- Over 70% of businesses have migrated online in 2020.
- Going digital allows businesses to reach a global audience and reduce overhead costs.
- Shopping online offers convenience and flexibility for customers.
- Digital platforms provide more granular insights into customer behavior and sales data.
- The COVID-19 pandemic has further accelerated the transition from physical stores to e-commerce.
There has been a significant shift in the business world in recent years. More than ever before, traditional brick-and-mortar stores are moving online. This online migration is a trend and a necessity for businesses to stay relevant and competitive in modern times. Here’s what you need to know about businesses migrating online, its reasons, and how you can start doing the same process yourself.
Online Migration of Businesses
It’s estimated that more than 70% of businesses have migrated to online business models in 2020. This number continues to rise as businesses recognize the power of digital to reach new audiences, increase their sales, and expand their customer base. Here are some reasons why more businesses are migrating online today.
Expanded Reach and Accessibility
Moving your business online allows you to tap into a global audience and increase your reach. Unlike physical stores that are limited by location, online platforms have the potential to connect you with a much larger audience. Your business can reach new customers worldwide by going online, making it easier for people to buy from you from the comfort of their homes.
Convenience and Flexibility
Online shopping offers convenience and flexibility, allowing customers to shop at their leisure and at any time of the day. On the other hand, physical stores have set hours, and shoppers must drive to the store, find parking, and browse the aisles. Online shopping eliminates those barriers; customers can choose when they want to shop, how they want to pay, and have their packages delivered.
Reduced Overhead Costs
Operating a physical store often comes with high overheads, including rent, utilities, insurance, and employee salaries, to name a few. Moving online significantly reduces these costs, allowing online businesses to be more profitable and enabling them to invest more in marketing, customer service, and innovation.
Improved Marketing and Analytics
Digital platforms give businesses more granular insights into customer behavior, preferences, and sales data. This information helps identify areas for improvement, optimize marketing strategies, and make better business decisions. Additionally, digital marketing campaigns are highly targeted, personalized, and cost-effective, allowing businesses to reach their target audience cheaply.
The Impact of the Pandemic
Finally, the COVID-19 pandemic has accelerated the transition from physical stores to e-commerce. It’s estimated that more than half of consumers have changed how they shopped because of the pandemic alone. With lockdowns and social distancing measures, consumers have shifted their shopping habits towards online channels. This has forced many businesses to adapt and moved or expanded their online presence to survive. This shift has demonstrated the agility and resilience of businesses that can pivot swiftly and adapt to changing circumstances.
How to Get Started With Your Online Migration
Now you know why more and more businesses are going online, you might be thinking of taking the migration yourself. Here are five steps you need to take for a successful migration:
Build a Website
Creating a website is one of the most crucial steps for your online migration. This will be the foundation of your online presence, so create a professional-looking site that reflects your brand and showcases your products or services.
Make Use of Social Media Platforms
Social media platforms are great for engaging customers, building awareness, and driving sales. Create accounts on different social media sites like Facebook, Twitter, Instagram, YouTube, etc., to reach out to more potential customers and get the word out about your business.
Optimize Your Website for Search Engines
Search engine optimization (SEO) ensures people can find you online. Implement SEO best practices to optimize your website content and improve its ranking on search engine results pages (SERPs).
Implement a Digital Marketing Strategy
Digital marketing is king when it comes to growing your brand online. It’s accessible and cost-effective, allowing you to reach a larger audience and get more leads for your business. Consider experienced digital marketing services to help you create effective campaigns that drive results. They can help you save money and time, which you can use to grow your business further.
Set Up Payment Processing Solutions
Lastly, you need to set up payment processing solutions on your website so customers can easily pay for their transactions. Choose providers that offer secure and reliable payment systems to give customers a seamless shopping experience.
Migrating your business online may seem daunting initially, but doing it right can be extremely beneficial in the long run. Going digital has many advantages, from expanded reach and reduced costs to improved analytics and customer convenience. Start taking the steps to migrate your business online today and reap the rewards of doing so.