2005 marked a significant milestone with online spending increasing by 22%, signifying a positive trajectory for e-commerce development firms, advertising portals, and their associated industries. The lessons learned from the ‘Dot-Com’ technology crashes of 2000-2001 have led to a more astute consumer base and cautious investors. These factors have collectively contributed to the surge in online spending. The question is; Will the upswing continue into the future and will it be contingent on economic stability?
Offline Businesses Will Suffer Losses to Online Stores
Inevitably, the rise of the internet has cast a shadow over traditional brick-and-mortar high street businesses. These establishments face the challenge of adapting to a landscape where online enterprises vie for customer attention through enticing offerings. The allure of special deals and promotions lures customers to digital storefronts, and as a consequence, offline establishments will see a steady decline in profits. This should act as a clarion call for businesses to develop an online strategy that will take them into the future.
At Sonet Digital, we have observed a mounting trend of businesses, companies and organisations seeking online visibility. No longer is a website a digital brochure. It’s a combination of aesthetics, functionality, usability, and more crucially, search engine optimisation (SEO) services. This strategy is the bedrock for augmenting online profits with sustainable growth.
Final thoughts on the increase in online spending
I have no doubt that online spending for retail goods and services will increase each year and large online retail stores such as Amazon will be at the forefront. This presents an opportunity to transition your offline store onto the web and position your brand in readiness for a digital future.