Even though the COVID-19 pandemic has been catastrophic, a booming online business industry has emerged amid the chaos. Despite the economic hardships, thousands, if not millions, of savvy Filipinos have found success in using online business. Don’t worry too, it’s not too late and you still have time to take advantage of this opportunity.

The increasing internet industry has certainly piqued your interest in online retailing. You’re not the only one who’s experienced this. Thousands of Filipinos have entered the market as online sellers and have achieved remarkable success. The information in this post is beneficial to anyone selling online for the first time or an experienced seller wishing to expand your offerings. After all, there are many marketplaces in the Philippines.

See also: How to start an Online Business?

What’s Online Business?

In essence, online business happens when money is earned through entrepreneurship by engaging in Internet-based business activities. Another way of putting it is any firm that sells products, services, or advertising online is considered an online business.

An online business, as opposed to a website, sells products over the Internet’s worldwide communications infrastructure. Advertising is a major source of income for many online businesses. Usually, these can be found in either Lazada or Shopee.

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Online Business Threats in the Philippines

There are many benefits in going into online businesses, however, it isn’t exactly the easiest thing in the world. There are a number of considerations and threats that you, as a businessman, need to  prepare for in order to really set yourself on the path to business success.

E-Commerce Online Security 

Globally, the number of people using the Internet is rising. As a result of this, the risk of hacking and data phishing is increasing as well. Stronger passwords and the use of a multi-layered security system on your website are good choices for protecting your organization.

Customer Relations

Customer dissatisfaction is a primary cause of businesses losing clients and going out of business. Even if they do run into problems, they are usually minor and can be fixed with no effort. Product and payment issues are the most frequently raised grievances. 

This is exactly why having good customer relations is good. A company’s first priority should be to satisfy its customers. Intuitive features such as personalization, chatbots, and quick response mechanisms promise to enhance the client experience while also increasing loyalty.

Intellectual Property

Intellectual property are properties of your company which are copy-righted, and always met with the dangers of theft. Logos, motos, and even product descriptions are examples of company intellectual property that are susceptible to infringement. Reducing these hazards and infringement can be accomplished by a legal examination and patenting of your content and websites.

Product Logistics

An extensive study has revealed that many internet buyers value early and guaranteed delivery dates. Proper stock management will help a great deal if your company runs out of products. Deliveries made with the help of experienced logistics companies could be dropped correctly and on schedule.

E-Commerce Website Marketing

Algorithm changes on search engines like Google can genuinely put a website’s traffic in jeopardy. To avoid this, your company can implement a well-thought-out marketing strategy, optimize homepages with keywords, and market via social media. Without consistent marketing efforts, your e-commerce business might not get the traction it needs to survive and to grow.

Online Business Opportunities in the Philippines

While there are many threats to online businesses, there are also many opportunities that can boost your company’s growth. So what are the different opportunities online businesses face in the Philippines?

High Nationwide Online Presence

Because of their high internet penetration and high social media activity, the Filipinos are unique in the Southeast asian region. 73 million Filipinos have internet access, and 99 percent of those are active on social media. With this in mind, there’s already a pretty strong potential market that you can take advantage of. Those Filipinos might just be the future customers that’ll drive your business to success.

Product Visualization

Consumer shopping habits have shifted as a result of the demise of brick-and-mortar retail outlets. While this is going on, customers may not want to handle or test out products or services before making a purchase decision making it hard for them to visualize products. This is where e-commerce technologies can help cater to this difficulty.

E-commerce businesses can enhance the experience of customers online with the use of  engaging product visualizations. This can be done through the use of interactive digital content, AI chatbots, motion in product images, among many many others. Modern technology can make elevating the user experience not only possible, but very accessible, so why not take advantage?

Omnichannel Business Strategies

Today’s shopping habits are shaped by consumer behavior, including how they handle safety precautions when making purchases of goods or services. Businesses must be adaptable when it comes to providing clients who are away from the office with multiple ways to interact. Because of this, the omnichannel strategy is necessary. Customers want a smooth experience across all channels.

