Online Selling & Digital payments – Sri Lankans financially literate, CBSL survey shows but more needed

Online Selling & Digital payments landscape is growing in Sri Lanka according to the CBSL survey on financial literacy.

The survey affirms that the majority of the Sri Lankans can aspire to being financially literate and adapt to online selling and digital payments.

This is more than ever relevant to women entrepreneurs and women owned businesses that sell online.

Satyneshop, the online e commerce platform Satynmag has launched exclusively for women owned businesses, is currently relaunching as a dynamic platform for women entrepreneurs to sell their products online.

There will be support provided to enable digital selling and empower the participating women entrepreneurs with more sales on an enhanced online e marketing platform.

Online Selling & Digital payments landscape is growing in Sri Lanka but more needs to be done to ensure a greater number of Sri Lankans can use seamless digital platforms easily.

The CBSL survey found that digital usage of cashless payment options such as internet banking and mobile payments, QR codes, mobile money wallets and credit cards, was relevant to a higher level of financial literacy which was seen as above average in the fundamental financial literacy components tested – numeracy, compound interest rate, inflation and risk diversification.

The survey also found that more than half of the Sri Lankans showed a positive attitude towards safety and efficiency of digital payments.

What does this mean for us – and for women owned businesses?

It means that we can grow our businesses by selling online – but do it in a way that builds a vibrant presence online.

Check out the following tips on how you can build a strong and vibrant business online and sell hassle free.

Choose a platform that supports and encourages your business –

Choosing the right platform to sell your products is vital – this is where can be of great use for a women owned businesses.

Make sure that there are support mechanisms and engagement for the platform you choose – also make sure the payment gateways are also safe and secure.

Make sure your business is ready to go online –

Are you ready to build your business online?  Some people are still not ready to respond with adequate mechanisms needed to ensure you have a strong business online.

How is your inventory ? Are you ready to promote on social media? Have you thought of delivery mechanisms and are you able to fulfil the as an online vendor?

For some small businesses, selling online is a process that is not approached professionally. This can change. We can always find ways to make sure our business is ready to scale online.

Remember that selling online is more than boosting a Facebook or an Instagram post about your business and collecting cash on delivery or asking customers to make bank transfers. Selling online is a professional process that must be undertaken and perfected with right skill set and approach.

Every woman owned business has the potential to become a powerhouse of online sales. You just need to understand and perfect your basics.

For more tips on selling online successfully, check out our other articles.