5 benefits of stocking your business online - 4 minutes read
This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process. Opinions expressed by Entrepreneur contributors are their own.
Despite the ravages of the Covid-19 pandemic , micro and small companies (MSMEs) have resumed their activities , and little by little they have been recovering from the economic impact left by the health emergency.
These companies are an important part of the economic reactivation not only in Mexico, but worldwide, even the Development Bank of Latin America pointed out that MSMEs "play a fundamental role in the protection of formal employment and economic and social recovery by representing 99% of the formal business network and employ more than 60% of the workforce in the region ”. For this reason, the organization called to promote the productivity and competitiveness of this sector.
In this context, the National Institute of Statistics and Geography (INEGI) revealed that in Mexico the scarcity of supplies and products for supply has been one of the main factors for the closure and limited growth of businesses in the country. .
Currently, micro and small companies face many challenges for their speedy recovery, since the decrease in their sales, added to the inflation of products, causes that many entrepreneurs do not have reliable and efficient acquisition channels to reactivate their companies. However, boosting these businesses would bring great benefits such as resilient businesses, job creation and economic development.
Although advances in the vaccination scheme have allowed many sectors to join in the economic reactivation, the truth is that the pandemic showed the deficiencies and neglected needs of small businesses. Those who have reached 2021 are businesses that, despite having a severe crisis, also have great growth potential.
According to the study Challenges of the Microeconomic Reactivation of the National Alliance of Small Merchants (ANPEC), in Mexico most of these establishments emphasized that before the economic reactivation one of the fundamental factors is to have reliable suppliers, since 60% they have had bad experiences such as: unclear accounts, mistreatment and even expired products.
In addition, 77% of the owners of these businesses do not have another source of income and their company is the only or the main economic supporter of their families.
Data from Boitas , a product distribution platform for micro and small companies, reveal that in Latin America the panorama is similar, since most of the large suppliers are not focused on the attention of this sector, so that more than half of These companies present serious difficulties in supplying their business.
Given this, it is essential that micro businesses have reliable and efficient solutions that allow them to reactivate as soon as possible. The digital environment has allowed these companies to access new providers that adjust to their needs and ability to pay to boost their growth.
These are the five benefits of stocking your business online:
Wide variety of products: Every company seeks to satisfy its inventory needs with the best products, because these are a key factor for the business to prosper and generate sales. In this sense, online platforms allow entrepreneurs to access a wide range of products at affordable prices.
Safer purchases: Trust between an entrepreneur and his suppliers is key when doing business; however, it is not always possible to be certain that the person you are buying from is trustworthy. When stocking a business online, entrepreneurs can find companies that are formally established, secure, and guarantee the transaction from start to finish.
The speed will surprise you: Stocking the shelves of a micro-business can take weeks, especially when looking for foreign or high-demand products. By buying through a platform, entrepreneurs receive their products at home or at their business address in a few days and without complicated procedures.
The newest thing on your shelves: Although we already talked about the variety of products, another of the benefits that stocking an online business offers is the opportunity to acquire the newest products. Digital providers are constantly updating their list of new supplies. When stores integrate new merchandise, they can project their sales strategies to have a greater reach.
Payments for each situation: Sometimes a micro-entrepreneur may have difficulties paying for the merchandise that his establishment needs, this results in a decrease in customers, which in turn generates less income. But when buying with Boitas they have the opportunity to find different financing options. For example, this platform has strategic alliances with various fintech companies to provide extensive payment alternatives such as cash deposits, credits, payments with bank cards, electronic transfers, among others.
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