The world of business has changed dramatically over the past couple of decades. Businesses that would normally have stood little chance of survival in the ‘real world’ have found a place where they can thrive in the form of the worldwide web. The internet has provided consumers with a huge range of benefits including convenience, ease, flexibility, and value amongst other things. However, it has also provided businesses with incredible opportunities, enabling many businesses that would otherwise be doomed to thrive.
Factors that contribute towards online success of businesses
There are many reasons why businesses that may have failed in the bricks and mortar world are able to not only survive but positively thrive online. Some of these include:
· Operating costs: The operating costs for small and startup businesses in the ‘real world’ can be crippling. This means that they are less likely to have the funding that they need to market themselves and flourish. However, when operating online these costs are slashed. This means that cash flow is not such a big issue and the business can direct funds in other areas such as marketing and branding rather than paying for things such as business premises and rates.
· Popularity of online shopping: The popularity of online shopping has soared over the years. People now go online to purchase all sorts of products from groceries and household goods through to gifts, jewelry, and even booking trips and holidays. This means that no matter what type of product or service you sell, you will always find a market for it online.
· Being able to reach a global audience: Another reason why businesses thrive online is the ability to reach a global audience. In the past, small businesses were restricted to local geographical areas, which meant that they had limitations when it came to customer numbers. However, online, businesses can sell products and services to people around the world. This means that the possibilities are endless and customer numbers can flourish due to the wide reach of the internet.
· Offering convenience and ease: Online businesses offer the ultimate in ease and convenience to consumers. This automatically puts them in a prime position for success. In today’s world, people lead busy lives and don’t have the time or inclination to go out shopping. The internet provides the perfect solution, as they can make their purchases from the comfort of their own home at a time that suits them. This is good news for consumers but also great news for businesses that operate online.
· Easier, more effective marketing: It is also easier to market your brand and business these days thanks to the power of the digital world. Something as simple as social media marketing means that businesses can cut the cost of advertising while still benefitting from a very effective means of driving traffic to their website.
There is no doubt that the internet has opened up a whole new window of opportunity for businesses, enabling more businesses to enjoy commercial success.