In the past, if you’d seen one business model, you had seen them all. Basically, you could use the same template for different businesses and even different industries. It always involved the consumer being tempted to purchase a product or service by the electronic or print media channels. Furthermore, it could involve a lengthy process in some cases and hopefully a positive outcome. After that, it was a matter of repeating the process until it was no longer productive.
Fortunately for many businesses, digital practices and technology altered the consumer purchasing landscape. Every step of the business model and the consumer’s buying behavior was streamlined and became more effective. Today, we have something that’s much more convenient, namely online shopping. Just click your mouse until you find the product or service you’re searching for, get out your credit card, and get your item in as little as 24 to 48 hours, depending on the shipping rate you choose.
Thanks to this type of accessibility, the business model has evolved from its traditional format to one of a more linear nature. It’s similar to a moving target except for the fact that it’s driven by digital marketing and the search engines instead of a revolving belt or chain. Despite the fact that digital marketing has simplified the consumer purchasing process by clicking your mouse and taking fewer steps along the way, the ways that you can engage and interact with a business have multiplied in number.
Why do Businesses have to adapt?
One word – survival – is the answer. During the past decade or so, digital marketing has generated higher business visibility, increased more revenues, and stimulated more expansion and growth. However, this should come as no surprise when you consider that we now have mobile as well as desktop search capabilities. In just a few short years, mobile search has overtaken desktop search.
Furthermore, Google has factored mobile-friendliness into its search algorithm. As a result, we now see the following:
• 3 million advertisers are using social media platforms to reach their target market
• 77% of all consumers are reading online reviews prior to buying something
• 93% of all consumer online purchases are influenced by digital marketing
• Cyber Monday online sales reached a record high $3.45 billion in 2016
So if you’re still wondering why businesses have to adapt, try surviving in today’s highly competitive marketplace without it. The other part of the equation is the “who” as in who must adapt. The answer to that would be every brand and/or business has to adapt to digital marketing because it generates multiple expansion and growth opportunities while at the same time providing the consumer audience the benefit of shopping online.