Today, it would not be wrong to admit that the Internet is ruling our lives whether we accept this fact or not. Therefore more and more retail business owners are shifting their business to online as it offers numerous business benefits. Today, if your business lacks an online presence- you do not exist for Internet users.
In the year 2020, you should be familiar with the consequences of the Corona Pandemic. According to CNBC’s report, most of the traditional businesses are closed due to less demand. Thus, instead of dwelling on the loss, you should definitely take your business online so you can reach a large audience and thrive during this uncertain economic time.
According to Hubspot, Google and Social media sites are the great places where people get news, make connections with brands in the USA and Latin America. We can not imagine our lives without the Internet in this digital age, from online shopping to online food and grocery ordering to doctor appointments- everything we do online. With the omnipresence of digital solutions, businesses transform their existing business model to skyrocket sales and revenue.
If you want to attract more users, you should go for an online business. Once you move online, you can enjoy the following business benefits,
- Target broader audience
- You can expand your business globally
- Less capital and manpower required
- A global reach
- Favorable promotional strategies
- Offers new opportunities for growth
Apart from the above, there are some most powerful reasons you should take your business online; it accelerates sales and expands your business reach.
Embrace Digital Transformation
“Digital transformation” is no more a buzz word in the business world; digitization has changed everything in the business landscape. Earlier, digital transformation was treated as optional, but now it is a necessity. Technology and tools are evolving at a rapid pace; it has drastically changed the way businesses operate.
Moreover, people’s preferences have been evolving with recent trends. With so many new technology trends, sometimes, brands even get confused about which trend or technology is beneficial for them and which not. When we talk about digitization in business, words like social media, mobile, cloud, Big Data, etc. instantly pops up in our mind.
According to Gartner, by 2021 there will be over 80% businesses go digital and adapt digital transformation in their daily operations. Additionally, with the strong penetration of smartphones in regular lives, it has become easier to target more audiences. Trading online enables retailers to reach a broader audience and adapt recent technologies to solidifying their sales strategy. Yet, some business owners are still reluctant about transforming their business.
eCommerce and online delivery businesses are growing, and its global market is ready to reach $6.6 trillion soon. Well, this figure has encouraged many business owners to go digital.
We have gone through the meaning and importance of digital transformation to business. Let’s consider the critical factors you should think of while taking your offline retail business online and how it plays a major role in increasing customer conversation online.
Around 81% of U.S. adults now use smartphones, according to the research conducted by Pew Center. Thus, without a second thought, we can say that mobile is everything. Whether you are selling clothes, food, groceries, medicines, or anything else, you can not ignore mobile users to increase sales and revenue.
In this pie chart, you can see more than 78% of customers prefer mobile devices to get information about business. In short, you should be there where your potential users are. Websites, blogs, social media, podcasts, etc., are an interesting way to engage with consumers because people find it convenient. Perhaps, this could be the reason why the online delivery business is growing by leaps and bounds.
Overall, any retail business’s future is mobile; sales made on mobile devices are growing faster than those made on tablets and desktops. And looking at the current situation, this trend will continue to grow because people want to order and shop while they are on-the-go. Buyers these days want to shop and order food during meetings, traveling, or even while attending social occasions.
Social Media Users are Growing Fast
Once you decide to move your offline business online, you can not overlook social media and its advantages. Whether you are running a small retail store or enterprise-level business, keep in mind one thing that your customers are online. Social media today is one of the most popular and cost-effective channels to promote your products and service If you don’t have a strong social media presence, you will lose out thousands of potential customers and get left behind by your rivals.
Consider below exciting statistics,
- There are more than 4.41 billion social media users worldwide across different social media platforms.
- More than 71% of consumers make purchase decisions based on positive social recommendations.
- Visual content such as short videos and blogs is up to 40% more likely to share on social sites.
Hence, when you transform your brick and mortar business, you should not underestimate the power of social media sites because it fosters brand loyalty. So, consider social media and spread the light across the web. You can view more social media marketing statistics here.
It is no wonder that digitization and innovative technologies have made a world global village. Retailers are quickly transforming their business game and taking it online in order to achieve success. More and more businesses will either develop a website or app or social media where customers can easily render products and services.
Moreover, social media plays a crucial role in this game. Retailers are now making their profiles strong on Facebook, Instagram, Twitter to expand their business reach.
Achieving omnipresence is a wonderful technique to thrive your business in today’s digital time. In short, you have to be everywhere where your customers are. Be it social media channels, blogs, email marketing, paid advertisement campaigns, you can implement anything that would increase sales and conversion rates.
If your business is not ready to embrace digitization and its aspects in today’s digital world, you may end up with substantial revenue losses. Different online channels and tools allow you to connect with your customers on a more personal level while building your online presence strong.
Moving your business online could be the wisest decision you can ever make to cope with the current economic crisis.