We are now well into our fourth month of the mandatory Shelter in Place. It’s estimated that 7.5 million small businesses will shut permanently if business disruption caused by Covid-19 continues unabated, according to a new survey from Main Street America.
While the CARES Act is aimed to help small businesses, small business owners have experienced many issues and delays with the application process and fear that they won’t receive the assistance they have anticipated.
While many family owned and chain restaurants have turned to online delivery platforms to stay afloat, where does this leave small to medium (SME) retailers? According to Main Street America, nearly 63% of small businesses do not have e-commerce sales. While it remains widely unknown when the United States will fully reopen, SME retailers will need to adapt and evolve by turning their unique storefronts into a highly visible and profitable online presence.
However, with many SME retailers already on the brink of closure, completely changing their customer traffic methods may prove to be too costly and time consuming.
So what do they do?
This is where e-commerce marketplaces become the unlikely heroes during the pandemic. When we think e-commerce marketplaces, companies like Ebay might come to mind. While Ebay has been a proven outlet for individuals to sell a few unique products, it would be time consuming for SME retailers to turn to similar platforms for long term solutions.
So where do they go?
New e-commerce marketplaces have been rapidly emerging in all industries, which offers traditionally brick and mortar retailers a platform in which to present their products. BorderX Lab has become the leading platform for the fashion retailer niche. Similar to other app-based delivery services, BorderX Lab utilizes AI to accurately categorize SME products to offer a personalized shopping experience for our customers. BorderX Lab two apps, Beyond and Spice, have been developed and released for the respective Chinese and International consumer base. The apps strive to showcase American and European retailers and their goods to the global market.
What does this mean for SME retailers?
At BorderX Lab, a team of dedicated people are eager to help SME retailers grow and promote their businesses to the international market. With over 10 million users, SME retailers can be assured that their business will be presented with the highest standards and reach an ever growing number of customers.