Business Presentation for Online Store Suggestion
The modern technology has influenced the evolution of online shopping. The change in customer needs has increased the need for online platforms that ease the shopping process. Companies seek to minimize operational costs associated with opening physical stores. Online platforms save the sales taxes paid for goods purchased in stores with a physical presence. Star Inc requires modern strategies used in the global market to maintain its relevance and competitive advantage. These measures can be achieved by establishing an online store, comprising of both website and application stores. The approval by the manager on this request will enable the organization to achieve its set objectives within the scheduled duration.
One of the major advantages for opening an online store for Star Inc Company will be increased customers for the firm. Clients seek to save time and costs involved in purchasing of goods and services. The 24-hour period availability of online stores’ services makes them more preferable to the physical stores, most of which operate during the day only (Keillor 46). The tight work schedules have forced people to focus on online shopping to save time. Competing firms have embarked on making delivery services to potential customers, which makes the shopping processes efficiently.
It is essential for Star Inc Company to match up with the changing market trends to increase profitability. The company’s website will be available for a wide audience at the same time. Customers can assess the company’s information by clicking on the website’s details; this will create awareness about the products offered and the prices. The globalization aspect has made it easier for companies to interact with international customers. Star Inc Company will acquire increased profits due to the rise in sales attributed to online selling. The chart below shows an example of growth in online retail sales in the United States of America between 2004 and 2012.
Figure 1: US online retail sales (Forester Research Online Retail Forecast 2012)
The marketing and advertising services can be availed on the company’s official website. The marketing services offered by the company‘s online platform ensures that the advertising message reaches a wide target clients at the same time, which expands the company’s market share. The online initiative will market the firm’s products to a large market at affordable rates. Star Inc’s online platform will be accessible to the targeted customer base for long periods; this will make the information available to several potential customers within the scheduled period. The website will be designed in a flexible manner to accommodate changes. The company’s management team can incorporate creativity to the online store strategies to achieve organizational objectives. According to Mobius (5), more than 50% of people use internet services on a daily basis, which increases the need for online stores. Encouraging the targeted customers to use the online store platform can help them to learn about the emerging changes in the company’s operations, which is essential in enhancing healthy customer relationship.
The establishment of an online store will enable the Star Inc Company to acquire customers’ feedback on the quality of services. The management team will improve the company’s activities based on the information gained from customers to facilitate client satisfaction and loyalty. Star Inc Company will improve its credibility, as an online platform will offer the potential customers to learn about its activities. Customers will gain trust and confidence in the firm’s operations, which will increase sales and loyalty. Several people nowadays prefer to conduct a pre-purchase study to confirm the quality of products. Star Inc’s online platform will avail the information about its products to attract customers. The firm will anticipate at least 25% inquiries from its website visitors within the first quarter of its establishment; this measure will enable the management team to determine the relevance of an online store to the company’s productivity.
The online store will support Star Inc Company to save on the operational costs. The firm’s physical stores are subject to taxes and rent costs, which reduce the company’s revenue. The online store does not require as much labor costs as those associated with physical stores. The company can use the saved funds to invest in development projects for products, which increases the competitiveness nature of the firm. Modern successful firms seek to minimize costs and increase profitability; Star Inc should use the online platform opportunity to achieve this objective. The company will save on inventory costs by contracting a direct shipping system from the wholesaler to the consumers. Potential investors can acquire useful information about the credibility of the business from its online platform. This measure can encourage willing investors to venture in the business, a beneficial factor in increasing the firm’s revenue base.
Star Inc Company should establish both short-term and long-term strategies to enhance efficiency in the online store project. The strategies ensure that the firm remains consistent on the set policies, and formulates ideas to enhance innovation and creativity. The short-term strategies will include describing the nature of the company’s goods and services on the official website. This measure is necessary for delivering the intended message to potential clients. The detailed information will attract customers, which increase the company’s sales volume. Improving the search engine optimization is vital in making the information easily accessible to the targeted market share. The official website should include a language translator with relevant languages to suit all customers from diverse geographic locations. The official website will be useful in defining the company’s products, structure, and contacts to the users.
