For small business entrepreneurs, it must be admitted that the past 2 years have been quite difficult facing various crises, ranging from epidemics to economic crises, trade wars, and conflicts. Of course, small and medium-sized businesses need to review lessons learned to improve efficiency and move their businesses forward.
Therefore, in this article, we have gathered information from various studies. You just need to read, memorize, and apply it. It will surely help you compete.
1. The “Buy Now, Pay Later” Service Concept
In Thailand, people may not be very familiar with the Buy Now Pay Later (BNPL) system yet. However, in recent years, BNPL has been used as a payment option by major online retailers worldwide. Affirm, a large BNPL company in the United States, reported that the number of online retailers using this BNPL system increased from 6,500 to 102,000 stores from July to September 2021. This BNPL trend is becoming popular because it is a good tool to increase opportunities for customers to buy products or services more easily.
2. Live Commerce: A Bright Spot in Online Marketing
If we say Live Commerce, many people may look confused. But if we say selling goods through live streaming, you might understand a little better. Currently, Live Commerce is like an answer and a solution for small businesses. By increasing the opportunity to sell products without limitations on what type of product or where it is sold, and also allowing buyers to communicate and exchange with sellers in real time. It can be considered a revolution in online shopping today.
3. Increase Sales with Free Shipping
According to the Q1 2022 Consumer Growth Trend Report by Jungle Scout, shipping costs play a significant role in consumers’ online purchasing decisions more than the product price itself. In addition, the report states that 58% of online consumers prefer to pay extra for free shipping privileges when ordering online products.
Of course, free shipping is one of the strategies that has been proven to help increase sales for businesses. However, small business entrepreneurs should remember to set criteria that cover standard shipping costs, taxes, as well as costs and profit margins.
4. Support Foreign Consumers
Of course, currently businesses with online storefronts can help expand their customer base worldwide. In reality, international product shipments account for 22% of total E-Commerce sales in 2022.
However, shipping remains a concern for most consumers. According to Shopify, in 2022, 43% of online consumers do not want to pay extra for additional shipping costs when ordering from foreign stores, as well as concerns about longer delivery times.
5. Supply Chain Problems Still Exist
One of the problems that all levels of businesses face is the sudden disruption of the supply chain, whether due to major outbreaks, followed by numerous conflicts, causing industries around the world to shut down, resulting in severe consequences such as shortages of raw materials, labor shortages, and rising costs. Not to mention the changing needs of consumers, which means that supply chain problems continue to occur, and businesses need to find ways to deal with them effectively.
6. The “Sustainable Business” Approach
Currently, businesses that can win the hearts of consumers in the new era must not only seek profit but also consider social and environmental issues to meet the concept of a “sustainable company” or Sustainability.
According to Shopify, in 2022, 46% of businesses planned to invest in using natural or recycled materials that can be circulated and environmentally friendly in the production process.
We hope that the trends we have shown you today will help small business owners feel confident or at least help you better understand how to develop marketing strategies to help ensure your business achieves good results. Just remember that learning, adapting, and continuously improving efficiency will help you win in today’s marketing game.
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