In the last decade, we’ve seen a massive upsurge in the number of entrepreneurs pursuing startups and independent projects. This comes at a time when global technology is able to help businesses accomplish far more than what could have been done from 2000-2010. The era of digital transformation has given birth to several new business avenues and gotten the help they need to boost their market presence in their country of operation and overseas. With digital transformation, small-business owners and boutique stores can easily improve their reach and focus on expansion, which would be a struggle to get done without today’s tools.
No matter what your niche, you can set up your venture and find your ideal customers, even if they live across the globe! If you have a start-up that requires some fine tuning to run more effectively, employing the help of technology is your best bet. Be it a product or service, your business can run more effectively with a few operational shifts. So, how can one make their online business more lucrative? We’ve got your back! This blog will cover seven fail-proof ways that can help you re-prioritize your operations for greater returns. Curious to know more? Let’s get started.
- Import raw materials to save costs: Online businesses as a service can become easier to render in several ways since there is no transfer of goods involved. However, when your intended business idea involves the delivery of goods, there come a lot more costs into the picture. Production, assembly, and shipping charges can increase your mark-up price. To reduce the costs of product development and production, acquire your raw materials or finished products from a country where they are available at an economical rate. This can be seen in the electronic, F&B, beauty, textile, and holistic health industries. The only cost you need to think of is the import duty, which a simplified customs broker agency can help you with. Not only can you receive quicker turnaround times, but also have high-quality products that are made at a cheaper rate.
- Set up shop with online marketplaces: Once you have established your business pages and website, you may think your sales will take off. However, getting your products listed online through various e-commerce platforms and marketplaces can help you reach out to a wider audience base. The number of online shoppers surpassed 2 billion customers in 2020, which means that your ideal customers are all surfing the web regularly for products they can buy. When you set up shop with online marketplaces, the probability of being seen increases, which is where you can work on an impressive sales funnel to create loyal customers.
- Work on the customer experience: The entire premise of online goods and services is to provide an excellent customer experience to your customers. Since your competition includes other online businesses as well as brick-and-mortar stores, keep a consistent watch on the quality of services you render to your clientele. This involves an array of factors such as a seamless navigational experience, easy accessibility to information, top-notch customer service, quick delivery timelines, and more. In 2022, technology can help you remedy a few of the biggest customer woes. Using the help of bots and Artificial Intelligence can help you refine your processes, have meaningful conversations, and create closer connections with your customers for greater loyalty.
- Be open to overseas clients: You may have found your ideal audience by creating a customer persona and setting up local filters, but why restrict your growth domestically? Your customer base can easily be improved upon by extending these filters and macros to the international level. For example, helping bigger firms and brands outsource your services and products can be a highly profitable venture for you. Not only can you deal with customers in a country with greater purchasing power, but also explore multiple markets.
- Focus on social media marketing: Today, we have over 4.7 billion social media users in the world, which speaks for the power of platforms like MEta, TikTok, and Snapchat. The good news is that businesses can heavily monetize on these platforms, reaching a wider audience that matches your ideal customer profile. All you need to do is put out captivating posts that encourage engagement, and provide free and fun information that can hook users in, and generate brand curiosity. Through the ad impressions and promotions, turn your leads into first-time customers that can be wowed with your product or services.
Setting up an online business is not the difficult part, but formulating a pathway that can help you minimize costs while boosting your profit margin is the challenge. With the steps mentioned above, you can practically improve your processes from inside out, streamlining all workflows. We hope that this blog helps you enhance your productivity, getting less done in more time, with the help of the latest technological developments.