Jul 29 2024
Next Big Thing In Online Business

Next Big Thing In Online Business

In the world of online business, the trends keep changing from time to time. These trends are mostly influenced by certain factors like technological innovations and advancements, evolving consumer behavior, economic conditions, external environment, and market dynamics. Certain trends in these online businesses can permanently transform their functioning.

By knowing and incorporating these latest trends into your business, you can surely achieve growth and success in the competitive market. So, let’s have a look at the next big thing in online business.

 

Live Commerce

Live commerce or live streaming commerce helps online businesses to directly connect with their customers and have dynamic, real-time interaction via live video streaming.  It facilitates the online sellers to demonstrate their products to the customers and respond to their queries and concerns on the spot. Thus it helps them to craft a very engaging, entertaining, and satisfying shopping experience for their customers. This builds customer trust and reduces their product scepticism and buying hesitation which escalates the conversion rate, dramatically.

 

 

Q-Commerce

 

It leverages advanced logistics and technology to provide ultra-fast delivery of goods and services to customers which could even be minutes within the order placement. This convenience enhances customer satisfaction and makes them return again and again to make their purchases which results in a boost in sales volume and customer loyalty. In this hectic world, online businesses that incorporate Q-Commerce will stay competitive in the market.

 

 

Live Chat Bots

 

The live chatbots are immensely valuable for online businesses. Unlike humans, they can handle high-volume queries simultaneously and seamlessly. They offer multilingual customer support and are much faster and more efficient while being available 24/7 with the same energy levels and maintaining a positive customer experience. They are also becoming more crucial for monitoring and gathering customer data as well as generating leads.

 

 

Virtual Showrooms and Stores

 

Virtual showrooms and stores offer a myriad of benefits to both online sellers and their customers. They employ virtual reality (VR) and augmented reality (AR) technologies to help the shoppers virtually visualize the product to check their look in real life. They can be conveniently accessed whenever and wherever the customers want. This kind of immersive shopping experience for customers helps to mitigate their buying reluctance, doubts, or uncertainties associated with online shopping as well as drives sales and enhances business growth for the sellers.

 

Virtual Experiences In The Metaverse

It facilitates enhanced customer engagement more compelling than traditional online shopping experiences by allowing the customers to interact with products or services in real-time in the virtual space. This virtual experience apparently mimics that of shopping in person as well as offers benefits such as personalization, social interaction with other customers, virtual try-ons, etc.

Virtual experiences are also advantageous for online businesses as they can be employed for marketing campaigns and product launches. It allows them to do business at a global level without having to establish any store.

 

Personalization With AI

Online businesses today increasingly utilize Artificial Intelligence technology to offer personalized shopping experiences to their customers. This technology collects massive data of their customers such as their interests, preferences and behaviors, previously viewed products, browsing history, and past purchases, and analyzes them to offer personalized product recommendations. AI technology also offers proactive customer service by employing predictive analytics to forecast future customer behavior.

This pleases and satisfies customers which accelerates sales and makes them keep coming back for more. This eventually accelerates the sales and revenue of the online businesses.

 

Voice Commerce

Voice commerce or v-commerce, enables online shoppers to conveniently browse products, and check the availability with only voice command. It does not require customers to type or navigate through and thus creates a totally seamless, intuitive, and hands-free shopping experience which is immensely beneficial when the shopper is occupied or busy multitasking. It can not only save time for customers but also increase their engagement through interactive personalized product recommendations and promotional offers based on their preferences.

 

Social Commerce

Social Commerce is all about the integration of social media with online business platforms so that when the users happen to see or discover a product and its review on social media, they can directly and conveniently purchase the product then and there without having to leave the social media platform. For businesses, social commerce is a great way to drive sales by evoking trust through the influence of social proof and endorsements, building a community around their brand as well as targeted advertising.

 

Visual Search      

Visual search is becoming all the time more significant in online business as it lets users search the products with ease, using only visuals. This helps to find the exact product that the customer is seeking as the visuals help to match their preferences with high accuracy. This is particularly useful for customers looking for certain colors and designs of products for fashion or home decor, which could be hard to find by typing keywords.

