10 Reasons Why You Should Take Your Business Online

In recent years, many brick-and-mortar companies and new start-ups are asking themselves: Should we be online or not. If you are not sure about going online, you are not alone. Recent studies, shows that nearly 50% of local businesses in Nigeria don’t even have a website.

You need to make up your mind fast, infact you should have done that years ago. With the rapid down fall of the country’s economy, many companies who are not taking serious advantages of the internet are gradually going extinct. The internet has created a new economy, which by its explosive growth and sheer size is already changing the perception of traditional way of doing business.

An online presence for business is a powerful marketing and communication tool, an incredibly cost-efficient platform, an environmentally friendly way to work, a sign of professionalism and pretty much a requirement today. The internet has created a business environment in which time and distance are less important, people have access to more information to help them make decisions and consumers have better access to a broader range of products and services.

Consider this: According to a survey conducted by Harris Interactive, average growth of e-commerce is around 25 % per year. 81% of small businesses that have an online presence during last year’s holiday season reached new customers, leading to an increase in sales and profitability. 30% of small businesses with a web presence and fewer than 20 employees now generate more than 25% of their revenue online claims Gartner research.

If this does not convince you to take your business online, below I pointed out 10 more reasons why you should start doing business online right now.

#1. It Creates New Opportunity for Growth

Companies like Jumia and Konga have successfully created domination on areas, where just few years ago traditional brick-and-mortar companies were kings. However, in order to be successful on the net, you don’t have to be a giant like them. Many small and mid-size companies managed to build online businesses quite profitably. In fact, studies show small and mid-size companies will be the main growth force of e-commerce in coming years.

#2. It Removes Location and Accessibility Restrictions

The internet reaches across the world and spans all time zones. That means that when businesses take their operations online, they have the same capabilities. With a physical store, customers are limited by how close the store is and its hours of operation. Your E-business, on the other hand, is accessible from any area with internet access and open 24/7/365. Additionally, with mobile marketing on the rise, your online business has yet another advantage: being accessible to anyone with a mobile device. Customers are only limited by their mobile network coverage, which goes practically everywhere.

#3. Low initial investment

A significant benefit for small businesses is that the initial investment for starting up an e-business is generally lower than the costs associated with starting an equivalent business using a traditional model. The technology used to setup and operate an e-business is becoming more advanced whilst also becoming cheaper to obtain. Many successful e-businesses were started using only a home based office with a personal computer, some basic software and a connection to the internet.

#4. It Builds A Better Company’s Image

Having an online presence builds your credibility and professionalism. Your customers are expecting to see your website address on your business cards and promotional materials. They are asking you: “Do you have a website? Can I read more about your products or services there?” Whether you sell products or services online or not, in today’s world you have to have a corporate presence on the Internet. A nice corporate website definitely increases the image of a company especially if it has great product or service related content to go with.

#5. It provides better customer support

Your website is a point of contact for you and works better than a business card. Customers are able to contact and converse with you, thanks to email and live chat software, e-businesses have no trouble fulfilling that need via phone/e-mail/Twitter/Facebook etc. This is a great way to build relationships with your customers. When customers contact you, they want answers fast. Plus, these flexible forms of customer service can extend past a physical store’s hours of operation. E-businesses also offer the convenience of delivering products straight to a customer’s front door, without them having to go through the rigor of traffic just to visit your store to make a purchase.

#6. Low Cost of Operation

Operating an e-business is far more cost effective than running a brick and mortar enterprise. New technologies allow you to take virtually any part of your business online, that include supply chain management, payment, delivery, procurement etc. Streamlining these business processes through online systems will allow you to cut costs significantly in almost every area of any business. Plus, things get a lot easier from a logistical standpoint, since one person can do the work of several people. Take mass communicating with customers, for example. Sending a bulk email to a list of customers is easier than sending out 100 people to share flyers. In addition, transaction costs are lessened, since there’s no need to hire a cashier when shopping cart software lets customers check out themselves.

#7. Low Cost of Maintenance

With bills for rent, electricity, security and general office upkeep, expenses for physical locations can start to pile up. By taking your business online, you reduce or eliminate a lot of these overhead costs.

#8. Favorable Marketing Strategies

The internet can also make it easier and more cost effective for business owners to promote their business online, with the advent of social media, search engine and so on. Many platforms like social media advertisement, display advertisement, email marketing and mobile marketing now exist to help promote businesses to their tailored customers. It also makes it easy for business managers to track and analyze the buying patterns of their customers, and in turn tailor the business to better suit their needs and expectations.

#9. Keeps Your Business Relevant

The internet is now a big part of our lives, either you like it or not, and it isn’t showing signs of leaving anytime soon. So why not milk it for its benefits to the max. Opening an e-business keeps you in touch with what’s current, just like all the numerous blogs your find online dishing out the latest information. To stay relevant, businesses need to consistently post content on these outlets that interest their consumers. Also having an online presence on social media websites is a big part of getting your name and business name out there.

#10. A Global Reach

Just like the local slang of saying ‘go plc”. An online business can take your business to a wider audience, a global one. Anyone with an internet connection can view your products or services online. From the slums of ajegunle, to the countryside in Yorkshire to a busy corner shop in Japan and to a sleepy fishing village in South Africa, the internet is the world’s shopping window for your products. Also the freedom to live and work where you like, you can be traveling while running your online business! Isn’t that just beyond awesome?

Hopefully you now see why an online business is a solid investment. When it comes to an e-business, it’s hard to go wrong with it, because both the consumer and the business reap the benefits. Being online makes a business grow their customer base faster, become convenient, accessible, affordable and better equipped to help its customers, and when businesses are focused on benefiting their customers, profits becomes automatic and everyone wins.