Businesses should take their web presence seriously if only to reach new customers and sell products and services online. According to the Global Ecommerce Playbook by Shopify, sales online were $2.8 trillion in 2018, and the figure is projected to rise to $4.8 trillion by 2021. This statistic is an incredible indication of how much online shopping has become the norm. By accommodating these consumers, businesses can reap massive rewards. Here are 5 reasons to get online today:
1. Market Access
If you’re planning to launch a new business online, one of the first things you need to consider is how to effectively leverage the internet to build market access. Market access is a complex process, and you can’t assume that it will be easy to gain access to markets on your own. To make the process easier, you should collaborate with other people in your industry to develop a customized strategy that will achieve your goals.
2. Make Better Decisions with Consumer Behavior Data
In a world where information is king, making better business decisions starts with understanding consumer behavior. Marketers analyze consumer behavior by demographics, including age, education level, and income. They know that Millennials respond well to word-of-mouth recommendations, but they still know that billboard ads won’t reach this generation. Researchers have long studied the psychology behind consumer behavior and how it relates to individual behavior. In today’s world, most consumers don’t pause to consider why they buy a particular product, but instead buy it for a necessity or a gift.
With millions of competitors competing for the attention of online shoppers, the retail industry is especially competitive. Accurate predictions of customer behavior can increase sales and improve customer satisfaction. In the field of consumer behavior marketing, “big data” refers to the massive amounts of information collected from consumers and analyzed. By combining past behavior and current preferences with customer information, data can be used to improve marketing efforts. It can also be used to create models and predict the likely buying behavior of specific products based on what customers have done on websites in the past. If you are using an app to appear your business online than it is easier to track customer data behavior. If your business don’t have an app you can hire an app development agency to build an app for your business.
3. Lucrative Exit
When planning to sell your business online, think ahead. Most online entrepreneurs push for a sale when their businesses are in the middle of growth or a decline. Delaying the sale of your business will only result in a lower valuation and a harder sell. You’ll need to take the right steps now to maximize the value of your business. Here are a few steps you can take to prepare for a profitable exit for your business.
Identify your reasons for leaving your business. Do you want to leave for health reasons, family reasons, or even retire? Once you know your reason, you can implement an exit strategy that meets your goals and dreams. Make sure your exit strategy works well with your financial plan. It may even help you sell your business in a faster fashion than you originally planned. You can also take the time to consider a variety of exit strategies to make your exit plan as smooth as possible.
4. Cost Management
Consider the cost of selling your business. If you have an excellent business, it may be worth selling. However, bankruptcy can result in your assets being seized and your credit rating being affected. By preparing for a profitable exit, you can ensure financial contentment and leave your business in a way that benefits your employees, investors, and customers. While liquidation may be a viable option in some cases, it should be considered carefully and only after considering your personal goals.
Consider your exit strategy. Many entrepreneurs do not consider their exit strategies until it’s too late. They might think that waiting a few years or decades is the safest way to sell their business. However, it’s important to make sure your exit plan is realistic. A concrete exit plan allows you to sell your business quickly and at a good price. You can then structure your business in a way that maximizes your profit potential.
5. The Business is Open to Customers at all times
If you own an actual business, you’ll understand how difficult it can be to operate 24/7. In addition to security concerns the effect of night-time could affect your business. For instance, if your company is in the fashion industry and own a retail store and the flow of customers slows down to a halt by the time it gets late in the evening. So, it may not be beneficial to open all hours. In the case of a typical brick and mortar shop for 24 hours would need more employees and increase prices.
From the blues She hears about an online retailer that is reputable and decides to try it. I’ll place an order for food and clothes after I return and have them sent to me. When she gets home, she has dinner, showers before relaxing on her bed with her phone in her hands. She communicates via WhatsApp while reading tweets, and then looks at some Instagram pictures. She recalls that she has to buy some clothing and food items. She logs on to the website and then takes a leisurely look through the items they have available. She chooses her preferred option and then places an order before settling down. How CONVENIENT!
With an automated online system you can place orders anytime of the day and without having to establish open or closing hours. Traditional retail stores can’t match e-commerce when regards ease of use. If you own physical premises and are working online, the marketplace is yours for the taking.