E-commerce has had rapid growth in the Caribbean in 2020. Small, medium and large businesses across the region have turned to e-commerce solutions to adapt to consumer expectations and market changes. Lockdowns and COVID-19 protocols have rapidly changed consumer behaviours in the region and despite the decrease in restrictions in recent months, many consumers are still looking for online shopping and payment solutions.
Medium to small businesses in the region have been a bit hesitant when it comes to using e-commerce platforms but there is a wealth of benefits for small businesses who invest in it for both their sales and customers.
Here are the benefits of small businesses using e-commerce in the Caribbean:
Restrictions in 2020 have revealed the necessity for businesses to be adaptable and flexible regardless of market changes. Having an e-commerce website is one of the main ways that companies can ensure that they have the ability to sell online 24/7 irrespective of external factors and have rapid access to funds directly into their account.
It also allows small businesses flexibility when it comes to various factors such as pricing, pop-ups, sales and more. Small business owners are always trying new things to learn more about their consumers and their industry. Having a website allows them to test their audiences’ interests and likes while also gaining insights into their purchasing behaviours.
2. Reach More Customers
Going online means that regional businesses can reach a larger audience both locally, regionally and internationally. Small businesses in the Caribbean with e-commerce websites can advertise and target audiences who would like their products or services far beyond their country’s borders.
This is extremely beneficial as it allows small businesses to reach a larger audience, grow and expand faster and farther and potentially increase sales.
3. Increase Customer Experience
Regional consumers have already adapted to purchasing goods and services online and there likely is no going back. Therefore, local businesses would do better if they go online as this trend will continue to grow across industries in the region. Consumers especially are enjoying the ease of seeing a product on social media or from a Google Search. Especially since it is a quick, simple and easy process.
Ensuring the customer experience is as easy and seamless as possible is one of the main ways to guarantee a sale. This is the same practice for online sales. Small businesses can allow their customers to see their products and buy within minutes of seeing them online. This ability is beneficial to both the business and its customers.
First Atlantic Commerce provides online payment solutions and international credit card processing for merchants and banks in the Caribbean and Central America. Our services allow merchants to accept and process credit and debit card payments online! Learn more about our online payment solutions and how you can implement it on your website!