Transitioning to an online business
Transitioning from a physical to a virtual business has become more important than ever nowadays. In this time of uncertainty, virtual or online business have taken the frontline and is being used by various industries.
Expanding a business is a priority to most enterprises. A developing business will always look for ways to expand and reached a larger audience. The internet has become that platform for many businesses. It is used for information and services to cross national as well as international borders.
In times of crisis, like this pandemic, online businesses still manage to function and allow customers to access their services. Digitizing businesses has paved ways for the transformation and revolution of the business environment.
So, what makes this transition to the virtual world beneficial?
Its Cost friendly
One of the major benefits of moving your business online is the fact that you will not have to worry about costs of infrastructure or human resources. Starting an online business means spending less money than construction and maintenance of a physical business. Although it is simple, affordable, and efficient there are still costs that go into starting an online business. Such as, the cost to hosting the platform, the domain name and the website designing etc.
Reaches a global audience
Every company works to reach a larger audience and to help their service expand geographically. Expanding a physical business geographically takes up a lot of time, efforts, and money. Online businesses make this expansion of services with ease. The limitation of range disappears, making it easier to advertise as well as perform business activities globally. It allows a company to transcend borders and reach a wider audience. The Global digital report by Statista shows that ‘4.57 billion people were active internet users as of April 2020, encompassing 59 % of the global population’. With this we see an increasing growth of customers comfort in accessing services online. Using an online platform to advertise your business and service is most likely to reach this type of mass audience.
It is simple and convenient
Many have the notion that the transformation to an online business is a hassle and takes up a lot of time and effort. But that is just a common misconception. In fact, an online business can eliminate those strains and stress of a physical business. Increased start-up companies have chosen this way to operate their business. Creating your own online business can be tricky for some but there is the option of hiring designers to help work on complex projects.
In the words of Naomi Simson, the founder of Red Balloon, cofounder of the Big Red Group, and famous investors in one of the most popular show, ‘Shark Tank Australia’, “being agile is crucially important for any business”. It is in fact important for any business to know their customer, their customers’ needs and their wants. Having your business online allows for the business to be more aware of these things, therefore improving and making the services they offer more compiling and attractive. This type of tracking and analysing of data stands as a major contribution towards the company’s marketing and advertisement. Collecting user data paves a way for accurate understanding of customer behaviour and improving the business accordingly.
Overall, having a digital presence in this digital era is crucial to all businesses. Not only does it help customers access and find your services easily,
but these digital tools help navigate the business operations, processes and even revenue. Being able to adapt and evolve with ever evolving technology is the key to being a competitor in the industry of your business.
Have you thought of moving your business online yet?