The future of retail and wholesaling in Australia is being small and local, according to a SmartCompany report from March 28. The Internet of Things (IoT) is also a vital component to streamline your business strategy and to improve relationships across the board. As a small business, you need potential customers to trust your brand, and taking advantage of available technology is one way to help achieve that.
Research from Huge suggests that brands build trust by delivering on promises on all levels.
Research from Huge suggests that brands build trust by delivering on promises on all levels. That might be living up to a motto or providing great customer service. In the SME world, you need to be more attractive to customers than your competitors. Improving your current business offering is possible, but you'll need the finance to make it work. Without sufficient working capital, you'll need financial assistance, however, and debtor finance could be the right solution.
What can small businesses do to compete with larger retailers?
In America, businesses like Amazon and eBay have been slowly dominating smaller retailers and forcing them to shut up shop. Amazon in particular is a giant of the tech world, with the widest possible reach (global, that is), meaning local shops cannot possibly compete. That seems like a disadvantage, but it doesn't have to be.
Small businesses can partner with large-format retailers to increase their spread. Take a local Melbourne wholesaler, for example. With investment in building a sound website, there is a possibility that you can sell online to further your target market range. If you invest and build a great online presence, Amazon may be willing to partner with you and take your brand 'global'. You'll still operate from your home base in Melbourne, but you could unlock a much larger audience. Chinese counterpart to Amazon, Alibaba, presents another opportunity to partner in the online space.
People want to be connected as closely as possible to retailers, and other businesses want the same for their connections to wholesalers - they want to be able to buy online and get information from their workplaces when they're too busy to leave their offices or places of work.
Partnerships with similar retailers also offer a lot of value in the long term. Find a retailer that sells a similar product to yours and discuss a way to bring your product into their store as well. Support other Australian businesses and they will support you, building the strength of the small wholesale market in the country.
What do you need to help your small business develop?
Investing in a good online framework doesn't have to stop at an online store.
To achieve these outcomes in your small business, you'll need sound working capital or sufficient, continuous cashflow. An understanding of how the world is becoming more interconnected would be a strength as well. Businesses can take advantage of the fact that people are always on their phones, and even when they're not, they can browse on smart watches and even smart fridges, in some instances. Investing in a good online framework doesn't have to stop at an online store - expand into the world of the IoT and see where it can take your small Australian wholesale business.
Initial account setup with Earlypay takes as little as 48 hours - after that, we pay up to 80 per cent of your unpaid invoices into your account within 24 hours. Rather than waiting weeks and weeks for your debtors to pay for goods you've provided, you'll be able to invest in the digital space quickly and propel yourself into the future of business in Australia.
To find out more about how debtor finance can assist your wholesale business, contact Earlypay today.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].