Growth is an important goal for any company, even for microbusinesses like small stores. However, in order to do so, it is necessary to have an effective sales strategy, as well as tools that allow them to reach more customers and get them to repurchase and recommend the products.
For any company, selling more is a challenge, but for microbusinesses it is usually more challenging, either due to competition from similar businesses, because they do not have a wide diversification of products or because the penetration of digital tools is really low.
He adds that small stores are companies that have been in the market for years and thanks to their characteristics such as proximity to customers and affordable prices, they can gain ground with the right tools.
Digital tools for small stores to sell more
Technology that was previously believed to be exclusive to large companies is today within the reach of microbusinesses. This opens a window of opportunity in terms of digitalization and growth so that small stores can improve their operations and grow.
These are five digital tools for small stores to sell more:
E-commerce platforms
Having an online presence can open the doors for small stores to reach more customers, whether through their own platform or a marketplace. Data from the Mexican Online Sales Association (AMVO) indicate that only 6 out of 10 SMEs have an online store.
Social networks
Social networks have become key spaces for companies to sell more. Data from the Social Commerce Global Market Report 2023 prepared by Research and Markets indicate that social commerce (or commerce through social networks) grew globally from 534.03 billion in 2022 to 565.83 billion in 2023.
The use of platforms such as WhatsApp, Facebook, Instagram, TikTok, Twitter and even LinkedIn allows small stores to have direct communication with their customers and implement strategies to carry out sales promotions or new products.
Platforms to obtain strategic financing
Small stores can increase their sales by taking advantage of strategic credits that they can obtain immediately using credit apps. By obtaining financing, they improve their inventory, offering a greater variety of products and brands attractive to customers. In addition, they carry out promotions and discounts to attract new buyers and retain current ones.
Point of sale systems
These tools help companies have better control of sales, as well as inventory so that customers can always find the products they are looking for. All of this information is generated automatically, allowing the grocer to manage their inventory more easily and efficiently.
Acceptance of digital payment methods
Cash continues to reign in small stores, but more and more businesses are incorporating payment terminals with credit cards, debit cards or digital wallets to diversify their customers’ options. This allows them to gain clients and professionalize the business.
Alberto Bonetti Friaz CEO and co-founder of YoFio. He has more than 25 years of experience holding C-level positions in leading banks and fintechs in LATAM. He led and was part of the founding team of Banco Promerica in the Dominican Republic growing a small credit card operation from scratch to becoming the sixth largest credit card issuer in the country. As CRO at YellowPepper’s, he was a vital part of the VISA acquisition a few years later.