customers. Some companies are offering free returns while others are allowing you to return them to their local brick and mortar store.
Online or in-person, excellent customer service can go a long way. If a customer has an issue with a purchase, go above and beyond to make it right. Add free samples, surprise bonuses, and discount coupons to your shipments. Do everything you can to make sure every customer is completely satisfied with their purchase. This will help to build strong brand loyalty, resulting in repeat business. Satisfied customers can often become your best advocates, telling friends how pleasant their own experience was with your company.
While these actions will all contribute to building your online presence, you will have to up your marketing game as well. Unless you have some website or digital marketing experience, it’s best to hire a professional agency to handle it for you. If you get it wrong, your online efforts could do more harm than good.
Succeeding in the online marketplace can be challenging but not impossible. Like any other business venture, It is an investment of time, effort, and of course, money. At CapFlow Funding Group, we understand that this kind of investment can be difficult when experiencing a downturn in business, no matter what the reason.
We offer invoice factoring and merchant cash advances and are dedicated to providing the short-term working capital you need to establish your presence in the online marketplace and remain competitive. We will work with you to find the best funding solution for your business.
CapFlow Funding Group specializes in factoring and merchant cash advances., We also work with trusted partners to provide other alternative financing options that may be better suited to our clients’ business needs. We service many different industries with a variety of funding needs. Contact us today and find out how invoice factoring can help grow your small business.
While some states are beginning to let businesses reopen, there are many where business owners are anxiously waiting to open their doors to the public again. When that time comes, it’s important to be prepared. Now is the time to create a business guide that will clearly define how you and your staff can reopen safely and successfully.
The goal is to make the health of your customers and employees a priority while making your reopening profitable. Finding the perfect balance between the two can be a challenge. Here are some ideas that may help to achieve that balance a little easier. Although not all of these will apply to your specific industry, they may serve as an inspiration for developing your own business guide for reopening once the restrictions are lifted in your state.
Open offices have been increasingly popular in recent years. The concept was originally introduced by early 20th-century architect Frank Lloyd Wright, who believed the design would unify the workplace. Modern designers and architects have continued the trend, believing it encourages collaboration and creates a more relaxed work environment. However, the recent pandemic may have us reevaluating the benefits of the cubicle.
Wright’s vision was to have workstations without walls yet still have open space between them. What has inevitably happened in many open offices is desks are butted up against each other, leaving only a few feet between employees. This concept definitely doesn’t allow for social distancing and increases the potential for the spread of everything from the common cold to more serious illnesses. The cubicle is one option for making employees feel more comfortable about returning to the office.
Prior to the spread of COVID 19, working from home carried a stigma. Although some companies experimented with the concept, many business owners felt their employees would be distracted or less productive when working from home. Working remotely was a privilege reserved mainly for high level, white-collar management personnel. According to the 2019 National Compensation Survey (NCS) from the federal Bureau of Labor Statistics, only 7% of civilian workers in the United States have access to a “flexible workplace” or remote work. This survey defined civilian workers as private industry workers and state and local government workers.
However, the current pandemic has made working from home a necessity for many businesses in order to sustain daily operations. It has allowed both employers and employees to experience the benefits of remote work. Results of a recent study by Airtasker found that working from home not only benefited employees by eliminating their daily commutes but also increased their productivity. Many tech and digital marketing companies have gone fully remote during the pandemic with favorable results. Some are even considering making it permanent. By eliminating the need for a physical office, their overhead cost could be greatly reduced.
Restaurants and retailers have been among some of the hardest-hit industries during this pandemic. Many have followed the lead of the local pizza places and larger grocery store chains by offering delivery and curbside pickup. Although the benefits of these services are obvious during the pandemic, many are wondering why more restaurants and retailers haven’t implemented these sooner. Even with the prospect of the post-pandemic “new normal”, many people will resume their busy schedules. A greater focus on delivery and curbside pickup can provide an enhanced customer experience that translates into increased brand loyalty and revenue for restaurants and retailers beyond the fast food and grocery industry.
Entering the online marketplace can be a lifeline for retailers during the pandemic. It can also greatly expand their customer base, increasing post-pandemic business as well. eCommerce can offer numerous benefits to both business and consumers. It may well continue to make up a large chunk of retail business once the current health threat has been put to rest. If you aren’t currently operating an online store, it is an investment that should be seriously considered when developing your business guide for surviving the financial impact of the pandemic.
It goes without saying that ongoing cleaning and sterilization processes are key to developing a business guide to opening your doors to the public again. However, this is also the perfect time to reevaluate the different ways you can conduct business. Making changes and acclimating your employees to them can take capital you might not have readily available post-pandemic.
CapFlow Funding Group can help. We are dedicated to providing the short-term working capital you need to reinvent the way you conduct business. Specializing in invoice factoring and merchant cash advances, we will work with you to find the best funding solution.
CapFlow also works with trusted partners to provide other alternative financing options that may be better suited to our clients’ business needs. We service many different industries with a variety of funding needs. Contact us today and find out how invoice factoring can help grow your small business.
