Ecommerce has become a very hot topic in Myanmar. By the day, customers are becoming more comfortable with purchasing products and service from online channels. To meet this demand, businesses big and small alike are also capitalizing on this opportunity to bring their offerings online. If you have not started selling your products online yet, there’s a good chance it has crossed your mind at one point or another. But the question is – how do you know when it’s time to take the next step and bring your business online? Our experts at FastForward have put together undeniable signs that you and your business are ready to take that leap and start selling on your own online shop.
Your sales have plateaued
It can be an incredibly frustrating experience as a business owner to see your business plateau, especially if your business has been going through a period of significant growth over the past few years. A possible reason for stagnant sales could be because you’ve gotten as much as you can out of your current market and channel. This is a telltale sign to bring your business online and shift your focus to further growth opportunities through digital channels.
Your business is not diversified
In order to grow, it is vital for your business to have more than one stream of revenue. With today’s constantly evolving business and customer needs, relying solely on physical stores puts the livelihood of your business at a major risk. In a rapidly digitizing Myanmar where 22 million people are active internet users, customers are becoming increasingly comfortable with purchasing products and services from the internet. Therefore, bringing your shop online can not only become an essential revenue stream but also the competitive advantage that takes elevates your business to the next level on its growth journey.
Your customers are asking for an online presence
Having your own online store a powerful way to amp up your brand equity. Your online store sends conveys trust with your customers – that there is a serious business behind your product. Imagine this – when people ask you where they can find and purchase your products, would you rather tell them to find you through shop.com.mm or through your own website specifically made for your brand and your products? Having your own online shop certainly gives your customers a better impression.
Your business now has more sophisticated goals
As your business grows so will your objectives, your customer base, and your sales volume. To truly take your business to the next level in its growth journey, the data your business collects, analyzes, and leverages will become crucial in the long-run. An online shop for your business provides a streamlined platform to collect valuable pieces of information such as who your customers are, how they are engaging with your business, and which products are your best performers. With this data and more at your disposal, building a strategy around these insights will be crucial in ensuring your business builds on its success and meets its objectives.
You sell a luxury or specialty product
Depending on your business, you might want to have strict control over not only how people perceive your brand but also where they can find your products. For businesses with low volume sales and high prices such as jewelry and high-end fashion, the customer experience is extremely important. Especially for higher-priced products, customers need the assurance that your business is dependable and credible. By having your own online store for your specialty products, you are able to elevate the customer experience to a level that cannot be achieved on marketplace platforms like Facebook or Shop.com.mm.