meylah whitepaper : are you missing out on ecommerce gold rush
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It is time to stake your claim! There’s gold in the pockets of local consumers, and eCommerce companies are rushing to pick it up. But are local businesses even in this race? In today’s market, 90% of people research products and companies before visiting the store in person, and 56% of people purchase products online. This means that you as a small business owner have to have an online presence, or you are just leaving money on the table.TRANSCRIPT
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Are You Missing Out On the
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There’s gold in the pockets of local consumers,
and eCommerce companies are rushing to pick it
up. But are local businesses even in this race?
In today’s market, 90% of people research
products and companies before visiting the store
in person, and 56% of people purchase products
online. This means that you as a small business
owner have to have an online presence, or you
are just leaving money on the table.
eCommerce tools and strategies are no longer
reserved for giant vendors from out of town.
Thanks to the introduction of social commerce,
person-to-person selling can now go online too. In
the race for local consumer gold, it’s no longer
local “high touch” competing with corporate “high
tech”. Now local has its own high tech, making
eCommerce a race that local businesses can
finally win! Better yet – when local businesses
capture eCommerce spending from local
consumers, the dollars stay local.
Your streets are paved with eCommerce gold –
can you dig it?
According to estimates:
The average American is
projected to spend $1,738
online per year by 2016.
By 2017, online sales are
projected to swell to a total of
over $370 billion.
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Besides the traditional web-based shopping cart
model, newer trends like social and mobile are
drawing even more consumers into shopping
online. Social commerce spending is projected
to top $30 billion per year by 2015. Mobile
commerce is pegged to hit $31 billion by the
same time.
Over 70% of US consumers regularly shop or
browse online with their smartphones. Given
that many of those same smartphones are
loaded with social apps, the lines between
social, mobile, and traditional eCommerce
become ever blurrier. The bottom line is, the
smartphone is looking more and more like a
mobile wallet, with advertising screens
strategically placed between the consumer and
her money. Will your business be seen on those
screens?
To get your fair share of mobile and social
revenue, you need “location, location, location”
in the digital streambeds where online spending
is flowing.
Small business is vital to local economies. In a
recent survey, 87% of consumers stated that
small businesses are critical for US economic
health. Consumer Pulse Fact Sheet
According the National Federation of
Independent Retailers, in 2012 $5.5 billion was
spent with local independent businesses. Of this
local spending, 73% stayed home to be
recirculated again and again through the local
economy. By contrast, when local spending
goes to nonlocally owned business, 57% of the
dollars go straight out of town.
The notion of economic stimulus is based on a
multiplier factor in which each dollar spent skips
from business to business to business. For
locally owned businesses, the local multiplier is
bigger, making the positive impact of every local
dollar spent event that much more.
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When small business loses the
eCommerce race, the local economy
suffers. To maintain local economies as
vibrant and diverse, small businesses
like yours need to step up to the
challenge of eCommerce. Luckily, you
will have help!
Recent surveys state that 65% of small
businesses do not accept payment on
their web sites. 63% of these
businesses do not have tools to monitor
traffic on their web sites. 53% of small
businesses do not use social media,
and 40% of small businesses do not
even have a web site!
If you don’t play, you can’t win – to get
into the eCommerce game and to stand
a fighting chance, local, small and
independent businesses need an
eCommerce solution that works for
them. Standing still is not an option. By
all indications, traditional advertising
media like newspapers, yellow pages,
and business directories are fading in
significance.
The newer generation of consumers is
mobile and social. Today’s customer
seeks products and services on
electronic screens. How will your
business reach that customer? And if
the right tools to present your business
online were readily available, what kind
of positive impact would that have, both
for your business and for your
community?
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Suppose even 10% of online
commerce were shifted to local
businesses. One estimate places
the total economic impact of such a
shift at over $5.6 billion dollars per
year for local economies. Call it the
social commerce stimulus program.
To implement that stimulus
program in your local economy
today, you don’t need to pass a
law. You just need to leverage
available tools to practice the art of
social commerce by putting your
and other independent local
businesses online.
Meylah is a social commerce
platform providing support for
businesses like yours. Far more
than a mere online shopping cart,
Meylah creates hyper-local socially
driven marketplaces to promote
spending within the local
community. Meylah today features
over 75 mini Amazon-like markets
activated to infuse dollars into local
economies through Social
Commerce. This number is
increasing.
Meylah takes as its mission to grow
local economies by over 10 billion
through support of small business
online commerce.
To achieve this mission, Meylah is
launching a Shop Local America
initiative, bringing affordable,
convenient solutions for
businesses needing to move their
marketing messages online.
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Through Meylah, putting a small business online is
quick and easy. There are never any charges up
front, and essential tools like payment card
acceptance and social media integration are just a
few clicks away. Given the ability of Meylah to act as
a rapid deployment solution for getting smaller
businesses online, the next step in Shop Local
America is to reach out to consumers.
If each consumer pushes even $5 of spending online
toward local independent businesses, the financial
impact will be huge. Local chambers and merchant
associations can facilitate this process by opening
their own local Meylah marketplaces(example :
Eastside Marketplace powered by Bellevue
Chamber of Commerce, WA). A Meylah marketplace
pulls together offerings from many local businesses,
sorts these products and services by category, and
most importantly, makes the online shopping
experience “sticky” for local consumers.
Meylah never sends a customer comparison
shopping for other products and services multiple
time zones away. Instead, the Meylah social
commerce platform always draws consumers in,
creating a shopping experience that funnels dollars
locally and invites potential customers to consider
the widest range of local small business offerings.
Your local streets are paved with eCommerce gold.
Are you ready to work this find? First, you need your
location on the rising streams of online spending,
streams like social and mobile. Then, you need the
right tools to sift for the nuggets.
Meylah, the hyper-local social commerce platform
provides those tools and solutions to take your
business online. And then the rush is on! Be sure
your local customers understand what is in it for
them – a more vibrant local economy, more dollars
circulating locally, more jobs and spending flowing to
their own local businesses. Meylah is mapping the
way. Just set up a community online marketplace
and lets light up your community/city together in the
Digital World!!!
is the Chief Marketing Officer
of Meylah.com and an expert
and advocate of
e-commerce solutions for
small businesses.
follow her
Email : [email protected]
Twitter@meylah
Facebook.com/meylah
Linkedin.com/chaitrav
www.Meylah.com