Forty-eight per cent of businesses with a brick and mortar presence see themselves operating entirely online in the future. That is according to The Economy of Shopping Small, a commissioned report by the American Express. This forward-thinking strategy, as what it appears to be, is popular among businesses involved in the retail fashion and travel industries.
Embracing Digital Transformation
Adapting to the demands of the times is a wise business decision. However, it is undeniably a challenging one. Entrepreneurs, particularly those operating small businesses, need adequate support to carefully navigate the transition.
Just like putting up a brick and mortar store, setting up an online business requires hard work too. Owners must also allocate adequate resources to support their online operations. Taking a business online involves investing in digital technologies, for one. That may include, but will not be limited to, building a website, launching a digital marketing campaign, and hiring or outsourcing a support team, among others.
Combining Bricks and Clicks
Nevertheless, small business owners can make the challenging transition work to their advantage. They can, for instance, use the period of transition to leverage their physical presence as well as the online one. Moreover, they can also set up a rewards program where customers can earn and use points using their app.
Small businesses can similarly encourage customers to use their apps and visit the brick and mortar shops too. It would help to remind customers of the benefits of each choice. Small business can, for instance, highlight the convenience of skipping the long lines by using the app. Alternatively, they can remind customers of the advantage of having the ability to touch, fit, smell or even taste a business’ offerings in the physical store.
Raising the Business’ Value
As an entrepreneur, displaying your willingness to evolve increases the value of your business. Investors will be looking at that. These people can be your potential partners in reaching greater business goals. Give them good reasons why they should pick you.
Do you know how to assess your business’ worth? If you need assistance, reach out to us through any of the following means: phone: 03 9226 9222, fax: 03 9078 6315, email: info@nationalbrokers.com.au. For more useful insights, especially when you decide to put your business for sale Australia, feel free to contact us.
