The pandemic has forced businesses to change the way they operate and shift towards digital platforms. Especially for small business owners, digital platforms are a boon to escalate their sales and profit.
Imagine if Jeff Bezos only focused on traditional ways of marketing to sell books would Amazon become a trillion-dollar company? Obviously, the answer is ‘NO’.
According to Statista, out of total retail sales in America, 21% would be online by 2025. That’s a market share of 1.3 trillion dollars.
This data proves that the world is going online and digital platforms play a vital role.
You may be wondering, how can digital platforms flourish your small business.
To make it simple for you, here’s a list of key factors that will help your small business to grow in 2022. Before starting with the list, I want to share with you a famous quote from the Founder of Microsoft, Bill Gates.
He said: “If your business is not on the Internet, soon your business will be out of business.”
Undoubtedly, Internet usage around the globe is increasing rapidly.
Last year, the number of active internet users was about 4.66 billion people. That counts for 59.5 percent of the total world population.
Affordable mobile data packages are the major contributors to this growth. For example: After the successful launch of Jio, India’s monthly data consumption jumped from 200 million GB to 1 Billion GB per month.
Further, the availability of budget-friendly smartphones helped to narrow the digital divide.
If your business is not online, you are losing a big chunk of potential customers.
So whether you run a bakery, clothing store, food cart, or provide any kind of services, create a presence on the Internet. It can be on digital platforms like Instagram, Facebook, Youtube, and even Quora.
Building a personalized website for your business should also be your priority.
Marketing on digital platforms does not require huge capital investments.
With Traditional marketing, advertising in newspapers, TV, or radio is very expensive.
The average cost of showing an ad in newspapers starts from $2,700 to $1,63,000 depending on the size, day, and ink.
But with digital platforms, you can promote your business with as little as 50-80 dollars per day
One of the biggest drawbacks of traditional marketing is you can’t target the right audience.
For example: If you place a banner on a highway, it will grab the attention of everyone passing by.
Isn’t this a benefit that all can see your banner?
No, let me explain.
Suppose, you want to promote baby products, your potential customers should be adults or more specifically women of 25-35 age. This type of target-specific advertisement is only possible on digital platforms.
The simple rule is, the more targeted audience, the higher the chances of conversions.
What is one common thing behind every successful brand like Swiggy, Uber, Amazon, and Google?
I think you have guessed the answer. They are convenient to use.
With one touch you can book your taxi, order your food, search your query, and shop for everything you want. By adopting digital platforms, it becomes easier for your customers to reach out to you and make a purchase.
A survey suggests that more than 80% of consumers tend to shop from a business that has an easy-to-use website.
Further, it also showed that 61% of consumers plan to purchase more online in the coming years.
The lockdown promoted this trend and many people experienced the ease of online shopping.
Want to set up your store in the most crowded places like Crawford Market or Colaba Causeway to increase your sales?
Wait for a second!
Instead of burning cash on heavy rents, have a look at some stats and figures.
The average number of daily users on Instagram is 500 million from across the globe. Every day 5 billion videos are watched on YouTube with 866 million monthly active users.
I hope you understood my point. Digital platforms are the best way to upscale your business with minimum cost.
Building trust is important to grow your business into a brand.
Use social media platforms to share valuable content with your customers. This helps to create engagement and loyalty.
Loyal customers always advocate your brand and bring new customers by word of mouth.
Hearing and responding to feedback improves your relationship with customers.
It is recommended to have a separate employee that only answers to comments, suggestions, and messages for faster business growth.
To sum up, digital platforms allow you to attract more customers, increase audience engagement, improve user experience, and are cost-effective to expand your business.
The above list of advantages makes it crystal clear why digital platforms are important for small businesses.