The company will establish a system to smoothen the delivery services operation. Most competing firms offer shipping services to customers to gain a competitive advantage. The delivery of orders should be efficient to enhance convenience. The company can merge with a transport firm to reduce costs on delivery of orders. The delivery of orders will be based on a first come first served strategy to promote fairness on the process. The payment methods will be in accordance with Star Inc Company’s standards to foster efficiency and security. The nature of products and customer preference can dictate the method of payment, for instance, on the use of credit and debit cards. The modern technological aspect has made it possible for institutions to secure financial records; the company will ensure that the clients’ finances are discrete. Use of receipts on delivery fosters transparency and accountability in the transaction process (Angadi 52). Appointing an individual to be in charge of shipping services will facilitate efficiency. The manager can detect any mistake and notify the management team in team to allow correction.
Long-term Strategies
Customer relationship is an essential element in any successful organization. The company will focus on understanding the customers’ opinion towards the products through market research. The acquired information will be used in product development strategies to facilitate customer loyalty. The online store will provide a platform for customers and stakeholders to give their opinions regarding the products.
Another long-term strategy includes expanding the store’s market share to global scale. The company can establish outlets in international countries to ease the delivery of products to consumers. Adopting relevant global shipping software will enable the company to manage its global market and enhance efficiency in the delivery of products to potential customers. Effective stock replenishment through modernized computer systems will help the firm to avoid the occurrence of losses. Time is a crucial factor in handling the company’s workload; the order-receiving department will create commotion lists depending on the urgency of orders to facilitate a smooth operation in the company’s activities. Integrating international labor services into the firm’s operations will ease the diverse cultural adoption strategy to attract global customers.
According to Mobius (122), international regulations on trade differ from one country to another. The management team will assess the global trade standards in different countries to identify the profitable markets to venture. Acquiring international legal permits will enable the firm explore into unexploited markets to expand its market share. Documentation plays a vital role in global trade; the company will adopt the modern systems to facilitate an effectiveness in the documentation process. Customer satisfaction should be the priority of the company to maximize profitability margins. Establishing channels to encourage customer participation in the firm’s activities will help to create healthy relationships. Involving the loyal clients in the decision-making process will help the management team to tailor the services according to the customers’ interests. Establishing an effective corporate social relationship will be useful in building a reputable public image for Star Inc Company. Adopting the competitors’ tactics will increase the Star Inc’s competitiveness in the global market.
Conclusion
Online stores have gained popularity in the modern global trade due to the emerging trends in business. Companies have embarked on online selling platforms to satisfy the changing customers’ demands. The convenience of online shopping has contributed to the growth of online stores in the world today. Star Inc Company will benefit from the online initiative in numerous ways, for instance, the firm will save on operational costs. The company will avoid rent, increased labor costs, and taxation rates associated with physical stores. The company will enjoy increased market share once it establishes an online store. Several people will access the company’s website at the same time and for long periods, which makes it an effective advertisement media. The website will contain the company’ structure information, products’ and contact information, which will ease the marketing process. Developing the firm’s search engine optimization will ease the accessibility to the company’s official site. The firm can determine the number of online visitors, and gauge the amount of sales to expect in a given duration. The company will use its online presence to establish healthy relationships with its potential clients. Expanding the Star Inc’s market share to global markets will help in increasing the firm’s profitability margins. The corporate social responsibility will be enhanced through proper relationships with the firms’ stakeholders. The online platform will be an essential tool in developing and achieving Star Inc’s objectives. The senior manager should reflect on the outlined benefits of online stores to enable the firm to develop a competitive platform, which will enable Star Inc compete in the global scale.
Works Cited
Angadi, V B. Glimpses of Emerging Trends in Trade and Development. Mumbai: Himalaya Pub. House, 2007. Print.
Keillor, Bruce D. Marketing in the 21st Century. Westport, Conn: Praeger, 2007. Print.
Mobius, Mark. The Little Book of Emerging Markets: How to Make Money in the World's Fastest Growing Markets. Singapore: J. Wiley & Sons Singapore, 2012. Print.
