Businesses can have many opportunities to have access too many things that will make the business more efficient or for the business to have access to new potential customers and new markets.
The opportunities for H&M
The access to new markets is important for a business so that can be able to have opportunities to be able to gain access to their customers and other businesses. H&M can use latest software to present their products on their online stores outstandingly so they it appeals to the customers, on the other hand, H&M can also present the products in full detail so that the customer is aware of what their purchasing. The result of this would be that H&M will expect a slight increase in sales because of the appealing nature of how the products are presented on the website.
Secondly, H&M can use web technology to gather information of the details of customers to build up a customer profile so that when they return, products will show on their recommended list based on their likes and interests. This impacts H&M as they will have more sales due to H&M promoting their products by email, phone, and text. H&M can use customer profile information to build of a database of the likes and interests of customers to make it easier. For example, Sainsbury’s has the nectar reward point’s system for returning customers, from this the business can recommend products which would be based on the customer’s recent purchases.
The Business to business relationship plays the most vital role in the opportunities to access new markets and customers because businesses need a B2B relationship in order to gain access to their suppliers. This would be because business need to get their stock from somewhere, for example, a PC shop needs to have computers in order to sell computers. Then they would get computers from the manufacturer that the computer is from (e.g. Dell, Apple, and Sony). If this communication between these businesses are good then the future business projects will go excellent.
Opportunities to improve availability is very important for a business because since as with the benefits of a business being online, the business can allow customers to have access products 24/7. The effect of this is that H&M will be able to have a wider audience 24/7, and the majority of the population that will visit the online store will purchase a product. The benefits of the availability is that with internet marketing, customers can have their information personalised only to them unlike without internet marketing the business had to send the information out to everyone. Now with availability due to internet marketing, information on online websites can be personalised to individual customers. The outcome of this is that business awareness for the company.
Business efficiency is the quality of the daily activities that the business performs. When it comes to being online, H&M can be more efficient as when communicating with their suppliers and customers which can become easier. There would other benefits for the business as there will come a lot of efficiencies, such as: