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The global pandemic has resulted in a great many changes to our day-to-day lives. Some we will shed as fast as we can, others will probably stay with us forever. One thing is for certain, the last year a half has left an impact that will definitely be felt for a long time.
A little over a year ago, online shopping was gaining steam, but still mostly used as a way to get specialized items. Today, it’s how most of us get our necessities—and it looks like it’s here to stay.
Source Statistics Canada
Many of the Brick-and-Mortar stores that closed temporarily back in March of 2020, will likely never open again. The ones that have remained open have been forced to innovate to survive. Innovation, in this case, means doing something that has long been considered, but never required—transforming to an E-Commerce model.
So how difficult is it for a business to “go online”?
The mechanics for moving your business online are fairly straightforward, and although it’s tempting to dive right in, a more measured approach is definitely recommended. Some things to consider include:
Strategy: A focused approach to growing market share among an audience that may be vastly different from your traditional footfall traffic
Research: Careful research to inform that strategy so you can determine the E-Commerce model that best suits your business needs
Budget: Any way you look at it, an investment will be required to migrate your commerce to E-Commerce. This will help establish your initial costs and your carrying costs to grow online
Following is an example of the typical costs that an E-Commerce business may encounter according to Loans Canada:
|Website Development||$100 – $30,000||Design, SEO, copywriting, etc.|
$500 – $2000
|Management and updating|
|Database Integration||$5,000 – $25,000||Customer, employee & product information|
$5 – $15
|The cost of buying your website name|
$75 – $200
|The fee for the company/program that you use to develop and display your website|
Define your brand so that your company stands out
Secure a payment platform that is safe and easy to use
Online shopping is expected to undergo massive growth. Companies that want to stay relevant and competitive will have to adapt and adopt new methods.
Once you’ve taken the steps necessary to move your business online, just follow the KIS principle, "keep it simple". Don’t try to make your website too complicated or change too much too soon. Try to stay on top of new tools and trends, but don’t let them overwhelm you. Remember, Canadians are great at adapting and finding innovative ways to overcome challenges. We’re here to do our part to help you succeed.