Customer interaction and transaction options will be expanded with the omnichannel approach, which integrates online and offline channels. Omnichannel alternatives could attract a considerably larger number of clients in the future if they choose seamless multi-channel systems today.

Personalized Experiences for Customers

E-commerce personalisation is on the rise, thanks to the increased use of e-commerce during COVID-19. Personalized e-commerce experiences are delivered to customers based on their behavioral, demographic, and geographic data through e-commerce personalization.

By processing your customers’ data, you can better target their changing demands. You can also provide relevant and tailored content and services that make your customers feel valued and heard, all of which influence them to become loyal customers.

Customer Service Tools

The number of consumer queries has never been higher than it is right now due to the financial crisis. The new COVID-19 policies have altered corporate operations and consumer habits, resulting in a wide range of customer demands and requirements. As a result, providing excellent customer service is critical. Make use of your commerce site’s e-commerce customer support platform to maximize profits. 

It must be able to handle the growing contact volume of queries while also responding quickly, solving problems, and treating customers with care. Customer service competitiveness and productivity will increase as your system and team improve. This will keep your best practices in customer service. 

Using an e-commerce customer support software or engaging customer service outsourcing organizations could definitely help with improving assistance facilitation.

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How to Grow Your Online Business

Now that you’ve learned about the different threats and opportunities that online businesses have in the Philippines, you’re now probably wondering what direct actions you yourself can take to grow your online business. Luckily, this article will still help you do exactly that. Here are some steps you can take to grow your online business.

Identify your Niche and Come up with a Business that Stands Out

If you know anything about marketing, you’ve probably heard that finding your niche is critical to the success of your company. Your business will benefit more from a niche or micro-niche that is narrower in scope. 

To expand your business, you must give customers what they want once you have identified your target market and niche. Knowledge of your market will assist you in developing well-structured and detailed plans and strategies for your company’s growth. 

Having a distinct brand is also beneficial. To be successful, you must, however, make sure that your distinctive brand is in high demand in your specialized market. You must be distinctive in today’s online marketplace. It’s possible that when the initial excitement fades, your firm will suffer if you aren’t marketing to a certain niche audience.

Get to Know Your Target Audience

Concentrate your efforts on marketing to a specific demographic or audience. You get the best quality for your visitors the more you streamline your content, goods, and services for a more focused demographic. You’ll be able to focus on individuals who are most likely to become customers. The type of material you develop and the brands you stock will be influenced by your target demographic. 

If you want the best chances of success, you’ll have to figure this out. Many fledgling firms make the blunder of attempting to appeal to “everyone.” Thus, random marketing strategies often result, which end up being quite costly in the end. Focus on those who stand to gain the most from the venture. 

Knowing your audience today will save you a lot of money later on when you’re ready to invest in paid advertising. By limiting the audience, you can only reach individuals who are most likely to make a purchase.

Produce High-Quality Content for Your Business

In anything from a company-wide description or a simple product description, creating high-quality material is critical. It’s all about getting the audience’s attention and offering them the information they both need and want. Keep readers engaged by delivering the information in an engaging manner. You can do things like   avoiding text blocks and using headers to separate your points but those are just the beginning.

Remaining factual in your material is another critical consideration. Use evidence you can collaborate with other sources wherever possible. In an era where “fake news” is thrown about a lot, you want to make sure that your company is perceived as a reliable source. Your company wants to be seen as a reliable, trusted, and legitimate leader in its industry. 

Give Video Marketing A Shot

Video marketing is one of the most effective strategies to grow your online business. Following a video commercial, customers are more likely to take action than after viewing any other form of advertisement.

In fact, 64% of buyers are more likely to make a purchase after seeing a branded video ad than not. In addition, video commercials are thought to help enterprises develop by 49% faster than they would without them. YouTube and webinars are common places to use video as part of your Digital Marketing plan.

