Ever since the COVID-19 pandemic, some cites are locked down, many are staying at home. some businesses are affected badly especially those are related to aviation and tourism. Moving to another job, and get a pay cut is normal.
The impact is really big. A lot of traditional retail businesses are unable to sustain during the lockdown period and closed. Singapore government is encouraging this group of retailers to selling their products and services online.
To further boost the eCommerce platform and encourage businesses selling online, the Singapore government raise the subsidiaries to help businesses to go online. The key advantages are you can save on a shop front to sell and you do not employ shop assistants.
Sell online is definitely another avenue for retail business but not all businesses can do that. Also, I realize there are a few shortcomings that you must know to sell online.
- Stock is one major headache, buying too little or keeping too many are neither good for the seller. If the stock is lesser than you have anticipated, means your customers have a longer waiting time. This has an impact on your other products or services. If you overstock, your profit margin will be lesser, in the worst case it is a loss.
- Returns and warranty policies – after-sales is an important process for continuous business. It is an overhead for the seller to include selling online because disputes easily occurred while the customers see them only when it was delivered.
- Logistic matters – Warehousing and deliveries are the areas you need to plan and concerns ahead of any online sales. Especially, if you are selling bulky items.
Sell online can be easy but these concerns need to be addressed I supposed, otherwise it can be a mess.