How SMEs can Adapt to New Consumer Behaviour in the Age of E-commerce

How SMEs can Adapt to New Consumer Behaviour in the Age of E-commerce

With the rise of e-commerce, consumer behaviour has drastically changed in recent years. Shopping online has become more convenient and accessible, leading to a shift in the way people purchase goods and services. In this article, we will explore strategies that SMEs can use to adapt to new consumer behaviours in the age of e-commerce, from optimising their websites for mobile devices to leveraging social media platforms for promotion and more. Additionally, we will also discuss how SMEs can utilise data analytics to better understand their customers and tailor their marketing and sales strategies accordingly. With these tactics, SMEs can not only survive but thrive in the e-commerce era by meeting the changing needs and preferences of their customers. Let’s explore the strategies that SMEs can employ to effectively adapt to changing consumer behaviour in the era of e-commerce.

The rise of e-commerce

What is the main contributor to the rise of e-commerce? The short answer is, smartphones. Smartphones have brought an abundance of convenience while connecting people online universally to everything on the internet. From 2016 to 2021, e-commerce sales in Asia experienced an astounding five-fold growth, averaging an annual increase of 40%. As this universal change takes place, consumer behaviour will also change, and SMEs must adapt to these changes to remain relevant and competitive in the market.

Adapt to various devices

Convenience is key when planning out a business model for SMEs. In today’s world, consumers use various devices to access the internet and make purchases. Therefore, SMEs must ensure that their website and online presence are optimised for all devices, including tablets, laptops, desktops, and smartphones. This means that their website should be designed to be mobile-friendly, with easy navigation and fast loading speeds. Mobile optimisation is crucial as most consumers browse and make purchases on their smartphones. However, it’s easier said than done; adapting to these changes can be costly for most SMEs. Funding Societies Singapore has just the solution for this very situation,– Elevate. Elevate contains a credit line, granted by FS Capital Pte. Ltd., and an add-on virtual card, powered by MatchMove, developed in partnership with Mastercard. With Elevate, SMEs can pay for their business expansions with a credit line. Approvals also come in fast, within one working day. SMEs can also opt in for the virtual corporate card to make payments (terms and conditions applied). 

Focus efforts towards online customer services

In the age of e-commerce, providing exceptional customer service online has become more important than ever because online shopping lacks the face-to-face interaction that traditional brick-and-mortar stores provide. To bridge this gap, SMEs can focus efforts on improving their online customer service. One way to do this is by providing a selection of channels for customer support, which can include live chat, social media messaging, or emails. By offering multiple channels, SMEs can cater to various customer preferences and provide a more accessible and efficient support.

Analyse the data gathered after digitising

Digital transformation operations in businesses can provide a wealth of data that can be used to make practical decisions about marketing and sales strategies. By tracking customer behaviour on websites and social media platforms, SMEs can recognise trends and patterns to help highlight opportunities for growth and areas of improvement. As an example, data analytics can help SMEs identify products or services that are most popular among customers and ones that are not performing as well. This data can also be categorised by age groups and geographical locations. Information like this can then be used to tailor marketing and sales strategies to better meet customer needs.

If SMEs take the step to adapt to the ever-changing age of e-commerce by staying up to date with trends within the industry or by optimising websites for various devices, the expansion of their target market is bound to grow. With efforts going towards online customer service and analysing the data gathered, SMEs can thrive and adapt to the needs and preferences of their customers. This can not only help them stay competitive and relevant in the marketplace but also build a loyal customer base that will continue to support them in the long run.

Disclaimer: Elevate is not a credit card product. Elevate is a combination of a credit line facility offered by FS Capital Pte Ltd, with the convenience of quick and easy utilisation at any Mastercard accepted store or merchant via a virtual card separately powered by Mastercard and Matchmove. For more information, please refer to the Product Disclosure Sheet and Facility Terms and Conditions. 

The information provided to you in this blog post is intended only for general information purposes only and does not constitute legal or other professional advice on any subject matter. The materials and the information provided are not intended to be and do not constitute an advertisement or solicitation. In no event will Funding Societies be liable to any party for any direct, indirect, incidental, special, consequential or punitive damages for use of such information by you or any unauthorised third party.

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