These are a few “next big things”, that although unpredictable have the potential to shape the future of online businesses.

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Jul 29 2024
How Do Business Awards Attract Customers?

How Do Business Awards Attract Customers?

Businesses employ several strategies to attract customers such as conducting targeted advertising and marketing campaigns, offering discounts, and referral incentives, carrying out loyalty programs and promotions, leveraging online presence, sponsoring local events, etc. However, many companies overlook business awards and their power to attract customers. 

Today let’s see how awards are a great way to attract customers to your business.

Business awards can attract customers like a magnet by,

 

Validating And Building Trust

Trust is the most important factor in not only attracting customers but also retaining them. Awards can strengthen the credibility of the winning company. It can also enhance its brand image and perception. Business awards substantiate the quality and excellence of a product or service offered by the business and differentiate it from the competitors while highlighting its unique features and benefits. Awards establish that the winning company meets the standards set by the industry which impresses the customer and they tend to choose the products of that company over several other similar options in the market.

Business awards help the winning companies reinforce the confidence of their existing customers, making them attracted to their brand again and again. This also reasserts the recognition of the company while strengthening its customers’ brand loyalty.

Consequently, business awards enhance the reputation of the winning company and secure the trust of the customers while persuading and captivating them toward the brand.

 

Providing Free Marketing And Publicity

Businesses put a lot of effort and money into their marketing and advertising because these strategies gain the attention of the customers and familiarise them with a brand. Awards are more advantageous for businesses because they provide free marketing and positive publicity. They can enhance the visibility of the brand through announcements, marketing materials, blog posts, social media posts, and press releases. This boosts brand awareness and popularity even among the target customers who have never heard of that brand before.

Businesses often utilize this free marketing and promotion as a chance to convey and provide detailed information as well as special features, competitive and positive aspects about their products such as what are their unique value proposition, how they cater to the specific needs of customers, offer more value and solve their pain points like no other brands in the market. Business awards are an excellent opportunity for companies to put their brand identity to potential customers and attract them.

 

Highlighting The Innovations And Achievements

Business awards, specifically the ones that recognize innovations and achievements let the world know about the latest technological advancements and innovations achieved by the winning company. This grabs the interest of the broader audience, particularly the target customers, and makes them try the product or service out of curiosity and fascination. In this way, business awards attract the customer by helping the business showcase its achievements and innovation.

Thus, business awards can attract customers toward a brand by establishing trust and reputation, enhancing credibility, providing positive publicity, boosting brand visibility, recognition, and awareness, differentiating from competitors, instigating curiosity, and drawing the attention of potential customers toward the latest innovations and technological advancements.

If you are trying to attract more customers to your business to boost profits and accelerate its growth then consider entering the Global Golden Business Awards – The Ultimate Honour For The Epitome Of Exceptional Excellence, presented by Dhunicorn.

The Global Golden Business Awards is deemed the most prestigious business award as it incredibly enhances the eminence and reputation of the award winners, worldwide. The award validates and showcases the winning businesses as industry leaders to their customers and prospects. So, by winning this award you can win their trust for your business and make them hold it in high regard. Eventually, this will fetch more sales volume, because your prospects will flock to your business when they feel confident that your company offers the best products and services in the market.

 

The categories of The Global Golden Business Awards

 

The Global Pinnacle Award

This award honors the world’s top 10 best-selling products of brands that have not only secured their consumer trust but also demonstrated qualities like innovation, creativity, sustainability, wide global reach, and influence while creating great impact.

 

The Business Legacy Award

This award reveres a business that has not only realized great success but also made a remarkable contribution to the business community that will persist for generations.

 

The Business Impact Award

This award cherishes a business that has carried off a phenomenal accomplishment and thus has made a prodigious difference in the business world that has a strong positive impact on other businesses.

 

The Emerging Star Award

This is a recognition given to an extraordinarily emerging business that has performed excellently while outplaying the saturated market of the existing companies.

 

What are you still waiting for?

