Consumerism is experiencing a paradigm shift these days due to COVID 19 spread. The market was completely closed for several months due to the COVID 19 pandemic. It became essential for businesses to operate their business remotely to ensure its survival. The pandemic has affected the consumers’ behavior to a great extent. Today market conditions have changed more volatile, priorities have also changed completely, compared to that we are experiencing a reduction in workforce and evolution in the workspaces.
Undoubtedly COVID 19 has a significant impact on every business operation. Still, it has affected those businesses the most, which avoids opting for modern technology and ways of doing and operating a business. Businesses who want to ensure their business survival in today’s market have to consider choosing for tech infrastructure for their business. They can focus on taking the businesses to become part of the on-demand industry.
Harvard Business Reviews Report shows that the on-demand economy is successfully attracting approximately 22.4 million consumers annually. They spend around $57.6 billion in online businesses, about $36 billion annually on marketplace business, $4.6 billion on food and delivery business, and so on. So it will be beneficial for businesses to take their business online with the help of on-demand platforms ensuring their business success and growth.
How eCommerce Platforms Lending New Lease To Offline Businesses In The Phase Of COVID 19
Businesses failed to acknowledge and identify their business requirements and build a reliable tech infrastructure for their business to succumb to the COVID 19 situation. This matters more, especially when it comes to the product and service industry. Those business ventures who choose to go with offline business operations are regretting, while those who wish to opt for tech stack are enjoying the perk of success in their business field.
Many of the business ventures have realized the importance of having a mobile presence. They have even taken essential steps to take their business online. More than 42% of Americans (that is around 86.5 million people) prefer to use one or other on-demand services in their day-to-day life. And 51% of businesses that considered transforming their business operations seeing the on-demand economy experienced a massive profit in their business in a short time. Explore what opportunities you can miss by avoiding to take your business online.
A recent report shows that 43% of consumers are ready to pay more for greater convenience, while 42% would love to pay more for a friendly experience and more than 65% of U.S. customers expect to have a positive experience with a brand rather than getting influential with the great advertising. In simple words, convenience plays a vital role, especially when it comes to business success.
On-demand industries have succeeded in offering convenience to their potential customers to a great extent. And if you don’t own an online store for your business, then you are definitely missing out on various opportunities to offer your customers an excellent experience which they are aiming to have from your brand. Customers these days expect to have products or services at the place where they are. Hence it becomes essential for businesses to reach customers on the platform where they are.
Data & Its Inference
Data is the digital gold for businesses these days; it has become more crucial in recent times. It helps you know what your audience is expecting from your business and how you can satisfy all their demands in the best possible way. A digital solution like app and website offers you with a huge chunk of data and also allow you to offer your customers with:
Specific deals and discounts.
Uniquely customer engagement.
Optimized supply-chain management.
You can consider using modern technologies like AI, ML, and many more to target your prospective audience in a better manner. It also allows you to offer suggested products and services based on your customers’ likes and preferences.
Diverse Payment Options
When users consider making use of an on-demand platform, they get the liberty to make payments through any preferred ways. Hence to offer your customers diverse payment options, you can take support Elluminati Inc, an on-demand service provider company to craft excellent business solutions possessing all the essential features that ensure your business success in a short time period. The on-demand platform provided by the company helps you to offer your customers multiple payment options using which they can make the payment easily without any hassle.
Summing It Up
The on-demand industry is growing rapidly these days, and if you want to ensure your business survival in today’s competitive market, then it becomes vital for you to plan a strategy that helps you to become a part of an on-demand economy. Find where your business stands in today’s competitive market and plan accordingly to drive more growth in no time. The on-demand economy will grow more in the coming years, hence it is the right time for you to invest your penny in business evaluation.