myPOS blog COVID-19 Tips

Why 2020 is the perfect time to do business online

The start of 2020 is certainly quite different than what most of us expected.

Although the gradual shift towards a dominating online world has been vivid in recent years, the first couple of months of the year truly showed us the importance of having an online business presence and operation.

Considering the impact of COVID-19 around the world, the survival of a number of small and medium-sized businesses may be entirely dependent on shifting to the online arena.

Coronavirus is one example of how a time of crisis can heavily influence the way business is done. A lot of physical businesses such as restaurants, coffee shops, gift shops, book stores, and more are forced to rethink their strategy and come up with alternative ways of working.

Let’s see why doing business online in such times is one of the best ideas to keep your workflow and save your business:

1. A change in consumer behaviour

The majority of consumers are shifting their shopping preferences from offline to online in 2020 due to concerns over health and safety. 

Anything from clothes, entertainment, equipment, cosmetics and other products we need daily are likely to be purchased online.

For small and medium-sized businesses, this is an opportunity to create an eCommerce shop and consider reaching clients digitally.

2. A flexible way to do business

Apart from selling goods and services to clients, the online world opens up many opportunities to make extra profit and win loyal customers.

For instance, you could turn your business website into a profit-making machine by creating a blog to inform your visitors about relevant topics, you could create e-tutorials, or expand your business into a new field without the need to invest in rent for a physical location or have monthly office expenditures.

3. Access from any part of the world all day, every day

Running a business with a physical location as its main source of profit often limits your growth.

Your clients are likely to be predominantly locals, who have access to your location either via personal or public transportation.

Creating an online business allows you to reach more people via the web and eliminate any geographical boundaries.

Prepare your business to be able to reach and satisfy the needs of an increasing number of customers.

Accept payments online, no website needed!

With your free myPOS account you can use Payment request, PayLink, PayButton and more to accept remote payments.

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Tips for moving to an online business

The provided reasons above are only a small fraction of the full list of motives to run an online business. The potential is merely infinite but you do need to prepare well in advance to ensure a smooth transition and guarantee positive results in the long run.

Here are a few tips that may help you get a strong start for your small online business:

  • Create a business website or eCommerce shop: Regardless of your field of offering, make sure that you start with a legitimate website where your clients can find you.
  • Accept remote payments even without a website: Even if you’re not ready to invest in an online shop, payment instruments such as PayLinks, PayButton and Payment Request will enable you to send payment links to your customers or business partners and get paid from any part of the world. Nice, isn’t it?
  • Find a payments partner that will help you grow: The beauty of an online business is that it relies on online payments instead of cash. Partner with a reliable provider that can offer a seamless and all-in-one payment solution to suit your card payments online. A payment provider like myPOS will not only give you the right payment tools, but offer you a free online account, paired with a business debit card, and immediate settlement of all received payments. 
  • Take advantage of social media: Social presence is essential both for online and offline businesses. However, in the case of online businesses, it is the only way that your clients can find you and purchase goods or services from you. Make sure that you have a stable and reliable social media strategy and be clever about marketing on Facebook, Instagram, Twitter, LinkedIn and other channels that may be relevant to your business.

We can never be too certain about what the future has in store for us.

However, equipping yourself with a flexible plan can save your business in difficult times and open up new opportunities for growth. 2020 is welcoming us to change our current ways of thinking and explore new ways to stay active on the market.

Embrace the potential of the online world and think about how your business can position itself in the digital arena.

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