Why it’s time to pivot your business ONLINE

(Michigan Chronicle)—Businesses, it’s time to level up.

Described as a “shift or turn in a new direction,” pivoting is a strong need for change in a company that is not only a strategic business move but could bring immeasurable benefits in the long run.

Since the COVID-19 pandemic, many companies had no choice but to shift into a new mindset or change their priorities to enable their businesses to thrive.

Pivoting a company to an online market, while embracing adaptable technologies, is one of the many decisions that can help set up a business for success.

TMS, a development hub for web applications, wrote that there are many ways company pivots develop, and many factors that can prompt a business pivot in addition to the shift to online.

“A well-executed pivot can be inspiring to witness,” according to the article. “This successful business strategy has helped dying corporations rise from the ashes. Pivots can have dramatic and highly profitable effects for small businesses too. These kinds of changes could be just what your customers are looking for.

“Business pivots involve a measure of risk. They require a balance of boldness and planning. The key is to keep part of the business stable and supported and part agile and moving. The most successful companies achieve this with bold, lateral thinking maneuvers.”

Some pivots could be a change in a target customer market, distribution channel or pricing strategy, too, which could help online businesses “adapt to changing circumstances.”

Thinking about shifting to the online marketplace? Forbes said it can be done easily, especially if it’s a small business.

Here’s how:

Use social media to your advantage and create (if you haven’t already) a business account and boost the company’s wares and image online.

Tell customers low shopping online is a big benefit.

Created a communication strategy announcing the change.

Continue open communication channels with existing customers while bring on new customers.

Build or upgrade your website with platforms like Shopify, Squarespace, and Wix.

Add on online store/delivery or pickup to your current website.

McKinsey & Company noted in an article that overcoming digital inequities (especially for Black businesses) is not the easiest thing to do.

“Digital capabilities will increase Black entrepreneurs’ share of opportunities, but the corresponding business services are long-unmet needs,” per the article. “Many Black-owned businesses lack the rescoures to hire service providers that can help them digitize their businessessses, but private-sector and social-sector organization can provide free technology services and managerial assistance. Free or subsidized installation, tech support and staff training can help Black-owned businesses acquire more digital capabilities and become more able to share this knowledge with other Black-owned businesses in their communities.”

Black-owned bookstore Source Booksellers’ owner Janet Webster-Jones previously told the Michigan Chronicle that transitioning to online sales made a big difference in the business that she operates with her daughter—though she still likes the in-person touch.

“Coming in person is much greater than an [online] buy-sell situation,” she said, adding that while she prefers in-person camaraderie and relationship building, the pandemic forced her hand to “quickly pivot” to online sales.

The bookstore, located at 4240 Cass Ave., purposely chose to not go the online route beforehand but coming out on the other side, she has the best of both worlds. That really kept us going,” she said of the over year-long experience. “The online store generated more [customers]. The pandemic changed everything [and] caused a lot of new ways of …thinking new action plans.”

The Washington Post reported statistics of others who shared similar thoughts to preferring in-person business to online.

Even though in the last couple of years there has been a dramatic turn in online shopping roughly 90 percent of U.S. commerce happens offline.

“Small businesses, including restaurants, bookstores and yoga studios, have long earned their keep through brick-and-mortar operations build on attracting customers to come in, gather, mingle and spend money,” the article noted while recognizing the pandemic (and endemic) is putting alight dent in those numbers.

CNBC reported that retail returns increased to an average of 16.6 percent in 2021 in comparison to 10.6 percent a year ago, based on a survey by the National Retail Federation and Appriss Retail.

That totals up to over $761 billion of merchandise that retailers think will end up back at stores and warehouses, according to the article.

“As online sales increase, the return rate has also increased significantly, and I don’t think it’s a secondary problem anymore,” said Mehmet Sekip Altug, an associate business professor at George Mason University, in the article.

The post Why it’s time to pivot your business ONLINE appeared first on New Pittsburgh Courier.