A Shift from Retail to Online! How could SMEs make it Big?

With the angst of the Covid-19 third wave and embracing the new normal, people are moving on so are the businesses. Notably, thousands of businesses ceased while many shifted their base online, countering the pandemic. This clearly hints that a business building online presence is not a preference anymore but a necessity. Adaptive marketing reports that about 97 percent of consumers rely on the internet to find a business. Thus, not having a strong online presence is missing out on reaching out to new customers. 

However, according to sources, about 40 percent of SMEs don't own a website, and 22 percent plan to build one within this year. It is evident that more than 90 percent of customers are hooked to the internet and rely on the reviews and feedbacks posted on a social media platform and other portals. This certainly aids in building the trust of the brands. 

Potential of SMEs Online Presence 

People cling to an digital platform to analyze their preferred products and check their credibility through other users in this electronics era. This indeed aids SMEs in building trust among their consumers. According to reports, around 97 percent of customers search on the web for local businesses. This hints that most potential customers are online; the SMEs should also have an online base to grab their attention. Presently, it has become mandatory for every business to possess a robust online presence to sustain itself in the competitive business world. Thus, building a strong online presence becomes a crucial component of the businesses' marketing strategy irrespective of the domain and firms size. 

Also, the businesses could rely on its online presence as it's significant for outbound marketing, and it aids in strengthening the brands and what it offers to its target audience. After reaching out to the target audience, it is crucial to have an online presence that would voice out the significance of the product. It is believed that this promotion aids in attracting the majority of the brand's potential customers. The brand's online Content is crucial for inbound marketing as it would assist in drawing the customers who are unaware of the brand's existence. 

• Easy Access & Brand Building 

A brand having an online presence implies the business having a 24/7 showroom availability. This makes way for the customers to research and procure the products or service as and when they need it irrespective of the time limit and, most importantly, in their comfort zone. On the contrary, shopping in the retail store, the customer may lose interest or opt to other retail waiting for the service. Alongside, the brand may also build trust among its potential customers having a strong online presence.

• Wider Audience Base & Review

Internet is spread across the globe; thus, building an online presence would make the small business familiar across several cities without having a chain of outlets. Resultantly, the brand would stretch its customer base without investing much in developing the brand with a physical presence. However, reviews are a double-edged sword of conducting business on the web, which would bring in a negative one, fairly or not. However, if the business is run honestly and considers customer satisfaction, positive feedback would certainly outnumber the negative ones. Potential customers often check for reviews of a company or product before buying their products. 

• Simplified Marketing & Business Process

Marketing is a crucial part of every business, but this word is not welcomed among the customers because they prefer to buy on their own and not be forced with the product. Thus, providing detailed information on the website gives the customer a space to analyze and check their requirement and continue to purchase the product without being urged by the marketing strategies. Also, marketing your business is simpler and farther reaching, as the electronic format permits a wider, more cost-effective distribution compared to traditional marketing, which typically includes printing and mailing costs.

SMEs Augmenting its Online Presence

The need for online presence has urged many businesses have set their foot online, but building a network and making it stronger to reach as many customers as possible is vital, especially for small businesses. 

• Feasible & Responsive User Interface

Building a user-friendly interface is very important as the complex UI would not hold customer engagement. According to reports, about 94 percent of customers leave the website when they find it hard to navigate. The website should also look appealing from a brand marketing perspective that mainly focuses on the site visitor.  

• SEO-Driven Content, Supreme Quality

For an SME website to be found in search engine results, it would need content marketing and search engine optimization (SEO). The websites don't magically emerge in search engine results; they get to earn their positions as the search engines decide which websites have the best and most informative Content for searching for answers online.

• Authentic Local Business Data

Accurate data is yet another essential feature for a small business website is a local reference that includes the business name, address, phone number in your website footer and on a contact page. Many customers who visit the website also look for the contact details to have a local citation that aids in local search optimization efforts. 

Read More News :

HDFC Bank, Paytm tie up to launch co-branded credit cards

EV Maker WardWizard Innovations & Mobility to Invest INR 150 cr as Capex