Any small business needs undivided attention, whether it is online or offline. There are multiple stages in every business plan. And with each plan, there can be multiple ways to go about it. But, there are certain basic guidelines that always remain the same for all the small businesses in any corner of the world. This holds true especially if you are an online seller.
Since Singapore is a place whose economy is booming at an accelerated rate, it has caught the attention of many big e-commerce platforms such as Lazada, Amazon, Courts, Zalora, EZbuy, Qoo10, Shopee and so on. It is inhabited by people who are tech-savvy and look for products that are value for money.
Hence, it is the right time for online small businesses in Singapore to captivate their audience. This article is an elementary selling guide for all the small online businesses in Singapore.
1. Premium products, Premium experiences
Nothing sounds better than a product which is well thought not only in its origination but also according to the customers.
For a lot of people, trusting a brand online is a big commitment. Which is why, as a small online business in SIngapore, you should provide a product as well as an overall buying experience.
Pay attention to the detailings, let them know the specifics about your products, provide prompt delivery options and convenient return policies.
Personalized notes, recyclable packaging are some of the few premium experiences that will make your brand stand out in the world of digitization.
2. Build your brand image
Maintaining a good rapport with your customers is how you build your brand. Communicating with your community in the right tone is one of the key factors in standing out from this competitive world of e-commerce.
It is the platform where it's easy for competitors to copy your brand language. But it is also the platform where no one can copy the connection you share with your customers.
Gather as much data as possible about what your customers have to say for your brand. This will help you build your brand image in the best possible way.
3. Research your market thoroughly
Insufficient planning and research are the reasons why some small businesses in Singapore suffer.
Before you dive into making your product seen, make sure you have done enough research on your targeted market.
Make sure you find enough evidence to support your strategy and if they have enough potential to help your business grow. Find the market gaps for your audience needs and fill them with your innovations.
This will give depth to your business proposition, and position you as a brand who knows what they want.
4. Manage your business finances
All the online businesses in Singapore have to manage a variety of marketing, operational and other business-related concerns on a daily basis.
Which is why, as an online seller you should know how to manage your finances.
Always keep a close watch on your cash flow. Whether it is invoicing or a payment that will get delayed, keep them in accordance with your business funds.
Also, make sure to always keep checking your supplier costs. Every time you go back to these costs, you will find a better way to improve the cash flow.
5. Always be in stock
Running an online business in this competitive industry is hard. It is imperative that the products being sold by your company are always in stock. If not, you will lose out to your competition.
Especially the small online businesses in Singapore that are seasonal in nature, can leverage the sale period or festivities to do maximum business. This means the inventory planning or forecasting is to be done well in advance so you don’t face challenges of a stockout when the high time comes for your business to make huge online sales.
One quick solution to make sure you always have the ready funds is by having an active credit line, as there is no cost involved in having an account.
What's the next step?
As an online small business in Singapore whose presence is affected by the online audience, you will always need to find ways to incorporate these four points.
To keep your business up and running, Finaxar, an online business financing company, is your companion for the long road. Easy, online & hassle-free are just a few of its advantages.
Finaxar is a partnership of reputed accounting tools like QuickBooks, Stripe, Lazada, Financio, Xero and Sage to provide seamless business financing service along with its own exemplary, high technology.
You can access funds of up to $500,000 with a short-term tenure & a flexible repayment plan.
Take forward this selling guide with the help of Finaxar and grow your business to its full potential.