By Haopei Yang
Introduction
From its inception in the 1960s as a small number of connected computer systems, to the introduction of the World Wide Web (WWW) by Sir Tim Berners-Lee, the internet has grown and evolved into one of the most depended-upon facilities in mankind’s history. Just as the wheel had allowed us to travel far distances, the internet allows our thoughts to travel and, by extension to influence global society.
In this article, we will look at the internet’s impact on Guyana’s business development and growth. We will also discuss the internet as a ‘leveller’ of the playing field in business growth. Finally, we will explore consumer purchasing behaviour, and how today’s ‘social’ internet has become an engine of product recommendation.
The leveller
The internet has become a ‘leveller’ for smaller businesses, allowing them the reach and capabilities which were, at one time, only possessed by large organisations. Internet platforms like Kickstarter, Amazon, eBay, China’s Alibaba, Facebook, Youtube, Pinterest, Groupon and Google allow brands to gain awareness and growth in a short time.
Online conversations
and recommendations
The increasing popularity of the likes of Facebook, Twitter and Instagram has created an enabling environment for consumers to share exponentially more conversations and experiences. Consumers on these networks have demonstrated by sharing stories of one kind or another. When a consumer is unsure about a range of similar products, he or she can prompt reviews from friends who may have used those products.
A simple Facebook status like “please recommend a good dentist” can yield a number of personal vouches or cautions. All of this means that today’s consumer decisions are more heavily influenced by recommendations than ever before. Today, a good recommendation might generate significantly higher levels of patronage of a business enterprise.
To stay afloat, businesses must acknowledge that these conversations are happening whether or not their business houses are established online. They must ensure optimal service for their customers. Some established businesses have managed to follow conversations online, and are able to address customer concerns before they attract negative reviews.
Social platforms for
customer subscription
The most widely used online business marketing tool, even in Guyana, Facebook, has given small businesses the ability to reach more than 100,000 people living in Guyana. A Facebook page collects subscribers (or ‘Likes’) to whom the business entity can then send updates about products, promotions and events.
Similarly, entities on Twitter may gather ‘followers’ who may receive similar updates. These platforms are also essential tools for communicating directly with customers, and are mechanisms for gathering timely customer feedback. After all, the more you learn about customers, the better you can adapt to meet their needs or address their concerns.
For those businesses that have not yet become familiar with these platforms, imagine your customers visiting your business entity and leaving their contact information, with which you can call and update them about your new products. While it is a costly operation to telephone customers one by one, online platforms allow for the sharing of updates with all of your ‘subscribers’ all at once. The effectiveness of these platforms have invoked the creation of an industry of professionals who help manage businesses online identity and campaigns. Getting started on these platforms is easy, and a number of ‘social media’ firms are available for hire in Guyana.
The business website vs.
the online marketplace
A marketplace is one where consumers can visit and expect greater purchasing options at more competitive prices, and where merchants expect a large number of customers. Our own Bourda Market is a marketplace where vendors expect large numbers of shoppers daily, and where shoppers expect to compare products, quality and prices. Online marketplaces are similar. It is important for a business to distinguish between just having an official online presence via its own website, and having a presence in an online marketplace – the latter of which increases product accessibility and aims to drive sales growth. Online marketplaces are powerful ‘levellers’ for smaller businesses, because smaller enterprises are able to present product options among larger companies on the same platform. Some examples of online marketplaces include Amazon.com, Etsy.com, Alibaba.com, and SkilledGuyanese.com. While an official business website might be considered the online headquarters of a business, its presence in online marketplaces is supplementary to a business’s presence, and acts as the business’s sales branch. Over the years, Guyana’s entrepreneurs have built online marketplaces which have experienced inadequate growth partly due to the lack of engagement from Guyana’s businesses. I urge Guyana’s businesses, especially SMEs, to give them a try as these are invaluable competitive tools. Conversely, builders of these platforms should ensure that business owners require minimal effort to transit into their marketplaces.
