The Global business online took a boom was evident when the companies such as Ola with no cab of its own was worth $5 billion; Alibaba with no inventory of its own is valued at $215 billion; Zomato with no restaurants of their own is priced at $660 million & OYO rooms without any stays or their own is a hefty $200-300 million Company. These are just a few examples and the number of such enterprises seems to be growing steadily.
The idea around online business was convenience, the convenience to get a cab service anytime anywhere, convenience to get inventory anytime, convenience to get food on time and the ease of booking a decent stay. So while the brick and mortar shops were busy tapping real products the online giants tapped on convenience and then it was a matter of matchmaking people with product.
In today’s market to the traditional entrepreneur the valuation based on user base must be totally nonsensical. But it really is worth since a business runs on its customers and it’s value always remains supreme.
To many it is surprising to know that multi million dollars worth companies like OLA are still registering loss and it was very recently when Amazon recorded profit for the first time in 21 years of being in business.
The idea of these multi million worth businesses still being in loss but being able to get rounds of investment is enthralling. Now these all have been the talks about businesses that made big with Investor support. How about existing businesses which are currently operating by traditional methods. Do these businesses qualify to fit in this virtual world of convenience sale? Yes they do.
The e-commerce industry boomed and many mortar shops started selling Online through Amazon, Flipkart, EBay or their own online store.
Digital Marketing is fast making a place in even small business marketing budget and rightly so because of its low cost and greater reach. Across all vertical of industries the online presence has become a compulsory attendance since the convenience seeking buyer of today needs all information in the blink of an eye and there is no far reaching, target oriented, low cost Marketing strategy than Digital Marketing.