Let’s face it! In this era of the internet, marketing your business offerings online presents you with an excellent opportunity for growth.
But, how? A whopping 330 million Indians shopped online in 2020 alone. So, whether you own an MSME or an established business, e-commerce is a boon, never a bane.
If you are still figuring out whether e-commerce for small businesses works, look at this sprawling list of benefits.
Reduced cost of operations
As an MSME owner, you need to keep your short and long-term operational costs in check. You can do that by cutting down on overhead expenditures. And if you start selling your wares through a digital store instead of a brick-and-mortar one, you can operate out of a home office and avoid the expenses of renting an office space.
When you open an e-commerce store or sell online, you hire fewer people, pay zero rent, yet reach any customer worldwide.
Once you start selling online, your business can stay open 24/7 throughout the year. Even when your customer support staff is off-duty, your web store allows you to take orders any day, at any time.
On the other hand, for physical stores, shutting shop as evening draws close is the norm, and you can miss out on extra orders. But, selling online means you can process more orders and address customer concerns around the clock.
Additional Read: How Are Digital Lending Platforms Transforming the MSME Sector?
Leverage the power of reviews
In a strictly physical retail environment, a brand’s learning from its customers is slow. So you have an uphill task to collect feedback actively. And your potential customers have limited ways of discovering positive reviews about you.
For MSMEs, e-commerce sales build an online reputation. How? Through genuine customer reviews on your website, social media platforms, etc. When you have an online store, it’s quick and convenient for recent buyers to share their shopping experience and your product’s quality by leaving you a review.
Reach far and wide
The quickest way to introduce your brand internationally is by selling your offerings online. With the internet’s global reach, the entire world becomes a potential market for your store. Moreover, with SME loans, you can easily take your operations online to reach customers abroad.
Additional Read: Digitally Empowering SMEs in India
The bottom line
There is no denying that opening an e-commerce store for MSMEs has benefits aplenty. With just a mouse click, you can sell your wares to any customer in any city or country at any time.
If you have a business idea that you want to take online, figure out your e-commerce strategy and finances. To cover additional business expenses, you can take an MSME loan from Tata Capital. We extend loans for small businesses at extended loan repayment tenures and flexible EMI plans. If you want quick processing and swift disbursal, you can apply with us online.
Rest assured, we provide competitive business loan interest rates. To know all about our MSME finance options, visit our website or give us a call today!