The deadly COVID-19 pandemic has forced economies across the world to a grinding halt. Countries have issued lockdown decrees and travel bans to abate the spread of the coronavirus that has, as of April 21, 2020, infected over 24 lakh people and caused 1,67,000 deaths.
Small businesses have shut shop, factory production has slowed down and consumption has dipped across the world. In such a situation, while we wait with bated breath for the pandemic to pass over, it will be wise to think of ways to overhaul your business strategy – in other words, take your business online.Here are a few reasons why you should take your business online.
In a post-COVID-19 world, more customers will be shopping online than they ever did for fear of contracting infection. In fact, a study by the NRF (National Retail Federation) says
- 9 in 10 consumers have changed their traditional shopping habits.
- More than 50% of consumers have ordered products online that they would normally purchase at a store
- Nearly 6 in 10 consumers say they are worried about going to the store due to fear of being infected
Low Demand, High Supply
For some companies selling luxury or non-essential items, demand has virtually disappeared. Customers are refraining from buying expensive watches or handbags simply because they do not really “need” them though they might “want” to possess them.
In this new need-based economic atmosphere, it would be best to take your store online so that you might be able to make yourself virtually present, 24/7, before your customer even if she is not driving down to your brick and mortar store. Having an online store or a website might as well convert “want” to “need” in these days of a nation-wide lockdown.
Improving Company image
Taking your business online is like presenting your customers and clients with a well-designed and thoughtful calling card. It improves brand visibility on the Internet and it lends your company credibility. You simply lose to competitors who have a professional website to go with their businesses.
Even if your business is not designed to be an online one, you can still have a website and generate leads through chatbots or customer care portals online. You can follow these up the next day from any-where you operate from. Taking your business online is the surest way to convert leads to sales.
So, if you have not already taken your business online, please start planning to do so today. The lockdown has given us ample time to rethink business strategies, so we might as well make the most of it. Best, Sprout Road
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