1 fact you need to know to keep your store from closing
Saying IT is glaringly redefining how we live today is unnecessarily obvious. Technology is defining our companies’ future; from education, communications, business transactions, sports and entertainment to, basically, most interactions human beings have.
The evolution of technology has, like most things, changed the way we shop. Many live retail stores are getting kicked out the market not because their offers are out of demand but because they failed to manage the IT trends needed to propel their businesses to align with the changing realities. In a report published by the Financial Times last month, the writer lamented the gradual demise of the traditional retails stores in the American markets. The impact of the shift in consumers’ focus, from brick and mortar to online stores and the corresponding impacts on Sear’s stores, were x-rayed in detail. The results are clear: many jobs in traditional stores are on the line due to decline in patronage; as stores close, means of servicing mortgages are sliding away; and, painfully, popular business dynasties are going down – but there is potential in this downfall.
That is to say. the scenario isn’t all gloom; smart business owners are reaping the enormous benefits of emerging e-markets. To be precise, every business owner must understand and appreciate that as one door closes, another one opens. It this case, the change points towards finding new markets in the digital world.
BENEFITS OF E-COMMERCE
The number of consumers making or attempting to make purchases online is growing at an incredible rate. Place that alongside the ease of online transactions, the payment system and the opportunity to compare prices and products without any stress, E-commerce is the way to go, that is, if want to keep up with the changing markets.
If for nothing, the numbers behind the statistics of e-commerce should make any traditional business owner shudder in awe. A report recently released by Statista (a world leading statistics outfit) says China, USA and UK are the three leading markets for online businesses globally. In 2015 and 2016, the USA alone raked in 595.1 billion and 648.6 billion US dollars each year respectively from online sales exclusively.
Check out the details in the figure below.
The good news is that popular forecasts are strongly backing a 17% growth in this market.
If you are a small or medium business owner, you should also consider that e-commerce will give you access to exclusive markets that you normally won’t have had access to in the past for a fraction of the cost. From its inception, creating an online store involves a lower cost than opening a new location. Online stores don’t require a costly lease, numerous employees, and are not limited by time schedules. Additionally, there’s an opportunity to break into the massive market created through mobile devices. Mobile devices are the leading IT links to consumer engagement today. In 2016, over 70 percent of online engagement was initiated through the mobile devices. You also might want to consider that by having an e-commerce portal, you can give your customers a perpetual access to your products at the tip of their fingers 24/7.
Consider all of this when deciding your company’s next step into the future. As a consumer; wouldn’t you like the option of a convenient access to your favorite store, no matter where you are? Choosing the right avenue for your business can mean the difference between success and failure.
Deciding where you belong is entirely your choice to make.