The e-commerce industry has grown swiftly in the past few years! As people are relying on convenient deliveries and accessible remote shopping facilities, online stores have become popular. However, this booming industry has created organic competition in the market, as small businesses are trying to make their way. Several sectors of the economy have suffered a direct impact of this potential expansion. But there are several ways in which small businesses can compete with these online giants to triumph in the market! Yes, offering the right services and making them noticeable is probably the best way to do it.
With the online giants, customers have become much more aware of their needs and expectations from the sector. Small firms can take on the competition with tools like billing software and customised services. After all, the retail market is one of the pillars of the Indian economy, with a 10% share in the total GDP. Keeping that in the notice, small businesses can try to lay a fair competition by trying a few ideas.
Effective Ways To Compete With Online Stores
India is the second-largest population in the world with a diverse mix of generations. And the shopping preferences and requirements depend upon their ideological roots. For instance, Gen Z is the “digital native” who is the biggest challenge for small businesses. While Gen X and Gen Y keep shuffling between their preferences, one must know how to mould them.
According to a central survey, offline market scams and frauds lead most people to the online stores, as they get a “valid proof of shopping” there. Most of the small Indian businesses do not provide a well-customised service. So, let us identify the helpful ways of competing with the online giants.
#1 Try The “Price With Purpose” Theory
The exposure of online markets has made the customers much aware of the pricing range of every product. Therefore, small businesses cannot rely on their old-school price theory. Dynamic pricing is the best way to break the chain and offer satisfactory services. And to do that, small entrepreneurs have to take care of the speed and technology they are using. Billing software is the best tool for applying this pricing theory effectively.
The Usefulness of Billing Software For Pricing
- It helps handle time and billing tracking by invoicing customers for products and services.
- The billing software is an integral and well-channelised part of the finance and accounting software package that online giants use.
- It can not only track the working hours of employees but record the expenses incurred on projects and clients.
- It helps in credit card processing and keeps customer records for future references. One does not have to worry about losing his old customers.
- The software comes with multiple currency options, so one does not have to stay confined within the geographical boundaries of his city.
- It offers tax reports, payment records and conventional invoices to the consumers.
#2 Build A Market Presence & Connection
After the pricing theory, the expansion of the small business to every household is also crucial. Building a market presence using the effective instruments of advertisement can bring a faithful rejoinder from the customers. Grant voluntary discounts or create deals through which one customer can join others to get more discounts. Be visible to the people!
#3 Offer Diverse Qualities of Products
Online giants are becoming successful because they do not stick to one-end products! The diversity of services allows customers to find their needs. To break that chain of reliance, one needs to keep every variety of the products they offer. After all, there is no harm in keeping a few local products that appeal to the customer needs.
#4 Identify Customer Needs & Market Trends
One product can change the demand pattern of consumers overnight if they find it appealing to them. And the businesses who keep tracking the market trends to acknowledge these changes are the ones who break the ice successfully! Anticipating customer needs, being advanced with the quality of services and digitising invoice using the billing software can do wonders!
#5 Utilise The Power of Social Media
Competing with online giants requires entrepreneurs to reach the same platform for a healthy competition! However, most of them feel it is just the opposite. The power of social media platforms and the influence that it has on people are undeniable! With the Indian government extending help to small businesses, online expansion would not be difficult.
#6 Invest In The Labour Force
Wise entrepreneurs do not compromise with the quality of their workforce! The best and most reliable source of investment is hiring intelligent minds. Offer a competitive salary and perks to the employees to make them dedicated to the cause of business. Make them feel that every customer is a two-way profit to the business. And keep tracking their work hours using the billing software.
#7 Provide Customised Services & Reach Out To Customers!
Using the right payment method, providing door-to-door services and customising the service experience can bring desirable changes. Offer home delivery wherever possible, take feedback, record what they want and offer customisation to constitute the strongest customer service bond.
The Bottom Line
The best way to establish a strong business foundation is meeting customer needs! One has to serve them better than what they are getting from big brands by ensuring the quality and quantity of products. However, competing with online stores does not imply one has to do it all offline. The digital world is one of the out-reaching tools we have now, and making the most of it is highly essential.
Small businesses are the root and foundation of the Indian commerce sector. Although the competition has become more robust and expanded swiftly for the past few years, it is still possible to take the lead. One can use billing software and business expansion techniques to make a mark. Find the right source of inputs and rely upon an experienced service partner to start a healthy competition!
