Who would have thought that in the aftermath of the “dot-com” bubble that infamously collapsed on March 10, 2000, entrepreneurs would find themselves rushing back into the Internet in just a little over a decade as purveyors of online business?
Although the Internet had been around before the bubble period of 1997 to 2000, it has remained to be a largely unexplored territory for businesses. The infrastructure and capabilities were not at the necessary level to support the increase in scale.
Since then, digital technology has undergone its own Industrial Revolution; it has influenced the way we live our lives and how business is run. The growth of Internet-based businesses is not driven by investments in the future of technology because technology has already arrived in the present.
The demand is driven out of need and as a natural response to the evolution of technology and the Internet.
10 reasons why online business is the future of commerce
1. We are now in the NEW ECONOMY
The world changed after the Cold War, but a transformation was experienced in the new millennium. We were shaken by the events that changed the course of history: 9/11, Iraq Invasion, and the 2008 economic meltdown. Businesses navigate through a sea of economic turbulence where efficiency becomes crucial to survival.
In the United States, many large corporations integrate telecommuters or work-at-home personnel in their business development strategies.
A study by CTrip showed that telecommuters are 13% more productive than regular office staff, and cost savings of US$1,900 per employee per month have been generated. There is a shift in corporate strategy to streamline costs through telecommuters because quality of work is not compromised.
By starting your own online business, it will be easier for you to be part of this new human resource revolution. We now live in a time when companies across oceans open their workspace to virtual commuters who are qualified to make a positive contribution to their bottom line through reduced cost and increased productivity.
2. We are in the DIGITAL REVOLUTION
The Internet has changed the way companies do business. It has opened new avenues for businesses to explore a potential market of billions at the click of a mouse. Social media has given companies an efficient way to connect to consumers and receive feedback. In the new economy, a website is no longer an option; it is a necessity.
An online business presents a two-way street in building your income. First, having your own website creates an online presence for your business; companies can search and find you. Second, your website in conjunction with savvy social media marketing strategies gives you a cost- and time-efficient method of acquiring new customers for your business.
Given the availability of tools created by ever-evolving technology, having an online business allows you to market and promote your products and to provide services rapidly with great breadth and scope compared with having traditional marketing methodologies.
Through digital marketing, you design a synergistic framework where the results of your online marketing strategies are driven inward to your website. Results can be tracked in real time, which can give you an idea of how your digital marketing campaign is performing.
You will know precisely from where your market is, how they found out about your business, and the factors that interest them. With this information, you can introduce changes in your business model that will cater directly to your target market.
3. Consumers have become increasingly mobile device dependent
A study conducted by the United Nations showed that 6 billion SIM cards had operated in the world in 2012, which is just a billion fewer than the population of the planet. Moreover, Statista predicted that by 2017, there would be more than 5 billion smart phone users in the world. Smart phones have displaced PC as the premiere point of origin for Internet users.
If half of the world’s population is online every single day and more than 60% of them or 1.86 billion individuals use smart phones, having an online business provides you a great opportunity to connect and be found by consumers.
Consumers scout the Internet everyday; they are looking for opportunities and the best deals for their money. Smart phones have become their indispensible gadget. If your business is not online, you are unable to capitalize a valuable resource that can build your enterprise beyond your wildest dreams.
4. Digital presence is no longer an option
Despite the explosion in popularity of the Internet and the proliferation of social media, it is surprising to know that 51% of businesses still do not have a website. This is largely due to misinformation on the value and cost of a website.
But the numbers do not lie. A large portion of the world is online every day. The 51% who do not have a website or a digital presence are seriously undermining their profit potential. Having an online business places you ahead of these companies. You do not only gain access to a global market but you can also establish a global brand.
It is not enough to have social media presence. Online marketing strategies build awareness and promote products and services. However, these efforts must be driven to a specific destination where traffic can be converted into sales. Consumers, clients, and prospective suppliers want a venue where they can find you in the virtual world.
Think of your website as your virtual brick and mortar establishment. It is where business finds you and where you find business.