COVID-19 Vs Online Market Demand
Current COVID-19 situation forces every business to go online in order to survive for long run. On the other hand, the COVID-19 opened up the demand for home delivery businesses, that in turn boosts the online businesses not only in Sri Lanka but also all around the World. The COVID-19 pushes the World to go digital than ever before. There are local businesses and firms understand the impact of the Coronavirus situation, and move forward to serve their customers and target audience via online. If you look at the Facebook sponsor advertisements, online freelancer job posting sites and etc, you may notice there are entrepreneurs and big cooperates seeking for e-commerce website, social media marketing services, SEO services and more digital marketing services. Not only that, there are lots of businesses go online and start to promote their business pages on Facebook, and invest further with online marketing to capture and serve their customers via online marketing platforms.
Stable Market to Expect with ‘Go Online’ Business Model
There are some professionals argued that, the increased online demand during Coronavirus period, may not exist further in post pandemic market. But that may not be true; customers who feel safe and easy may proceed with online buying, besides of the fact, online buying saves lots of time in terms of travel and more. By applying various customer acquisitions or marketing techniques, businesses may introduce different offer schemes and capture the online market even the online market demand goes negative near future. So, the businesses may invest and go online now, without having any worries about their future of online business model, as there are more and more room for market development in future for any online business.
3 Better Cost Cutting Practices for Better Survival of Business
1. Moderately Save e-Commerce Website Design Cost
As a rule of thumb, businesses which decide to go online should understand that, having well functional and attractive e-commerce website is not adequate to generate more sales and profits. There should be the digital marketing channels professionally tuned well to reach the target audience on digital (online) market space. For businesses in Sri Lanka which enter the e-commerce World just now, or any other startups which try to capture the online market demand, should have a website to communicate with their target customers, but it is not wise to invest millions of money for it. Usually, there are e-commerce web design companies in Sri Lanka requires millions of investment to setup a complete e-commerce website. If a startup online business, invest such huge investment on just web design, the business may not have enough funds to invest with marketing and operational activities.
2. Go Virtual & Save Office Rental
Once again the Coronavirus taught us a lesson that, teams can be still connected virtually and proceed with business activities. With the use of technology, and highly recommended technical tools in table, the businesses may save the rental cost for their office operational activities.
3. Go for Freelancers for Delivery
By hiring freelancers or outsource service agencies, the businesses can save cost of human resource management, and other human resource activities.
As there are more businesses entering the digital market space now, the competition on online market space is high, and the businesses should have enough finance to survive and market their products or services. So, as a cost-cutting mechanism, the business may save some of their money with e-commerce website design, office rental, human resource cost, and invest that money with online marketing activities such as social media marketing, search engine marketing, search engine optimization and operational activities. By investing in the marketing & operational activities, as business grows further, the business owners may go on adding extra features such as complete e-commerce platform, integrated payment gateway systems, setting up attractive outlets for customers to collect products/services etc.
