The fact that you recognize the need to shift online gives you an advantage when others are still on the fence and toy with the see-what-happens-attitude. Change is inevitable. For entrepreneurs, change is always a door of opportunity to improve, innovate, and scale.
Here are 3 reasons why it is not too late to shift online.
- E-commerce is fast-growing.
E-commerce continues to grow on an unprecedented scale. In 2019, the global e-commerce market report reached $3.5 trillion and represented 14% of total global retail sales. The 2020 pandemic saw the rise of e-commerce when most businesses are locked down and forced to operate on a remote workforce, cashless payments, and online transactions. By the end of 2020, global e-commerce will reach $4.2 trillion and makeup 16% of total retail sales. While competition is high, the opportunities are also limitless.
By the end of 2020, global e-commerce will reach $4.2 trillion and makeup 16% of total retail sales.
2. The digital world is dynamic.
Nothing is permanent in the digital world. Trends, metrics, styles, insights, and algorithms are constantly evolving. What was working five years ago may no longer be applicable today. If you decide to build your digital presence now, you may need to know past trends in order to understand the current landscape. But like everybody else, you will be testing the waters and see what will work best for you, your brand, and your market.
3. Post-COVID19 opens opportunities.
The COVID-19 pandemic disrupted our way of life and created a ripple effect in all aspects of society. Businesses shifted to online transactions to keep things afloat. Large corporations that relied on physical transactions had a difficult time transitioning to the digital platform due to a lack of systems and technologies. Start-ups took this opportunity to launch their businesses and disrupted the landscape with their innovations in cashless payments, dropshipping, same-day courier services, and more. Even government transactions shifted to online services to cater to the public’s needs.
It’s never too late to shift your brand and business online. Now is a golden opportunity to plan your digital transformation and be at the top of your game.
