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How will your Export/ eCommerce Business Help Overcome the Current Economic Crisis?

How will your Export/ eCommerce Business Help Overcome the Current Economic Crisis?

Aug 08 2022

As we all know Sri Lanka is in the grip of a massive economic crisis at the moment. The foreign exchange reserves have hit the rock bottom, which has seen inflation soaring within the space of the past few months. It’s indeed a crisis with what we call a capital C. But, as the saying goes, when the going gets tough, only the tough keeps going. So, it’s time to persevere despite all odds stacked against us and strive to weather this economic storm.

While the ongoing crisis is no small problem for all participants in the economy on both the supply side and the demand side, it’s still far from hopeless and there’s a strong possibility of a recovery if we adopt remedial actions with a strong macroeconomic policy framework designed to support all the participants in the economy. Since boosting the foreign exchange earnings is a crucial step in the process of economic revival, the export businesses have a central role to play here.

To boost export earnings, you have to either launch an export business or an international eCommerce business and/ or to ramp up your current export volume possibly by penetrating new markets and by offering new and innovative products and services. There are other business strategies and tactics that may help you cut your export costs and increase your export earnings. But, generally speaking, it’s the earlier strategies that will contribute most to achieve a significant increase in the export earnings, we mean an amount that could tip the balance in Sri Lankan economy’s favour.

Starting up an export business with a unique value proposition that serves a lucrative niche is a classic textbook strategy to increase foreign exchange earnings. While it’s simple and almost obvious, rest assured it’s a rewarding business all the same too. So consider your options. List up some business ideas and evaluate. Speak with your family and friends and ask for suggestions. Google. Read some books on the subject. Think long and hard. Search for supply opportunities. Or start sub-contracting for an export business. Believe us your export business, thus set up - whatever it’s, in some measure, will help mitigate this economic crisis.

Or take it a little further and make it an export business with an eCommerce website or an online shop through which you can engage in international eCommerce. On top of export earnings, it’ll enable you to rake in good eCommerce earnings too. Also, you can set it up as an international B2B or B2C eCommerce site and run an export business on an eCommerce model. In any of these scenarios, ShopOnCloud, our eCommerce solution will help you start, run and scale your export eCommerce business.

From another perspective, establishment of new export businesses or expansion of the existing ones will lead to the creation of new employment opportunities, which will help cut down on overall unemployment and stimulate the economy, which is a blessing in the current economic meltdown. Also, a booming export business can spawn a number of feeder businesses consisting of suppliers, sub-contractors, outsourcing partners and the likes, which too is good for the health of the economy. 

Starting up a business to sell products and services locally isn’t a bad idea at all. But, if you can set up, for almost nothing, an eCommerce business that brings in foreign exchange and is easily scalable into the bargain, we believe you enjoy a much better chance of growth with the second alternative. There’s a learning curve, but you can master it with ample learning resources online and with support and guidance from us. Above all, getting into export and /or an international eCommerce business is a national priority at the moment. It’s the only way out of this worrisome crisis. So ShopOnCloud urges you strongly to compare the risks and the potential and think long and hard. If you feel like trying ShopOnCloud, talk to us on +94 76 7404433 and get started right away.

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