The CoronaVirus pandemic has forced economies around the world to come to a standstill. Countries around the world have issued lockdown and ban on inter and intra country travel to minimize the spread of the deadly virus.
Factory production has slowed down thereby decreasing the supply of goods in the market. This has led to a decrease in consumption levels across the world. Small businesses have shut down due to lack of monetary resources. In such a situation, It is wise to think of re-strategizing your business instead of waiting for this pandemic to pass away – In short, TAKE YOUR BUSINESS ONLINE.
For the businesses that have always worked off-line, i.e. In-store ONLY, this might be little challenging, but the rate of success weighs more than the risk rate.
Here are a few reasons why this is the best time to take your business online.
In post COVID-19 pandemic, most of the customers will prefer shopping online due to fear of contracting the infection. In one of the studies NRF, few eye-opening facts were shared:
1.9 out of 10 consumers have already changed their buying habits. More than half of consumers are preferring ordering products or availing services online than they would typically go and purchase from a store
- Nearly 7 out of 10 consumers say they are very sceptical about going out due to fear of being infected by an already affected person.
- All the consumers are in favour of online shopping as it reduces human contact and touches on the products that would normally be very high while purchasing from a store.
Low Demand, High Supply
Companies selling non-essential or luxury goods have seen a significant drop in demands of their goods. Consumers are refraining from buying expensive non- essential goods like handbags, shoes, cars and many more.
In this new economic atmosphere, it is the best decision to take the business online. Hence, your services and products are available 24/7 to the customers, and you also will not lose the customers that earlier used to come to your store to buy things. Instead of walk-in stores, you should have an online presence.
Improving Company image
Taking the business online increases its image and brand value as it is more visible on the internet and lends your company credibility. Nobody wants their customers to lose to competitors just by not having an online presence.
All the businesses are not suitable for selling online. But in this case, you can always maintain a social presence by developing a website, interacting with customers and having customer care portals online for the enquiry of your products.
The good part about online business is that it can be operated from anywhere. You are not constrained to go to your store to sell things. Taking the business online is one of the simplest and surest ways to convert leads to sales and retain your customers.
It is high time that you take your business online if you haven’t done it so far. This time has given us ample time to think about re-strategizing our business and make the most out of it.