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Jul 18 2024
Surviving The Startup Phase: How Adequate Funding Sustains Early-Stage Businesses

Surviving The Startup Phase:
How Adequate Funding Sustains Early-Stage Businesses

Money is an indispensable factor in running a business. Specifically, for early-stage businesses, often called startups, securing adequate funding is critical to turn ideas into viable businesses, get the business off the ground, carry on the day-to-day operations, and fuel the growth.

Let’s understand how adequate funding sustains early-stage businesses or startups.

 

Operational Stability

In the startup phase, a business has to carry out several fundamental responsibilities such as doing market research, developing the products, establishing the manufacturing unit and office, hiring staff, stocking the initial inventory, purchasing machines, furniture, and equipment, paying rent, utilities bill and salaries, carry out marketing and advertising, acquiring initial customers, etc to maintain consistent and reliable performance in its day-to-day operations. All these undertakings are practically impossible without securing adequate funding to cover initial expenses and investments.

 

Scalability

Startups typically struggle to scale their operations mostly due to a lack of sufficient funds. However, it is critical for them to invest in aspects that can boost their capacity, efficiency as well as reach.

It is imperative for a scaling early-stage business to improve its infrastructure by putting up better production facilities and warehouses, and also purchasing additional inventory, equipment, and machinery so that they can increase the production capacity and meet the growing demands of their customers promptly. It may even have to hire additional staff and grow the teams while providing training to the existing employees to seize the market opportunities.

Market Validation

Market validation is essential for a business to assess its market size and potential. It helps businesses to figure out if the products or services they are launching in the market cater to the needs of the target customers and also if they can prove to be a solution to their pain points. It also lets the businesses ensure that there is enough demand for their product or services in the market before starting their full-scale production. Sufficient funding helps the startup to conduct effective market research and confirm that there is very little risk in launching its product or service.

 

Market Penetration

In order to grow their market share in the current market, startups have to employ various potent strategies to penetrate the market. The early-stage businesses have to carry out robust marketing and promotional campaigns on various channels to boost their brand awareness, visibility, and recognition as well as maintain a positive image, to reach the target customers widely and increase their customer base. They also have to hire a proficient sales team and train them effectively to boost sales and drive revenue. Sufficient funding helps to implement these marketing and sales strategies.

 

Talent Acquisition

Talented employees are imperative for a business to execute its tasks and projects efficiently while bringing in fresh perspectives and creativity. They significantly contribute to remain competitive in the market and achieve business success. However, attracting the best talent is tough for a startup in today’s competitive business world. This is because early-stage businesses mostly are not capable of offering salary packages and benefits equivalent to those of established businesses. So, early-stage businesses require adequate funding so that they can offer competitive salaries to attract skilled and talented people.

 

Buffer Against Risks

Startups have to face more challenges than established businesses. They have to deal with risks caused by market fluctuations, economic downturns, uncertainty in market demand, changing consumer behavior, competitive pressure, and unexpected expenses. Holding adequate funding offers a financial buffer and helps the business to pivot, as and when needed without having to compromise on its core operations while minimizing the impact of such risks.

If you are seeking to secure adequate funds for your startup then try the most trustworthy Business Funding Solutions presented by our company DhuMall.  Its robust and extensive network and collaboration with more than 78,000 public listed companies, investment funds, private equity funds, venture capitalists, angel investors, business incubators, government agencies, various funds, and investors can ensure that you find the best-suited investors for your business needs.

We offer genuine service to our clients by thoroughly assessing their financial requirements and then executing precise research to find and match them with the right investors who are ready to offer the best deals with the most favorable terms at a competitive interest rate.

Also, our expert and highly experienced professionals stand by your side throughout the process of creating a winning pitching deck to ensure that there aren’t any blunders in it that can cause rejection of the business fund application. In this way, DhuMall Business Funding Solutions can fully support you in obtaining funds for your business while averting repetitive denials and disappointments

We offer our reliable and hassle-free service to businesses that seek the following funding rounds:

  • Seed
  • Angel round
  • Series A
  • Series B
  • Series C and beyond
  • Merger & Acquisition
  • IPO
  • Post-IPO
  • Private Placement
  • Other funding

If you are trying to secure adequate funds for sustaining your early-stage business then look no further

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Jul 18 2024
How To Scale Up In An Emerging Market?

