Thanks to the Coronavirus pandemic, the age of digital-first business, online business, etc. is speeding up as a lot of traditional businesses, both big and small, are moving their operations online. Amazon founder Jeff Bezos is set to become a trillionaire by 2026, and Zoom’s revenues spiked up by 169% only in the first quarter of 2020, according to Forbes. This is only a testimony to the rising importance of an online business presence.
Let us now look at the key benefits of taking your business online in case you haven’t done it in full force yet.
1. Online business registration
When we say taking your business online, we don’t just mean selling your products online, we also mean taking all your business operations online. The Indian government has facilitated online business registration with the Udyog Aadhar portal especially for MSMEs. Online business registration will not only make your business easier, but also open your doors to multiple benefits such as subsidies, loans. Also, knowing the benefit of SME loans on enhancing your business opportunities.
Reaching a wider audience
A store will only cater to the locality, or nearby cities at the most. However, selling your wares online will help you reach audiences in practically any part of the world. People are now comfortable with ordering products and services online and getting them shipped. If you aren’t taking the online business opportunity right in front of you, you’re losing out on a lot.
Additional Reads – What are the different types of online business opportunities you can grab?
Having an online business presence to your offline stores will certainly help you scoop up more credibility and trust. Customers these days check everything online, right from the store address to reviews by past customers. An investment in enhancing your online business presence with positive stories and reviews will go a long way.
3. Greater brand awareness
An online business opportunity also comes with online promotion opportunities. As we mentioned before, you can cater to a larger audience. You can also market to a much wider audience. Online promotion tools have advanced to such an extent that your small business in India can easily target niche European markets. Advertising has become much more specific, focussed, and relevant with online tools.
4. Cheaper marketing
Selling an online business or even selling an on-ground business is much easier than traditional means of marketing. You can get more guaranteed returns as compared to traditional marketing with the help of narrow target audiences, affordable design costs, SEO models, etc. Online promotions now give you an opportunity for acquiring thought leadership, influencer partnerships, and celebrity endorsements like never before.
5. Increased top-of-the-mind presence
No matter what your category or product is, your consumers are very likely to check social media multiple times a day. That just gives your online business more focused opportunities to grab their attention and stay on top of their minds in the information overload age.
6. Crisis management
Scandals and crises break out on social media and end on social media in the 21st Century. If your business lands in trouble due to any reason, having an online presence becomes crucial to address it promptly. Consumers will not have the patience to wait for half a day and read your press release. You can find numerous case studies about how upscale brands like Starbucks have mitigated crises with the help of social media strategies.
Additional Reads – Tips to Grow E-Commerce Business Online using Social Media
7. One-on-one engagement
Customers are used to being made to feel like they’re special by other brands on social media. Your brand would do better to jump on that online business opportunity soon enough to have conversations with loyal and new customers, retain them, and develop a meaningful relationship with them. All it takes is a few comment replies, tweets, and messages.
The importance of taking your business online cannot be stressed enough. Whether yours is an established business or an upcoming one, taking it online would be the best decision you can take right now. In the year 2020, your business can either stay stuck in time and risk dying a slow death, or evolve and join the digital revolution.
If your business is in need of funds to start online operations, there is one place which you can turn to for quick help. Tata Capital Unsecured Business Loans not only provide customized loans as per your business model, but also offer flexible repayment tenures, quick documentation, and hassle-free processing.