Moving your offline business online may seem overwhelming at first, especially if you are trying to implement the change quickly. But, we’ve got good news for you. Did you know that moving online is now easier and cheaper than before?
E-commerce has been exponentially increasing its share in the retail market industry since the mid-2000s, and the numbers have continued to grow even faster as a result of the ongoing pandemic. A McKinsey survey has found that companies are three times more likely to conduct 80% of their customer interactions online than before the pandemic. Furthermore, statistics from Statista have also shown that global e-retail revenues will rise to US$6.15 trillion in 2023, a US$2.8 trillion increase from 2019.
Coupled with the rapid technological advancements in the fulfilment and logistics industry, this just means that a lot of the infrastructure for taking your business online is in place. All you need to know is the steps to make it a smoother transition. And, this article aims to provide you with tips to get started.
Benefits of taking your business from offline to online
In addition to leveraging current e-commerce trends to shift your business from offline to online, there are other advantages of taking your business online:
Feasibility to operate from anywhere: Current, as well as prospective customers, can view and place an order for your products and services any time, anywhere.
Lower operating costs: Brick-and-mortar stores have higher overhead costs, taxes, and rent to pay. However, taking your business online would require you to purchase only a domain name and hosting packages, with just a small investment in digital marketing that will drive a more significant impact and remain cost-effective in the long run.
Globalisation – Online businesses have the upper hand in facilitating demand from global customers, allowing business owners like yourself to sell their products internationally without the set-up of a physical vendor in the region.
Steps to move online
1. Have a market entry plan and consolidate your data
Data is a valuable resource and the cornerstone of any successful digital transformation. With the right data, you can gain actionable insights into your customers and their behaviours, develop an effective market entry plan, and make informed business decisions to drive your brand forward.
When you first take your business online, the data you collect will grow significantly. You need to gather data about your target audience as well as your competitors to formulate an effective market entry plan that will set your brand apart. For instance, the data can also help you decide whether or not your brand should adopt a long-tail e-commerce strategy to reach an international target audience and drive business growth.
Though you may be collecting a lot of data at this point, what matters most is how you manage them. It is best to first determine which data is authentic, useful, and accurate before unifying all of it.
2. Take on an omnichannel approach
Taking your business online also means your channels of customer engagement will increase. Aside from your e-commerce site, there are other online platforms, including social media, email, mobile, and more, that you will need to manage. Instead of treating each channel independently, customers these days expect brands to offer a consistent experience across all platforms. As such, it is essential to adopt an omnichannel approach by being more customer-centric.
This involves understanding your customers' channels to interact with your brand. As a prospective or an existing customer hops between your online and offline channels, it is important to consider every interaction to create consistent and personalised messaging, to ensure a seamless shopping experience.