How To Scale Up In An Emerging Market?

Growing and expanding a business is a tough undertaking in and of itself. Just imagine how arduous and challenging it can get in an emerging market!

However, successful businessmen always recognize that emerging markets not only pose challenges but also offer excellent opportunities. So, they employ some smart strategies to make the most of these opportunities and scale up their businesses in such volatile and fragile markets.

Let’s go through some of these strategies.

 

Conducting Thorough Market Research

The emerging markets are fiercely competitive so in-depth market research and analysis are crucial to understand and be conversant about them before taking any steps towards scaling the business in that environment. Businesses must be informed about the market such as its size, composition, potential, saturation, trends, supply and demand situation, economic indicators, as well as segmentation.

Apart from the market dynamics, it is important for businesses to collect comprehensive data about the customers, their behavior, pain points, needs, expectations, preferences, and desires. Likewise, is also essential to identify and monitor the competitors, the strategies they employ, their strengths and weaknesses, etc. Having a profound awareness of the market can help them create their value proposition, set pricing, and find suitable distribution channels.

 

Securing Adequate Funds

Expanding business operations entails hiring more staff, establishing branches at multiple locations, developing new products, purchasing equipment, and machinery, increasing production capacity, entering new markets, carrying out promotional campaigns, undertaking mergers and acquisitions, etc. To execute these activities, businesses must procure enough funds according to their goals, and requirements, so that they can scale up smoothly without any financial obstacles.

To secure sufficient funds, businesses can leverage various government programs and grants, approach local investors and venture capitalists, seek loans from regional financial institutions, or explore crowdfunding platforms and other funding sources.

Businesses can ensure successful funds procurement by creating a winning pitching deck that shows traction and incorporates information about the company team, and existing competition in the market, as well as ropes in a well-structured budget outline with accurate revenue projections, expense breakdown, return on investment (ROI) projections, profit and loss statement, cash flow statement, break-even analysis, and contingency plans.

 

Becoming More Adaptable

To achieve successful business expansion specifically in an emerging market, the businesses must transform their business model accordingly while retaining their core business propositions. They must also be aware of the economic, socio-political, and environmental risks and uncertainties of such markets and proactively get prepared to face and flexibly adapt to them.

They also must gear up to face the issues related to regulatory, legal, and ethical matters that can potentially impact the compliance and reputation of their companies. Moreover, they must also deal with the internal challenges that may come up as the business grows further.

 

Adopting an Innovative Approach

Emerging markets are highly competitive and so here, to keep ahead of the competition businesses must remain innovative to achieve growth and expansion. Businesses must keep innovating to develop new and unique products and services as well as improve the existing ones so that they fulfill the unmet desires and preferences of the customers that their competitors failed to do.

Being innovative can offer a competitive advantage to the business that aims to scale up successfully in an emerging market. It also makes the business resilient preparing it to navigate smoothly through economic downturns and shifting consumer behavior.

To adopt an innovative approach, businesses must persistently look for the gaps and also anticipate shifts and trends in the market to experiment, and come up with new ideas, designs, features, uses, or solutions so that better value can be provided to the customers.

 

Harnessing Partnerships

Expanding a business in an emerging market can be extremely difficult as the factors and forces are not the same as in the domestic market. By partnering with local businesses and doing co-marketing, and joint promotions brand trust, credibility, awareness, and recognition can be enhanced to grow the customer base dramatically.

By leveraging local partnerships, the expanding businesses can accelerate their chance of achieving success in the emerging market. Such collaborations can offer support in tailoring effective marketing and sales strategies as well as fine-tuning the marketing messaging, and promotional methods to harmonize with the local audience. They can also help in formulating best practices by providing insights and understandings of the local business landscape, its cultural nuances, consumer needs, and behavior while bringing attention to its dos and don’ts, that the expanding business may not be aware of.

Regardless of its size and nature, every business aims for growth because if a business ceases to grow continuously, at one stage it will certainly die. The continuous growth of a business is imperative for its enduring existence. However, sustained business growth is impractical without pushing the boundaries. By applying the above-mentioned functional strategies businesses can scale up in challenging yet opportunity-laden emerging markets with great success.

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