The Benefits of Moving Your Business Online
An increasingly infrequent, but still common question, asked by business owners of traditional brick and mortar stores is the benefit of moving their business online.
For the sake of this article, a 'traditional company' or 'brick and mortar store' is one having a physical location and selling products or services either by phone, traditional mail, or in person. At the same time, these stores do not need to cater to walk-in customers.
In a nutshell, a business that is not an e-commerce company or does not exclusively sell products or services online.
No doubt, setting up an online presence for a brick and mortar store is not vastly different from setting up a business that has an exclusively online presence. However, there are still certain aspects that make it a unique proposition.
There have been substantial discussions and viewpoints regarding doing business on the internet and, to many business owners, it may sound overly complex and risky. However, the pros outweigh the cons.
Reasons You Should Consider Moving Your Business Online
Enhance Your Company's Image
This can be the single, important reason to set up a website or your business and conduct online sales. Today, a website is a critical factor especially when you consider that minus a website, blog, or a virtual presence, potential customers are liable to overlook your brand.
Businesses that do not have a professional online presence can expect potential customers to not take them seriously. As a result, these businesses run the risk of losing out to the competition that may have an effective online presence.
Simply put, businesses need an online presence because their clients and potential customers expect this of them.
24x7 Presence, 365 Days a Year
Except for some grocery stores, fuel stations, and fast food outlets, most businesses find it tough to maintain a physical presence 24 hours a day, 365 days a year.
Enter the Internet. A fundamental advantage of having an online presence is that potential customers and clients can read about the services and products a business offers and complete an order or a purchase online. Irrespective of whether it is outside of business hours on a regular day or a national holiday.
Businesses that offer offline services can generate leads and follow up with them during the next business day. Additionally, a majority of potential clients do a fair bit of research online before deciding on a purchase. An online presence gives your business the ability to connect with these leads without them having to walk into a physical store.
Low Startup Investment
Setting up an online presence is not overly expensive. There is no building to lease, personnel to hire or vehicles to purchase. For an online presence, the investment is limited to purchasing a domain and hosting service and building a website.
For businesses that are already engaged in offline sales, converting it to e-commerce can be fairly smooth. Adding an e-commerce option simply exposes a business to a new set of clients.
To set up an effective online presence, a lot of the initial set up work or technical details can be outsourced. Social media can be especially handy and extensive technical knowledge is not required for an impactful presence on platforms like Facebook, Google My Business, or Yelp.
While it is possible to spend substantially more than a chunk of change to develop a state-of-the-art website with an e-commerce solution, the reality is that a majority of companies will be accomplishing the same with just a shoestring budget.
Improved Customer Support
An online presence allows a business to conduct sales webinars, and other virtual branding events, address concerns and provide an immediate resolution to a customer's query. Collateral like a product specification document, a list of frequently asked questions, a demo or instructional video, etc. can be the difference between a good and great customer service.
Cut Down on Operational Costs
The simplest of tasks can significantly reduce the operational cost of a business. For example, accepting orders online will help reduce the number of support staff required in a physical store.
With detailed product and service details made available online, a business can simply receive purchase orders and accept payments in their database and online accounts respectively. This cuts down the number of staff and the amount of space a business requires for its physical location.
A well-made, comprehensive document, sales video, demo, or presentation can replace a full-time sales executive.
Target a Worldwide Audience
A physical, brick and mortar store limits the business' reach to the number of people that can physically visit the store. However, a well-made website can attract thousands of visitors from across the globe at the same time.
This can boost the exposure of a business and showcase its products and service to a wide, diverse audience at no extra cost.
Like the physical store, the success of business in the virtual world is dependant on marketing efforts. Content marketing is one of the leading ways to increase traffic to a website and multiply the exposure of a business online.
Blogs and social media are powerful methods that are widely deployed as an inexpensive medium to drive qualified traffic and leads to an online store. Copywriting is an essential skill required to increase online sales.
Boost Company's Response Rate
The internet allows businesses to deliver a proposal, order confirmation, or purchase order to clients almost instantly. Online stores process and confirm orders immediately after purchase.
Physical stores often face a situation where order processing and confirmation can take up to several hours or even a day or two based on the staff's existing workload.
Online stores use automated inventory tracking software to measure existing sales, open orders, and existing stock. In terms of customer service, a faster response rate leads to more satisfied customers.
Summing Up
Given the benefits that an online business has to offer, several business owners are complementing their traditional, brick and mortar establishments with online stores. Needless to say, the benefits in terms of efficiency, reach and financial freedom on offer are taking businesses to new heights.
In addition to product-based businesses, even service providers can use an online store to free themselves from the limitation of a specific physical location.
Take Your Business Online. Reach a Larger Audience. Increase Leads. Close More Sales.
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