You all know this current situation every offline business are restricted to open during this pandemics by the government and most of the business are now switching from offline to online. you can also bring your business online but you must know about the advantages and disadvantages of online business during pandemics. let’s see the key points that you should remember:
Advantages: Advantages include what are the good things for you during these pandemics
1. Engaging with a new customer: Selling your products online eliminates the local traffic. You can easily connect to your customer from anywhere. Even small businesses also have an opportunity to grow fast and scale globally.
2. Work From Home: you can start your online business from your home hire some people and use communication technology for virtual meetings. This will helps you and your employees to stay safe from the virus. Most of the business is applying this method to run their business during a pandemic.
3. No Crowd: One of the best things about online business is that there is no crowd that’s why the virus will not able to spread from one person to another. We all can work from our home.
4. Low Operational Cost: Online shop is less expensive then the physical store at any time. The physical store requires physical space on rent to store your products and for a showcase for customers along with the security, the department is required to protect them. That’s why online business is best for the budget.
5. No Trying before Buying: Customers have only the option to try your product through images they can not try your product physically. So that you do not need to hire an extra salesperson to show your product. This will help you to save some amount of money.
6. Retarget Customer: One of the outstanding advantages of online business is that you can retarget your customer. Your e-commerce website will have all information about the customer who visited the website and made purchases. This information can be used through many techniques like sending emails, SMS, for remarketing.
7. Scale Business Quickly: Since your business is online so there is no need to buy physical spaces, if your business is doing well then you can scale quickly by adding new features to them for customer convenience.
8. Open Always: Your store will open always because of your e-commerce website, anyone can purchase your product 24/7 at any time & any place.
9. Eliminate Travel Time: online business doesn’t require to travel a long distance to buy a product, you just need to go to the specific e-commerce website and select product and buy on your mouse click.
10. Technology Support: The best part of online business is that it is based on technology because the e-commerce systems are computerized, we can’t get tired at the end of the day and we can easily track the daily transaction. Technology is ever-changing and growing with time we just need to adapt them to run our business very well.
Disadvantages: With major advantages still have some disadvantages that will be mentioned below:
1. Fear to receive the package: Right now most of the peoples are fearing to order online products during this pandemics, but if you will make sure about your product and their proper sanitization then definitely customer will not hesitate to purchase your products.
2. Unsure about quality: one of the biggest disadvantages of online business is that there is no guarantee of product quality. Reviews available on the website are not always helpful for the customer.
3. Difficult to try a product online: There is no option available for the online shoppers to try products physically and bargaining the price of products. This is another point of view of the customer we can say.
4. Customer Trust: Your customer will trust based on your previous sales history and your physical store existence. If it is a startup then difficult to get customer trust. It takes time to get customer trust.
5. Privacy and Security Issue: Many customers worried about giving their personal detail such as debit cards, credit cards while purchasing products. Even many hackers are searching for this opportunity to hack their payment getaway and still card detail. To avoid this situation you must develop secured payment methods that encrypt these sensitive data. Regularly you need to update your security features so that hackers unable to access your website's sensitive data.
Some of the major benefits and disadvantages of online trading during the epidemic are given above. Now, it is clear about the advantages and disadvantages of your online business during this epidemic, you need to remember these points while running an online business. Many startups fail because they do not know enough about the advantages and disadvantages. I highly recommend you read this article before starting your online business and share it with your friend who wants to run their online business during this epidemic. Hopefully, after the epidemic, both online and offline business strategy will make your business very good and gain customers widely. So we hope that this blog is useful for you and is adding some value to your business mind. After reading this article, if you have any questions or suggestions about this article, please write us in the comment box, we will contact you. Thank you!