Diversify Your Business

The most common way to expand a company is to diversify the company’s operations. The inclusion of things that assist you in attracting a wider audience or taking advantage of current traffic is not a bad thing. By diversifying your firm, you can increase revenue while also protecting your organization from market changes. Keep your company adaptable to new trends and paradigm shifts.

You can do this through a number of methods like integrating Ads into your company’s website, growing a revenue-generating YouTube account, and many more. It simply requires an integration of dedication, creativity, and a strong desire to grow.

Network and Establish Partnerships

The best method to share the content marketing burden is through partnerships with complementary companies. You basically ride on the coattails of another company’s success and profit from their clientele. Of course, both parties must benefit. 

Aside from that, you’ve effectively doubled your audience reach with very little more work. If you wish to expand your business, you can explore a wide range of cooperation opportunities, including joint webinars, co-marketing, and even events. The options are limitless. The more creative your approach to content marketing sharing, the more successful your company will be.

Actively Participate in Relevant Online Communities

Forums and answer websites are examples of online communities. These are the sites where people go to ask questions, socialize, discover new information, and experiment with new ideas.  There are numerous well-known online communities, such as Reddit, Quora, and TripAdvisor.

These groups put you in touch with others in your company’s industry who are passionate about the same things you are. You don’t have to pay anything to join, but you will have to devote some of your time to gaining respect.

To begin, identify which communities are most relevant to your business and where your potential clients go to find information or answers. Please refrain from over-posting links to your website in these public discussion areas. Credibility can be built by providing valuable material and mentioning your company or website.

Try Out Paid Marketing Services

When it comes to expanding your company’s internet presence, paid media is a good option. With a minimal expenditure, you can get the word out about your company to a large number of individuals. Platforms like Instagram and Facebook allow you to reach the correct audience and develop your business without having to do any work. To entice individuals to invest in your company, your advertisement must be eye-catching and of high quality.

If you’re going to spend money on sponsored media, you need to pay attention to the type of material you’re putting out there.Paid media, on the other hand, accomplishes one thing regardless: it spreads the word. Your business and online sales will grow as more people become aware of your online venture.

Make Use of Affiliate Marketing

Online retailers (advertisers) pay a commission to a referrer when customers buy a product using their referral link when using affiliate marketing. Affiliate marketing is a great way to partner with other successful online sellers. These marketers will promote your products and generate you sales in exchange for a commission.

To keep track of referral activity and pay out your affiliates, you’ll need an affiliate management system. Listed below are our picks for the top affiliate management and tracking tools available.Additionally, you can earn money from your content by promoting the goods and services of others. To get started, check out our affiliate marketing guide, which includes all the information you’ll need.

Attract Customers Using Social Proof

According to social proof theory, people follow the behavior of others because they believe it is representative of the correct way to behave. By demonstrating to customers that other people have already trusted your company, you take advantage of this phenomena. For example, a company can share about their subscription base or the number of customers they’ve served by releasing statistics showing how many subscribers they have.

Charge Fair Prices for your Products

While it would be wonderful to provide free assistance to as many people as possible, you must also take care of your family and pay your bills. You should be compensated fairly if you bring value and assist others. Keep in mind that you’re creating a business, and a business that doesn’t generate revenue isn’t one. 

The internet has some dishonest people, but that is true in any industry. They should be ashamed of themselves. Your rates will be justified as long as you keep your focus on servicing and adding value to your customers’ lives.

Grow Your Business Even More With Ginee

While all these growth tips are important, maintaining an online business will take a large amount of your time and effort, making the whole process stressful and unfulfilling. This is especially true for businesses with multiple stores on various platforms. But don’t worry, Ginee Philippines is here to help you. Your management process will be streamlined in no time with Ginee Philippines’ business optimization solutions.

More than 50,000 firms in Asia utilize Ginee to make their operations run more smoothly. So, what are you still sitting there thinking about? Start working on it right away and sign-up with Ginee today! With Ginee’s help, you can get started on the road to success.

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