Taking Your Business Online
Having an online presence and the ability to connect with potential customers all over the world means that the business world is becoming more competitive and you need to take your business online. You are now not just competing with businesses in your locale, you are now potentially competing with companies across the planet.
Although it’s undeniable that the ability to shop online has had an impact on high street shopping and many small businesses are struggling because of that, the move online has also resulted in many positives for consumers. Getting in front of the online tidal wave means businesses can access greater opportunities than they would otherwise. Read on to find out the strategies companies are using to unlock online opportunities.
The fact that you can now buy all of your groceries online and have them delivered to your door is clearly beneficial for consumers. It means that customers who may struggle to get to a supermarket because of mobility issues or those that don’t have access to transport can now access a full range of items.
Supermarkets have found it challenging to profit from the online model because the costs associated with picking and delivering items are difficult to cover, particularly on lower value orders. Charging more for deliveries risks stoking the ire of customers, so it’s a tough problem to solve.
Supermarkets have used this issue as an opportunity to create an advantage for themselves by offering subscription models, whereby customers pay a set amount per month to get unlimited deliveries for ‘free’. This not only solves the profitability issue but fosters customer loyalty as consumers paying for a subscription with a supermarket will generally do all of their shopping there.
Bookmakers & Betting
Before the advent of the Internet, visiting the bookmaker was frankly an intimidating experience. The high street stores were filled with seasoned gamblers, shouting loudly at televisions showing competing sporting events. You had to REALLY want to place a bet to brave it.
Now an online sportsbook enables you to place bets from your phone, which opens up the opportunity to place bets for anyone, from anywhere. With new regulations taking place in the United States, this is becoming more widespread from state to state. No longer do you need to go to Las Vegas or Atlantic City to place a bet.
Movie Rentals & Streaming
Probably the business that has changed the most in the digital age is that of movie rentals. The idea of going to your local Blockbuster and picking out a film to watch is a thing of the past and those businesses knew this. With most people accessing on-demand streaming services to access thousands of titles from the comfort of their home they had to alter and change their business model for delivery of a product or close down.
Most streaming businesses utilize a subscription service model to boost viewers’ loyalty, and they invest huge sums of money to develop exclusive content. This means that content creation is driven directly by what a platform’s viewers want to see, and isn’t greatly influenced by third-party investors as in the more traditional model.
Banks & Finance
Online banking has revolutionized the way we manage our money. Challenger banks such as Starling and Monzo have made it their business to make it easier for us to see how we are spending our money through the use of intuitive apps, and they have eliminated a huge amount of the paperwork and bureaucracy involved in money management.
This makes banking more accessible and empowers everyday consumers to feel that they are in charge of their finances.