Twenty years ago, both consumers and business owners did not know what the internet was. Nowadays, the internet becomes more advanced and affordable to consumers. Consumers and business owners may access the internet easily with any electronic devices. The internet has changed the way how businesses are conducted. A business that goes online does not mean create social media accounts and online store only. The internet is evolving from time to time, the potential is only limited by our imagination.
Global Reach and Operate 24/7
From the perspective of SMEs who own online stores, the internet enables SMEs to overcome geographical boundaries and serve the global market. For those who don’t, SMEs may sell their products & services via third-party platforms like Facebook Marketplace and Amazon to reach the market globally. Some local examples are Shopee, Lazada, and Fave just to name a few. These platforms do not sleep, and hence the sales process are 24/7, literally online. To increase reach, SMEs can opt for digital advertising over social media like Facebook ads or Google Display Ads.
Reduce Operational Cost
SMEs that goes online would also be able to reduce operational expense in some aspects. For example, inventory cost for paper documents can easily be reduced (if not completely eliminated) by keeping softcopies in cloud storages like Google Drive, Dropbox using utility apps like Camscanner alike, as replacement. Another example is cross-border video conference and job interviews which can be conducted all entirely online, without the travel expense!
Improve Customer Support
onsumer behavior is evolving along with internet and technology. With digital and technology comes lower patience and tolerance for poor customer experience. Some calls it instant gratification. Nowadays, consumers prefer to contact SMEs or businesses via live chat or social media instead of email and phone call. The internet enables SMEs to respond to consumers and provide customer service rapidly, on-demand. It becomes another channel for a more effective and efficiently communication. It also opens to more avenue and method of addressing users need for example a “Frequently Asked Questions” (FAQ) section in the website or online store.
The Internet is one of the best sources of customers
The internet is a virtual world full of content that could be shared among internet users. The integration of the internet enables SMEs to reach as many potential customers as possible. The online presence of SMEs may be shared between consumers and hence the speed of online word-of-mouth can literally be sky-rocketing. Besides, prospects and customers may discuss the products or services of a particular SMEs through online forums or review sites. In fact, comments and reviews of existing customers may gain more trust in potential customers, and followed by better reputation and possibly higher Net Promoter Score (NPS).
Plan to diversify your investment portfolio? Click here to start your investment with Funding Societies Malaysia.
Need funds for your business? Click here to register and check your eligibility.
View our Disclaimer here.