Good news might be in short supply at the moment. With the ongoing Covid-19 pandemic still impacting manufacturing and supply chains, the knock-on effects of Brexit wrapping international trade up in red tape, rising fuel costs adding to the cost-of-living crisis, and now a war in Eastern Europe, it’s a difficult time to feel optimistic about many things in business.
If you are looking for a sure-fire prediction for your business in 2022, it will be that consumers have less money to spend than in previous years.
OK, it’s glass-half-full time. Let’s be optimistic.
Thankfully, nobody is better placed than us entrepreneurs to navigate the challenges of running a business in these challenging times. And there’s no place better to start looking for those opportunities than on eBay.
So, where can a small business find those big wins (or any wins) in this challenging market?
5 places where small businesses can win big on eBay
- Agility: One of the great things about being a small business is our agility. When we spot an opportunity, we can react quickly. Compare this to a big corporation that will need to seek approval from its senior management team to do anything. This could be deploying a piece of software, adopting a new business strategy, or diversifying their business to target a new market. Remember, in business, one of the most dangerous things you can say is, “We’ve always done it this way.” So get agile and start moving.
- Costs: Many small businesses have the advantage of low-cost bases. There is no reason why a single entrepreneur using professional branding, listing tools, and third-party fulfilment services cannot successfully position their business as a legitimate and trustworthy company from their home-based office. It’s not until many businesses start to scale that they see an increase in their costs as they take on more staff, office staff, and warehouse space. In uncertain times, keep your business lean and reap the rewards.
- Changing Buying Habits: When cash is tight, consumers’ buying habits change. Often, expensive brand loyalty goes out of the window in favour of low prices. Consumers may also consider second-hand, pre-loved, refurbished, and vintage items when they would have previously only bought new. These changing buying habits aren’t just connected to the challenging economy. It also feeds into a growing trend of supporting businesses that promote the circular economy.
- Innovative technology: Thanks to trickle-down technology, many of the tools that were previously only available to large enterprises are now available as highly affordable software-as-a-service (SaaS) products. A small investment in technology can save you a lot of time and money in the long run. Because small businesses are rarely blighted with expensive, legacy software systems, the ability to build a low-cost and highly scalable Martech stack is readily available to businesses of all sizes.
- Optimisation: Because small businesses on eBay have a closer relationship with their stock, they are better placed to ensure that those eBay listing are fully optimised. It’s also highly likely that eBay will be one of their primary routes to market and therefore prioritised in terms of optimisation.
How will your business thrive in the new normal?
It’s not just a question of surviving. There is a real potential for your business to thrive in these otherwise challenging times. To learn how Frooition can help you better position your business on eBay, schedule a 15-minute discovery call with one of our eBay experts.