21 Benefits of having an online business in 2023. New List (Read It)
“If your business is not online, you will be out of business soon.” – Bill Gates (Microsoft)
More than 8 billion people are on Earth, and this number is increasing per second. More than half of the people are using the internet, which is around 5.2 billion. This number is going to be 6 billion by 2030.
Around 4.4 billion active online users. During and after the pandemic CORONA online purchasing behavior has been increased by ~250%.
Overall, the scene is that the businesses have a great online buyer potential of around 4,400,000,000. (Ha-ha, this is a huge number, but we have to filter according to our niches, later on, we will get a qualified audience number).
Why do billion dollars companies do digital/internet marketing and online advertisement regularly and continuously, even they are on top or among in the top of their category? Ex – Amazon, Flipkart, Paytm, Microsoft, Oyo, Zomato, etc. (Deep analysis would be in another post)
a powerful comparison checklist of online business and offline business.
But before your business must be online. To be online, follow these steps..
1. Buy a hosting online from the best vendor, whose uptime must be fixed 99% or above (not up to 99%). We will discuss the best hosting in our other blog/video. It is similar to buying or renting land on the internet to build a shop, office, institution, or company, etc.
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2. Buy a domain; sometimes, a hosting vendor provides it free. Try to find a domain extension as .com; if it is available, buy it right now (Reason will be discussed in other blogs.), i.e., www.yourbusinessname.com. The domain is basically your shop, office, institution, or company name. This will be unique on this planet. Get it and enjoy the journey.
3. Create a UIUX based, attractive, fast website (do it yourself or hire a design and development service from the best digital marketing and graphics designing agency). That will showcase products and services. This website will manage the whole business on a single dashboard.
All done! Now your business is online. Ready to rock like a reputed business in your niche or category.
The benefits of a business being online –
1. Get global access. A potential buyer can find you from any part of the globe and make a purchase. This is the shortest pathway between businesses and buyers. Physical businesses have a limited reach 10, 20, 30 miles from the epicenter. Although if it has many locations, there will be limitations too.
2. Physical businesses have limited audience availability, but digital businesses have an open world.
3. Physical marketing and conventional marketing are too costly and sometimes extravagant. Ex – printing posters, pamphlets, banners and hoardings, tv and radio commercials are too costly. There is a drawback you can’t track the customer who watched the advertisement and can’t retarget them. On the other hand, digital marketing has all the solutions cheaper than physical marketing. You can track the customers, retarget them, show an advertisement to the audience at the scheduled time (save cost), and fetch competitors’ customers. That helps in making sales quickly. Gathered data (CRM) can be used for further sales for free or at very cheap costs.
4. Being online, your business runs 24*7*365. But physical shops can’t be opened all time.
5. Earn money while you are sleeping (automation). The physical shop has a limited schedule also workers have limited capacity.
6. Doing digital marketing is easy, while physical marketing is challenging.
7. Marketing budget low in digital marketing, while high in physical marketing.
8. Being an online business, you can quickly get orders. And the delivery system is also fast and quick. But physically, getting orders and delivery is a lengthy process.
9. The primary and essential thing is that being an online business shows professionalism to the market. Anyone can see a business portfolio from anywhere and contact you within a few steps. Showing portfolios for offline businesses is time-consuming, costly, and lengthy.
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10. In digital marketing, Competitor and competition are trackable, and their strategies can be steeled privately. It saves budget on research and development, hits, and trials. At the same time, physical marketing can’t do.
11. In Online business, a virtual chat assistant runs 24*7 that fetches leads and makes sales without taking a rest and making excuses. It is too cheaper than a physician assistant. A physical assistant is a human, and you know very well that a human has limited capacity and schedule. They are too costly. Also, they make excuses, make bunks.
12. In an Online business getting leads is easy. Display a lead form on the website or the advertisement. Whereas physically, gathering leads is not a piece of cake, which means it is hard and takes too much effort.
13. Offline businesses must have a qualified workforce, whereas, in online business, most of the work is done by technology.
14. The whole online business can be shifted to automation. Whereas physical business never is automated.
15. In terms of maintenance, very few simple steps and easy method is occurring for online business. The offline business has lots of maintenance; doing maintenance needs too much cost and human resources.
16. High chances of errors occur in offline mode business, and its solution cost takes time. In comparison, online business has few errors because it runs onset patterns and programming that can be solved in a few clicks.
17. Customer targeting and filtering are high cost, time-consuming, and lengthy processes in Offline mode business. But online business offers easy steps for customer targeting, retargeting, and fetching them into the sales funnel. It all happens within a few clicks.
18. Location targeting is very expensive in physical business. A business must be available at all those targeted locations. Also marketing budget must be high to make the reach. Opposite of above mentions for a physical business. Like no need to be present at multiple locations. It means cost-cutting saves money! This money can be used for business expansion.
19. Think about the era before online social media emergence. It was tough to express your brand. Nowadays, a single click may make your brand viral within a second. This is the power of the digital world.
20. If a business gets online and automated, the owner can focus on the company’s primary goal, i.e., scaling up. Physical business can’t be automated, so owners must infuse their time with it.
21. Overall, building an online business and digital marketing help in a clean environment, no loss of paper. It is eco-friendly, bro!!. Every year too many trees are cut down to make papers used in offline businesses.
Now you have been educated on what is better online or offline business?
It is up to you because you are a business owner. You have to think only.
My opinion is – Go Physital, bro! Use both according to requirements and nature of business.
For any guidance and help, contact us – BeBrand Media.