There’s no doubt that business confidence has taken a sustained hit throughout the Covid-19 pandemic, with this trend unlikely to change in the near-term with further restrictions and lockdown measures in place.
So, while the most recent findings revealed that business confidence in the UK actually improved for the third consecutive month in August, it remains mired in negative territory.
This isn’t great news for businesses, particularly those that are also looking to adapt to technological advancements and compete on new terrain. We’ll explore this further below, by asking how tech has changed how businesses compete on a regular basis.
The Rise of Social Media
If you really want to compete in your chosen marketplace, you can no longer avoid to exist in a vacuum or exclusively offline.
This is borne out by the statistics, with an estimated 71% of all small-to-medium sized companies now using social media to market themselves. What’s more, 52% of these firms post to social media on a daily basis, and this has created a whole new battleground on which firms must compete for customers.
It’s therefore crucial that you create a viable social media presence, initially by targeting the sites through which your target audience is most likely to be active. You’ll also need to commit to creating content on a daily basis, in order to drive engagement and build relationships with potential customers.
If you’re not proficient or confident in this respect, we’d recommend outsourcing your social media output and tapping into the relevant expertise as you look to grow.
Offering Access to Products and Services Online
On a similar note, the ecommerce market in the UK has continued to grow in recent times, while its most recent expansion has arguably been accelerated by the coronavirus pandemic.
More specifically, it’s thought that the outbreak is expected to add £5.3 billion to UK ecommerce sales to create total revenue of £78.9 billion, encouraging firms to invest even more capital online.
With this mind, firms that want to compete must make their products and services widely available and accessible online, with few sectors showcasing the importance of this as effectively as the financial trading space.
For example, forex traders can now access key assets and pairings through both online and mobile platforms, affording them the same opportunities as desktop and corporeal traders.
Embracing the Rise of Mobile Solutions
Mcommerce has also experienced a boom as a result of the coronavirus pandemic, with Business Insider intelligence forecasting that this market will achieve a cumulative value of $284 billion by the year 2020.
Interestingly, this will account for 45% of the total ecommerce space in North America, and it’s likely that mobile purchases will become increasingly dominant in the coming months and years.
This is a key trend for business-owners to yield, as they must now compete for a share in the rising number of customers who regularly search for and buy items through a smartphone or tablet.
If you don’t adapt to this by investing in a responsive and mobile-friendly design (or app), you’re likely to lose customers and considerable ground on your rivals.