E-commerce Evolution is Key to Small Business Sustainability
Borders filed for bankruptcy on Wednesday creating a small window to reinvent an outdated company. Small business owners can learn from the fall and potential rise of these giants of consumerism.
It takes more than 650 stores, as is the case with Borders, to create a loyal following. Today’s consumers demand more than bulk pricing and bricks and mortar locations. E-commerce sales continue to grow and increased 14% in 2010, accounting for 4.2 percent of total sales.
That percentage does not sound impressive, but accounts for $165.4 billion.
The lesson: focus on your customers needs (products/services) and their preferred method for purchasing products and services. Small companies can change course quickly while their titanic counterparts, such as Borders, Blockbuster and Newsweek to name a few, steam on towards unnoticed icebergs.
E-commerce is not a choice for a small business, it is a necessity as customers and clients purchasing styles demand it. Jump on line and research the websites that consumers flock to in the marshes of e-commerce, then look to the ones rated at the top for consumer satisfaction.
Learn from these PhD's of the internet, apply what works for your e-commerce site and leave the rest.
Smart Phone shopping applications are being created by many retailers due to the demand for shopping by phone. The easier you make the process, the more customers will come to rely on your company to meet their changing needs, regardless of your size.
The Internet is the equalizer for small companies as long as your web-presence exceeds the needs of your customers. E-commerce is an important and growing segment of retail sales and services. Use your flexibility and rapid response time as a small company to meet its changing landscape and grow your customer base.
Learn from the large corporations, their methods in success and their mistakes in failure.