The business world is evolving at a higher rate than we expected. Due to COVID-19, a lot of businesses have been forced to move their products to online business. This is a move most business owners were skeptical about, but now it’s a must to remain afloat.
According to statistics, there are about e 4 208,571,287 internet users globally. This is a market that was waiting to be tapped into by businesses. Those who ventured into the market are menacing millions, but there is still time for other businesses to have a share of the pie. The pandemic has forced firms to move their business online to keep their staff and clients safe.
Study shows North America has 8.2 % of internet users, Africa 11%, Europe 16.8%, and Asia 49%. This explains why the Philippines offer a big market share for business. And Brick and Mortar businesses are moving online.
What is a Brick and Mortar (B&M) Business?
This is the first question that pops into your mind when you hear about B&M firms. It refers to firms with the least shop or location where they run businesses. The facility enables employers to interact directly with the clients when they visit. This could be a warehouse, retail shop, or even an office.
Most businesses preferred this method of operation due to the benefits it has to the clients. This includes the social experience of having a chance to preview multiple products at once and quick Hassle-free returns. The benefits then trickle down to profits accrued at the end of a financial year.
However, things are changing due to the pandemic, and online platforms are the best places to sell products. Businesses are opting to invest in websites and e-commerce platforms to sell their products worldwide with online business. This offers a large market share compared to the physical premises where the business is located.
Brick and Mortar Businesses are Going Online
Immediately COVID-19 struck, things began to change at a faster rate. There was even a call to a transition brick-and-mortar business to digital platforms. According to the Asia Pacific SMB Digital Maturity research, it revealed there was a positive consensus about the transition.
The study involved 14,000 respondents and 14 countries from various industries. Karrie Ilagan, the CISCO Philippines Managing director, said Philippine Small and midsize businesses (SMBs) are working towards improving the customer experience and service delivery on the digital platforms. However, she stated the lack of funds and skilled personnel shortage is a major challenge for SMBs.
She further stated more challenges hinder their move. The barriers they are facing include customer data, cultural resistance, and the absence of technologies. She said the pandemic had forced firms to rely on telecommunication providers. But, businesses should learn to use the technology available for their benefits.
Karrie gave an example of Monic Rancap, who relies on technology to promote and sell their products. She sells luxurious bags online, and it has turned out to be a successful business. Monic stated that she doesn’t allow her internet connection to have a downtime. This is essential to her, especially when uploading new products online. Therefore, she has an app that keeps track of the internet connection speed.
According to Monic, a low internet connection results in the late delivery of messages. The messages are from potential clients inquiring about the product, and if not answered, they move to other brands. This is a lost chance since consumers are always eager to purchase items when they are uploaded, she said.
Image quality is an important factor for Rancap; hence she invests heavily in quality and the latest Smartphones. The best camera feature on the phones usually takes the best shot. Besides the phone and internet connection, she uses an app to track her financial transactions. The App gives her a chance to know the amount of cash coming in and going out of her firm.
According to a study, 70% percent of SMBs moved to digital platforms when the pandemic started. Out of these, 62% of the firms consider staying ahead of the competition. For this reason, some of them would prefer to invest more in cybersecurity, Artificial Intelligence, cloud services, and other software upgrades. However, the upgrade is made depending on the products and services being provided by the firm.
Having a business listed on the front page of Google or any search engine in the Philippines is an uphill task. This is because it can take months for SEO work to attain this goal. Some businesses might even need a website that is more effective than a FaceBook page.
Already being ranked on top of search engines was difficult, and the pandemic has even made things worse. This is because more businesses are selling their products online, unlike before. The transition process has proven to be effective since many SMBs have joined the movement. This is what is termed the MSME caravan.
The Caravan is a program started by Google Philippines in partnership with the Department of Tourism (DOT) and the Department of Trade and Industry (DTI). The program’s main aim is to help businesses in the Philippines bounce back amid the pandemic. According to Bernadette Nacario, the Google Philippines Directory she said the economic recovery is a vital thing for Filipinos.
For this reason, Google is committed to supporting the country’s economy with the best tech and programs such as the MSME Caravan. She continued to say; they will empower Filipinos and their partners with the best tools and digital knowledge. This is what will help to rebuild the economy.
Once a firm is listed on Google, it can reach a massive audience than before, translating to higher profits. This is only possible if the firm can keep up with the competition.
Robocash is a salary loan Philippines lending that offers affordable loans to individuals. The loans are charged at low-interest rates, and the loan tenure is between 7-30 days. One can request a loan ranging between PHP 1,000 and PHP 25,000.
You can use the loan to purchase a Domain name for your website or to promote it. The amazing thing is the cash is approved within an hour. Therefore, when in need of instant cash, visit the Robocash site, and make the request.
Online business is the future, and the pandemic has just sped up the process. Though other firms were ahead of the game, and you can still make a killing. The market is vast, and you can trade locally and internationally with a click of a button.
However, there are still investments that need to be made. This includes buying websites and domain names, internet subscriptions, and high-quality cameras. And if you don’t have the cash to do so, then you’ll be left out. This is why Robocash is here to offer you funds to build your business. You can access the loans at an affordable rate and build an online presence.