WHY ARE BUSINESSES MOVING ONLINE?
We have witnessed the world gradually move towards a more digitally-driven space throughout the years. COVID-19 has played an important role in hastening that process with lockdowns and social distancing worldwide. Businesses have taken this turn of events and converted them into opportunities to provide customers with doorstep services through the click of a button.
Customers spend countless hours online and businesses are now effectively using Digital Marketing to generate sales through Social Media, online websites, SEO, etc.
These are just a few among many other reasons that motivate businesses to shift online. Let’s take a look at a few more of those reasons:
The World is your Market:
Today the marketplace of a businessman doesn’t have to be limited geographically. The internet has brought the global customer base under the same roof and it is only fair for companies to take advantage of this and create an online niche for themselves.
Business Made Easy:
The online medium has allowed many small businesses to spring into action with the affordability that it offers. Not only is the cost of operation reduced without the need for physical existence, but plenty of related services have allowed small businesses to outsource functions at affordable prices. For example, Digital Marketing Agencies have allowed small businesses to be marketed exceptionally well amidst many big brands and generate better leads in a short span of time.
Have the Best of Both Worlds:
Companies that have dominant traditional existences are also now making efforts to create an online presence to ensure that they do not lose out on a huge online market. In fact, it is now impossible to stay relevant and fight competition without ensuring that your company is part of a digital era that has a digital storefront.
Vocal for Local:
Features such as Online Payment Portals and Delivery Services have facilitated many local businesses to sell their products online. They are now being promoted using Social Media and other Digital Marketing tactics, allowing them to grow beyond their physical limitations.
Chuck the Middlemen:
Many businesses have emerged by creating an online platform that brings together two parties by eliminating the middlemen and thereby the costs involved, for instance, Uber bringing together customers and their rides, Swiggy bringing closer customers and their food, etc. This can also apply to B2B businesses that can now find each other and directly carry out business online.
The Secret lies in the Data:
Doing business online helps companies use the customers’ purchase data in order to forecast future sales and maintain only sufficient inventory accordingly. It also helps to carry out targeted marketing by tracking the purchase behavior of different segments of customers and individually promoting products relevant to each segment.
Know Your Customer:
Online sales transactions can take place in no time but the engagement with the customer lasts much longer. Online businesses enable interaction with customers through reviews, ratings, queries, etc. This gives the business a chance to build a relationship with the customer and better understand them, thereby being able to offer personalized and value-added products and services.
Round the Clock Availability:
E-Commerce enables a business to be available 24/7 to the customer and most even allow purchases to be made at any hour of the day, unlike traditional businesses. Therefore it is important for companies to have an active online portal, not only to ensure that they do not miss out on customers but also to digitally market their products throughout the day.
According to a KPMG survey of 2,376 respondents from India, the willingness to adopt online channels among Tier-I consumers increased from 44 percent pre-COVID to 63 percent now, Tier-II consumers From 29 percent before COVID to 56 percent, and Tier-III consumers increased from 36 percent to 63 percent. Therefore it is crucial for companies to adapt as per the evolving customer buying patterns to stay in business, let alone grow.
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