Thirty years ago, if someone said he was starting a business, it was apparent to assume that he would rent or purchase a space and start a business while attracting and dealing with customers in a traditional way.
Now the Internet has changed all that. In this modern era, one must think before opening a business, whether it should be online or the same as the old traditional businesses. You do not even need to leave the house to start a business. The customers get all the information they need using the internet and place orders for items of their own choice.
The question is, “Are online businesses the new normal?”. It may not be wrong to say that, Yes! Online businesses are new normal. Notably, in this decade of the 2020s, most of the businesses are running online. Some companies do not have a physical office, and they operate online and provide their services with excellent customer satisfaction.
According to Internet world stats, there are currently more than 4.5 billion internet users around the world. More than 87% of Europe’s total population uses the Internet, and more than 90% of North America’s whole population surf online using the Internet.
Almost every kind of business exists online in this new decade. According to the 2017 Global online consumer report by KPMG, 55% of customers search online for reviews and recommendations before making a purchase, with 47% visiting the company website. This report clarifies that online businesses are new normal for this age, and people are now engaging more towards online transactions than physically stressing themselves to purchase items.
If we talk about the most successful online businesses of 2020, these businesses are considered the most successful ones, operating online, based on their profits, customer satisfaction, and retention.
With the growth of technology, most educational institutions are making huge profits by offering their courses online. Not only educational institutions but most of the professional individuals like Doctors, Lawyers, Accountants, and Teachers are offering their educational services online in collaboration with online educational platforms as well as on their websites.
Usually, students find it easy to learn online. The benefits of online academic courses include:
- Flexibility: Students have the flexibility of taking online classes at any time during the day. There is no need to rush towards your class. Students can make their own timetables and can work more consistently using online means of education.
- Low Cost: Normally, online academic courses cost less to students. They find it more comfortable and less stressful if they are facing financial issues in their lives.
- Permanent Access to lectures: Using online academic courses, students have the option of watching the lectures more than once. In recorded lectures, most of the time, students have given permanent Access to classes to watch lectures multiple times if they do not understand something.
Considering all these benefits of online academic learning, educational institutions make online platforms earn more profits and provide quality education to students creatively.
90% of corporations now use e-learning compared to just 4% in 1995, and over 6 million Americans are pursuing online education.
In Dropshipping, you do not have to manage physical inventory at any place. All you must do is to make a contract or set an online store with suppliers who are willing to store, package, and ship orders to your customers. Moreover, you do not need to do research on the products. There are specific applications like Oberlo to find excellent products to sell.
This kind of eCommerce model makes it possible to shift businesses online. Moreover, it is beneficial for retailers because they do not have to store inventory physically, and they do not need to worry about any damaged items. The items are supplied directly from the supplier to customers on their demand.
Ecommerce is growing by about 17% each year, enabling new ways for business owners. It has been estimated that eCommerce retailers who use drop shipping can earn potentially 50% more profit than those who deal with an onsite inventory.
Amazon is the world’s largest eCommerce platform. It uses drop shipping too: In 2011, 34% of Amazon sales were fulfilled by drop shippers, and that number has only grown since then.
The trend of online Pharmacy has been increasing tremendously for the last few years. Moreover, during Pandemics like COVID-19, most of people prefer to buy their medicines online without leaving their apartments and homes. People usually think whether these online pharmacies are as effective as the old traditional ones. Well, online pharmacies are giving their best to provide quality and risk-free services to patients. Not only this, but good pharmacies also provide the experts’ advice as well the guidance from the pharmacists in case of emergency.
One of the best benefits of online Pharmacy is a useful and timely delivery of medicines and medical products at your preferred location. In case you don’t have any prescription, these pharmacies provide you an online prescription option so you can buy medicines without any difficulty.
Online Restaurants and Foods
Restaurants and supermarkets are also running their businesses online. How great would it be if you do not have to leave your house to buy food? Well, Yes! It is possible in this modern age because of the Internet. Most of the restaurants and supermarkets are delivering their foods and items online at the request of their customers. Having a tiring day won’t be a problem for you anymore. All these online restaurants and supermarkets have created online applications for customers to order items and foods of their own choice.
According to Statista, revenue in the Online Food Delivery is projected to reach US$136,431m in 2020.
The following are some of the most successful online businesses in this modern era.
Online Businesses Are the New Normal
Although Ecommerce and traditional businesses both based on sales principles, they are very different in many ways, like what type of audience they target. In this age of the Internet and social media, eCommerce businesses are emerging rapidly because of the increased number of online users and a lot of benefits that cannot be obtained with traditional businesses.
These days people are a lot busier. They want their work to be done on just a single tap. All the banking channels are operating online for so long. Millions and billions of transactions take place every day through banking channels. Not only banking channels, but our regular activities are now shifted to online platforms like booking a room in the hotel is just at your finger touch. Similarly, booking flight tickets is even more straightforward using online platforms.
Online businesses are always open. There are usually no weekend holidays in online businesses. They run 24/7 while maintaining the quality of their products and services, as well as customer satisfaction.
The benefit of starting an eCommerce business is that you do not need large investments, and there is no need to find a location for your company office. Since the Internet has taken over the whole world, businesses are also finding it more suitable to switch towards online platforms.
By an estimation, 95% of purchases will be through eCommerce by the end of 2040. (Nasdaq)
Essential Elements of Ecommerce:
It doesn’t matter what type of online business you are starting, because all online businesses must meet some essential conditions in order to grow more. Most basic and necessary elements include the followings:
Having a website is the most important element in order to run and grow your online business. People attract well maintained and designed websites.
Website design and Website development are the future deciding factors of a website. User-friendly design makes the business grow more rapidly than a cold or straightforward design. One of the critical hurdles in growing your business online is a poor website design and website development. Unfortunately, these days businesses are not focusing on their online audience; they just create a website and then leave it.
You can double your customers if you focus on your website, keep it updated, and provide a user-friendly interface.
- Customer Support Services
One of the most important factors for maintaining customer satisfaction and customer retention is providing the best customer support services to your existing and upcoming customers.
Selling your products is not only the main task of your business but maintaining customer satisfaction and retention is also the primary objective of your business. Follow-up calls and getting feedback from your customers are essential to improve your products so that you can grow further.
- Billing Services:
In online businesses, one of the essential factors includes online billing methods for your customers. Effective and secure payment methods increase customer satisfaction and retention because people tend to use those websites to have secure payment methods.
Starting an online business can be easy, but maintaining it requires a lot of effort. This is an era of digital marketing. You will need to maintain your websites and customer support services to grow your business at your own pace.
Two Runs provide the best solutions to your digital problems. From website designing and development to customer support, we provide your customers with the best services. Experts in relevant fields make it possible to maintain your existing and new customers’ satisfaction.