Now, it’s time for some good news, and not a day too soon, some might say. It turns out that the pandemic, as devastating as it was for so many businesses and entrepreneurs alike, as always, there are yet some very positive developments that have arisen out of the chaos.
Thanks to the ongoing rise in online trading in both goods and services, small businesses have quickly learned to be more competitive globally. In fact, Forbes reports that global online sales will reach a staggering $ 4.2 trillion as online shopping and trading continues to surge.
We believe that this ongoing spike is spurred on by entirely new generations becoming comfortable with shopping and conducting business online, an increase in workers being able to work from home and a massive surge in consumers demanding more locally produced goods and locally sourced services.
So what does this mean for you as a small business? How can you adjust your business model to respond instinctively to these dynamic market changes and get the best out of opportunities?
“Ecommerce isn’t the cherry on the cake; it’s the new cake.”
Jean-Paul Ago CEO L’Oreal
FIRST, CHANGE YOUR MINDSET
One of the biggest misconceptions that still permeates the business world today is that to run a successful online division for your business, you need to be a significant player in commerce and retail. This is simply not the truth. It may have been this side of a couple of years ago, but now local economies thrive as consumers understand the importance of supporting Locally-based businesses. This trend is in and of itself leading to a resurgence in the vitality of local economies, not just in Europe but worldwide.
WHILE ONE SIDE OF THE WORLD SLEEPS, YOU NEED TO BE AWAKE TO OPPORTUNITY
On a practical level, most small to medium-sized businesses taking advantage of this brave new world in online trading have realised that success in eCommerce is built by being readily available to take advantage of opportunities as they arise.
So while the UK is asleep, Australia is almost in “tomorrow”. This means that your online marketing strategy needs to marry up the product or service you’re selling with opportunities wherever they might be. You’ll establish the feasibility of foreign business based on existing trends and enter into strategic partnerships with foreign-based brokers or retailers that could carry what you sell.
LANGUAGE MATTERS
While you’re busy plotting and strategising to take your business global, avail yourself of technology that helps you break down barriers and access markets with greater ease than you might have thought possible.
Translation software is seeing a rise in popularity, and with advances in technology, you’ll be surprised at how accurate it can be. When you use Google translate, you’ll see just how far they’ve come from the early days of online translation, where translated messages were fraught with syntax and direct translation issues.
It can seem somewhat nerve-wracking at first, but when you take the time to conduct thorough research and adjust your business plan accordingly, you’ll find that accessing this market, while not without difficulties, is not nearly as trying as one might have thought.
Have a great time out there and good luck.
