In 1970, the world witnessed the beginning of an era that would become known as the digital age. Characterized by unprecedented innovation and inventions, it revolutionized every market by introducing software with capabilities that exceed any human talents. Nowadays, those tools have become the standard resources employed by practically every business on Earth.
One of the more recent stages of the digital age brought about the relocation of face-to-face transactions to online spheres. For instance, brick-and-mortar stores are gradually being replaced by online retailers who leverage the internet. It is also just a matter of time before paper-based marketing goes extinct and online advertising takes its rightful place. Notwithstanding, a relatively high number of companies are unbelievably slow to transition their operations to digital outlets. While there are countless reasons why doing so is an enormous mistake, the following five summarize them well.
Rising Online Sales
As per the manufacturing and licensing company seasoned in its service sector, Fazt Tech, the rise of online sales remains unparalleled even in 2019. Just in the past year, U.S. buyers spent a whopping $517.36 billion on various e-commerce outlets. That figure accounted for 14.3 percent of the entire revenue from all sales. Since the online retailing industry has only had about a decade to developed, it is unfathomable that it has already claimed one-seventh of this trillion-dollar market. Not to mention that online selling is growing at a rate of about 15 percent per year. According to Fazt Tech, This is proven by the fact that the $517.36 billion was only $449.88 billion just one year before.
Due to the trends showcased by these numbers, not building a digital brand is incredibly risky. In fact, it will lead to an unavoidable risk of obsolescence that could take place when a more innovative competitor overtakes the market.
The Competitors Have It
If business owners are okay with neglecting every single dollar figure, they should still have a positive digital brand for one single reason – their competitors have it. Anyone doubting the said claim can effortlessly find evidence by looking up practically any company that has an established client base. This is because repeat customers and positive digital brands have slowly morphed into the modern equivalent of word of mouth recommendations. That means that building a loyal base of buyers without any form of digital presence is essentially impossible nowadays.
Trends in the Online Presence of Consumers
According to Statista, total social media users in 2010 were under one billion. In 2018, that number went up to 2.65 billion. Current projections show that it will break the three-billion mark in less than a year. Although many of those users do not translate to customers, there is certainly enough eligible buyers to incentivize companies to create digital brands that radiate positivity. Taking that approach will also help them streamline marketing, feedback, and awareness projects. Consider, for example, how much easier it is to find buyers when marketing on a platform such as social media where an average user spends two hours per day.
Strong First Impression
The positive appeal of a digital brand is significant because it will facilitate a favorable first impression. Many buyers who utilize e-commerce do not have real-life experience with companies that they are buying from. Fazt Tech explains this as the curse of the digital age where online research and offering is more than enough to initiate transactions. Well, if someone’s digital presence is non-existent or has a lack of positive appeal, the buyer will immediately be less motivated to transact with them. They may decide to find some other provider whose website or marketing makes them feel more comfortable. Once that happens, those revenues and any further profits from the said consumer may be permanently lost.
Building Rapport with Buyers
The fifth reason to maintain a positive digital brand boils down to customer service and satisfaction. While most professional companies employ customer support lines, some market leaders have switched to digital correspondence. For instance, Amazon and a lot of large banks now have live chat options where concerns or complaints can be sent to an actual representative. Doing so helps avoid the need to get on the phone and wait for an available agent. It is also a much better alternative from the perspective of paper trails as online communication leaves downloadable evidence.
Based on the increased level of convenience offered by digital customer service, it is not uncommon to see improved satisfaction rates. In turn, more satisfaction will facilitate a spike in the number of loyal customers that usually trigger predictable revenues through repeat transactions. This notion is founded on the fact that positive experiences are the most essential building block of customer rapport. Merely having a digital brand, however, is just the beginning. Companies must spend enough time and money on training employees and implementing advanced resources to truly reap the benefits of a positive online presence.