“According to Gartner, in the next five years, U.S. CIOs expect their companies’ digital revenues to grow from 16 percent to 37 percent.” This quote from a recent Entrepreneur is the perfect way to start this article. Why? Because it highlights the need for a strategy around digital revenue. Yes industries like retail and manufacturing end in a physical product, but the concept of online or digital sales is a growing idea for large corporations.
What does this means? It is a big indicator on the future of online business. If large organizations are investing heavily into online marketing and sales, as a small business you should take note. Do you have an online presence? If so how significant is that presence? The ability for small firms to enter a market and profit from a small serviced niche is key to its success.
“Retail continues to be an industry where the “innovate or die” adage has proven true for old giants (think Sports Authority or Circuit City) and has shown its value in creating new ones (like Amazon).” Innovation and in particular creating an online market is key for the future. While many potential clients move to the web and mobile devices to connect with fashion giants, it is a must that your organization follows suit. We are beginning to see companies establish a brick and motor shop only after their online revenues have taken off. This backwards trend will continue to grow and you should take note.
The days of physical in-person shopping is still here but changing. If you’re business hasn’t innovated in a way that keeps your organization competitive, now is the time. The digital market is here and it’s time you take advantage.