November 05, 2020
When you think of the word business, no longer does it mean a physical shop made of bricks and mortar. The traditional meaning of the word has changed drastically and the digital age has proved that. With many businesses moving online and keeping up with the times, it’s important to re-evaluate your business strategy and what modern consumers expect from you.
In response to COVID-19
Now, more than ever, many businesses have had to respond to the need for a digital platform because of the unpredictable consequences of COVID-19. With many stores having to shut their doors and physically distance themselves from customers, many have lost a substantial amount of income which in turn has impacted the livelihoods of business owners and their employees. While the pandemic has affected everyone in their own way, businesses who rely solely on foot traffic felt the sting the worst. Many were unprepared for such a disastrous scenario and scrambled to set up an online store, a landing page, social media accounts or simply anything that would put them in front of their customers again.
Moving into a virtual space
While contact-free transactions are the only way to operate a business with COVID-19 around, what it has demonstrated is the reality that businesses can be contactless and still generate an income. Although people have been forced to make their purchases online, what it has done is make them realise that they can do so without having to wait in line or even leave their home. The virtual online shopping space is becoming increasingly popular and is what many businesses are turning toward. Not to mention that the virtual space isn’t typically as costly as shopfront rent and amenity bills – it’s the reason why some businesses are even solely online.
For the new generation of consumers
Not only has the pandemic forced many businesses to go online to survive, but it has woken many up to what the future of their business looks like. With the younger demographic of consumers having the internet at their fingertips, they want to be able to order products and book services instantly. If a customer can’t contact you with ease, they’re most likely to move on to your competitor. Although this might seem unreasonable, the truth is that many businesses have access to the latest technology and can meet those expectations. Having an active and responsive online presence is crucial to satisfy the wants of modern-day consumers.
Keeping in touch with your target market
Without a digital platform, it’s almost impossible to keep track of who your consumers are and get their valuable feedback on how your business can improve. When you reach out to your database through your website, EDMs, or social media posts, you can keep in touch with your customers directly – this is a massive advantage that businesses in the past didn’t have. It gives your business the opportunity for brand awareness and to reach out to a community and show them that you care. Building consumer and clientele relationships, as well as gaining their trust and loyalty, is made easy when you can give them a personalised message digitally. The other big advantage is that you can analyse the statistics of your audience as well as your products.
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