As we move towards the future, online businesses have become more and more prolific. So much so that there are essentially two types of businesses in our current times: traditional businesses and online businesses. Traditional businesses are your brick-and-mortar businesses. They are the type of business that have a physical location. There are advantages and benefits to having an online business that your traditional business doesn’t have. The good news is that most traditional businesses can move online or at the very least increase their online presence and enjoy the same benefits that an online business would have. Nowadays, especially with the coronavirus lockdown, traditional businesses need to think outside the box and adapt to our changing environment. Let’s take a look at how a traditional, brick-and-mortar business can benefit from moving its business online:
More often than not, traditional businesses have a limited reach. Location, location, location. You may have heard this mantra before. It usually refers to the location of a home being one of the most important factors that dictate the value of a home. This concept holds true for traditional businesses. Not so much because of the real estate value of the business, but more so because it is a direct reflection on how much reach the business will have and how many quality customers would walk through the door. Most traditional businesses are limited to a local area. Moving the business online is a fantastic way to eliminate this restriction. Online businesses have a global reach. Anyone in the world, as long as they have internet access, can do business with an online company. Once your business is online, you can attract customers from all over the world. This leads to an increase in revenue.
More Effective Promotion
When moving to a digital space, the traditional business doesn’t necessarily have to close its doors. You can still keep your brick-and-mortar location, and become more visible than ever. Your business being online can be a great complement to the traditional business. Now that you have greater reach, you can promote to a greater market area that is not confined to your geographical location. Being online, also allows your business to perform more targeted marketing. With the help of online sales funnels and paid online advertising, including social media advertisement, you can target your ideal customer. Most businesses, if not all businesses have a specific demographic that describe their most interested customers. By being online, you can choose to zero in on that demographic population and advertise to them. Promoting your business directly to the kind of customers that is more likely to buy from you is invaluable.
Lower Administrative Costs
Adopting an online business model can prove to be quite cost-effective when it comes to administrative expenses. You may experience less of a need to keep inventory on site. This helps tremendously in reducing the costs for storage. You can also make arrangements to have your products shipped directly from your vendors to your customers. Not only does this result in less paperwork on your side, but it also allows for faster delivery of your products. Additionally, certain processes can be automated and consequently there would be less of a need for an employee to manage those processes. You know what that results to? More money in your pockets.
As we progress into a world that is ever-increasingly becoming digital, brick-and-mortar businesses need to seriously consider going online. If you’re ready to make the next step in this transition, get in touch. MemberBoss and the Contensive Team have all the tools you would need to get you started in the right direction, from e-commerce solutions to online ordering systems for restaurants. Feel free to contact us to learn more, and subscribe to The Boss Blog for more upcoming helpful tips.