Entrepreneurs start with small businesses and ultimately those small businesses turn into big companies after facing various ups and downs.
Reaching the decided destination is not easy because many hurdles come and we make our path easy by solving them. Of course, it’s not easy to face the problems in running the business but without facing the problems there is no way to get progress.
Some points that create problems in running a business.
High inventory cost:
Storing the stock or introducing new products costs a lot to an entrepreneur. He/she have to introduce the new products to stand in the market. An entrepreneur needs to build a store with all the attractive facilities that attract the consumer at the time of launching a new product.
That directly affects the inventory cost and high inventory cost is not affordable each time for a company. Traditional businessman faces high inventory cost the most.
Cut-throat competition:
In a growing age of competition, enterprises need to be having a strong base to survive in the continuous change in the trend.
New updates come every second and with the new inventions competition increase with the same speed.In digitalization, each and every competitor wants to eliminate the other and wants to be on the top of the market. Each e-commerce store gives new offers to attract consumers. The fight between the changes in the trend is a tough one.
Reduced Footfalls:
It is one of the most important challenges companies face. There are many reasons which lead to customer reduced footfall.
The first reason is the price factor. It can be too high or it can be too low. If high then it drives customers away and if low then customers think the product would not be good.
The second reason can be products are outdated. Customers always want to upgrade they don’t want to degrade. Another reason can be your premises. If your premises are boring then customers don’t tend to visit. Marketing matters a lot. If your marketing is not good then customers don’t get attracted. Generally, there is a time for every product if its demand decreases then your market is gone.
Several problems come in several situations, what we have to do is to adopt digitalization to grow the business. It is easy to increase the presence of the company in society; digitalization is the lifeline of the enterprise because it helps to increase the awareness about the company.
Each company is using the website to be the top in the market. But if you really want stay ahead of the competition, Augmented Reality (AR) is the only way out.
If you want to introduce 10k products to your inventory at a time, Augmented reality is the solution. The founder of Alibaba, Jack Ma, has quoted very nicely in one of his videos about e-commerce and how it is changing the way of doing the business.
Click here for the video
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Thank you.
