Online Business has been on the rise, all credits to the pandemic which has prevented face to face Interaction in many of the Countries.
Online Business gets more advantage with the proper use of Social Media implementation. Social media has been on the rise in America when you realise that 77 per cent of U.S Americans have a social media profile. This presents as a great opportunity when you need a platform to improve and boost sales for your business and get new leads. Besides some of the great benefits, there are some demerits attached as well.
Let us talk about some of the merits as well as demerits in the field of Business,
Advantages of Online Business
- Cost-Effective: The main advantage is to reduce the business’s overhead costs. Opening and running a business is always easier than investing a significant sum of money in a physical store and starting everything from scratch. Although there are some minimal costs of running the business which includes getting a domain and server, those are entirely a lot cheaper as and when compared to owning or leasing a piece of land for your physical store.
- Reducing Staff Requirements: There are many retail outlets where the owner of the store needs to have some workers or staff along with them, which can help in the overall functioning of the store. Whereas in another scenario, you do not need any staff or workers to accompany you, at times you might need a freelancer, but you do not need to hire staff for managing your online business.
- Global Reach: Online market can give your business an additional source to get reach from accessible sources. This largely depends upon how and when you advertise your business on the online platform. Proper Advertisement for your business can help you get your business to reach a lot of overseas markets. Physical Businesses can help you only connect to customers in the local area, whereas compared to Online Business you get a large platform to spread your reach.
- Sales: Having a business that helps and offers customers to help shop online can help improve the financial bottom line. If you have a website that can provide the ability to do online shopping, then you can improve your financial status. Also, having an online spot for a business can help you save enough and provide more convenience to the Customers availing products from them.
Disadvantages of Online Businesses
Apart from just a few advantages, Online businesses have a lot of Disadvantages pertaining to them as well, such as,
- Cold Atmosphere: One of the most disputable differences between modes of business is the relationship between customer and seller. In the Offline mode of business, the business owner is rather polite and portrays his care towards what the user needs and what are his demands. In the other scenario, in the case of online business, the user, as well as the buyer, are unable to guess out the tone of speech the other party is using, thereby adding to the monotonous cold atmosphere around. This cold atmosphere can act as a barrier to your successful business online.
- State of Chaos: There are numerous items that are available over the Internet. The chances of you trying every other product are next to impossible. In the Online world, the rule of “trying before buying” is not at all possible. This creates doubt for the customers whether or not to buy the product or not thereby impacting the sales of the business.
- Competition and Productivity: The market has a lot of competitors as and when compared to the competitors in the Offline business market. Online markets have fewer chances of getting trusted as and when compared to Offline Business Markets.
When operating a physical store, there are fixed hours of work with a fixed working schedule and improved positive productivity. In online business, you have 24/7 hours with you, what you actually need to do is manage it. If you are able to manage your work correctly, then you can also manage your productivity with it.
These were some of the advantages as well as some disadvantages of running a Business in the current ongoing scenario.
You may also like,