India is one of the biggest marketplaces in the world, coming 2nd on the list, with China being on top. The Indian marketplace has so much potential and there is no better time than now for Indian businesses to go digital. If Indian businesses want to grow and expand then digitalization is the only way to achieve this objective. Let’s have a closer look at the reasons why businesses in India need to go digital:
Going digital means that businesses can reach out to a bigger market. After the pandemic, the only way to survive for most businesses was to go digital and businesses who successfully made the transition or were already digital made huge profits from this. It is a dire need for businesses in India to go digital as it would help them reach a bigger market since most consumers now prefer to buy things through their smartphones instead of going to the store and buying those things.
You have examples of websites like Flipkart, Tomato, Swiggy, MagicBricks, all of which benefited from their transition over to the digital world. Their transition over to Digital World not only helped them to reach out to bigger markets but also increased their revenues substantially.
A very obvious benefit of going digital that most people are familiar with, yet they ignore it is that it helps to move towards a cashless economy. When businesses are launching online stores then it means that consumers can pay directly for the goods and services through the digital form of payment instead of paying in the form of cash.
Digital transactions are easier for both the consumers and all of the businesses since transactions can be made in just a few seconds. Along with this, a cashless economy or digital economy also reduces the costs of currency pricing, eliminates fake currency, and also prevents illegal activities like tax evasion since cash can be easily carried around.
Even the Government of India has recognized the potential of a cashless economy and is doing efforts by introducing several schemes and programs that will help promote digital payments in businesses.
Another very obvious benefit of going digital for businesses is that they can try to eliminate paper from their offices and daily operations and instead rely on digital products and services. Instead of using paper documents and paper products, businesses can instead use digital documents like PDF or Word for their operations.
The benefit of using these digital documents is that they are much easier to manage because there are numerous free tools available like Merge PDF that allows you to instantly merge different PDF documents in no time and Compress PDF which lets you compress the size of different PDF files for free. Plus, these also reduce the usage of paper in the office which is always good for the environment, and nowadays, customers prefer to receive receipts, invoices, and other material in digital form instead of paper.
This can also be a good marketing move for your business since you can market your brand or business as paperless and eco-friendly.
The digital world has also made marketing so much easier than it used to. Previously, the main source of advertisement and marketing were fliers, TV, Radio, and newspapers. The problem with this was that consumers may or may not see these sources. For instance, a customer may or may not see a particular flier or a customer may read the newspaper one day but on the next day he does not read it.
With the digital world, advertising and marketing have become so much easier. Digital marketing methods not only improve the visibility of your product but with features like targeted advertising and targeted audience, you can make sure that your ads reach out only to those people that are actually interested in your products which helps to increase the sales.
Whenever you are working with physical documents then are a number of vulnerabilities and security issues involved such as the user data falling into wrong hands or the strategy of a company leaked out whereas by going digital, businesses needn’t worry about the security of their data since modern-day security restrictions can easily secure the data at a place where it is not accessible to anyone.
All over the world businesses have switched over to digital mode and this is helping them out with their daily operations.
featured Image Credits: Photo by Nick Morrison on Unsplash
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