Having a poor or no online presence is a wake-up call for businesses in this world where a third of us come online on regular basis either to collect useful information or to buy stuff online. Simple to say that getting a business or brand out across the internet is a key success factor in this virtual world and online presence means more than creating a simple website with basic business details and contact info. A successful online presence means setting up a comprehensive virtual version of a brand by having a responsive website, social media profiles and availability on different local directories etc. Ignoring this amazing and fertile marketing platform is similar to saying that if a brand or business is not online, customers cannot find it on the web.
As a small business owner if you have no or minimal presence on the web, then you are missing a bunch of opportunities to grow your business. in order to help you make sure you are not missing any opportunity to grow your business online, we have highlighted following points to help you understand how a strong online presence can help a business grow.
Online Presence MakesIt Easier for Potential Customers Come to YouWhen it comes to gather more details or information about a business, people usually search online by using their mobile devices. For instance, either someone is searching for your watch company or another option to buy racing watches at reasonable rates, having a successful online presence will give your business a competitive edge by appearing in the search results. In simple words, there will be no need to put extra efforts to finding your business online because a single Google search can bring your business in front of the potential customers if optimized accordingly.
Build Strong Relationships with Customers
Customers can easily find essential business details and news by visiting the official website of a business or brand. Moreover, availability on social media also helps a brand or company to interact with potential and existing customers in real time. It helps a business build strong relationships and trust as well. Customers can also visit social media profiles and other online communities to check the reviews and customer feedback for their favorite brands before making purchases.
Cost-effective and ExtensiveMarketing Approach
Digital marketing is inexpensive to produce and distribute than traditional marketing approaches and limitless as well. A single advertisement shared on social media can reach to a wider audience as people usually share content within their social circles when found useful and informative as well. In this way, your corporate message can reach to millions even in short span of time and without spending extra bucks. A highly responsive website loaded with problem solving and informative content can also be a great marketing tool for a business these days to secure more leads and sales too.
People these days are tech savvy and they do inclusive search on the web before purchasing something even from their favorite brands. They read customer testimonials on website, check social media platforms for reviews and moreover they ask others for recommendations to influence buying decisions. And a strong online presence shows that the business or brand is serious about its online repute and provide customers withany possible information and details that customers need before making purchases. It increases the credibility of a business in return and attract more customers.
Either a business is accessible on the web or not, customers are always online and possibly they could be talking about the business or its products within their social circles or in some online communities. If you are not online, you will not be able to know and understand what people are talking about you. At the end, you will not be able to manage your repute online. That is the reason, you must be there on the internet to listen your customers and to make necessary changes in your business operations and processes accordingly in order to build and manage strong repute in online the market. Signing up on social media platforms will enable you to find and resolve customer problems accordingly in real time to let them know that you really value your repute and customers as well.
Nigeria, 12 Others To Drive Global Trade By 2030 – Report
A trade research report has indicated that Nigeria and 12 other countries will be responsible for the driving of the global trade to the tune of $30 trillion by the year 2030.
The research, which was commissioned by Standard Chartered and prepared by PwC Singapore posited that Nigeria and 12 other countries would be responsible for driving global trade to $30tn by 2030.
According to the report sponsored by the Singaporean organisation, the global exports would be more than double from $17.4tn to $29.7tn over the next decade, while much of the growth would be driven by 13 markets.
It said Nigeria would be growing at an annual rate of 9.7 per cent, with about $112bn in exports by 2030, through key corridors such as India, Indonesia and Mainland China.
It also stated that Kenya, the second African nation on the list, would be growing by 7.6 per cent annually, with $10bn in exports by 2030 through key corridors namely, Pakistan, Uganda and the United States of America.
The list consists mostly of Asian countries with Mainland China contributing the most at $5.02tn by 2030 and growing at 7.1 per cent annually.
Other countries are Hong Kong ($939bn, 5.7 per cent), South Korea ($972bn, 7.1 per cent), and India ($564bn, 7.6 per cent).
Bangladesh, Singapore, United Arab Emirates, Indonesia, Malaysia, Vietnam, and Saudi Arabia also featured in the report.
The report is based on an analysis of historical trade data and projections until 2030, as well as insights from a survey of more than 500 C-suite and senior leaders in global companies.
According to the report, global trade will be reshaped by five key trends: the wider adoption of sustainable and fair-trade practices, a push for more inclusive participation, greater risk diversification, more digitisation and a rebalancing towards high-growth emerging markets.
It said almost 90 per cent of the corporate leaders surveyed agreed that these trends would be shaping the future of trade and would be forming part of their five to 10-year cross-border expansion strategies.
The research also found a significant trend towards the adoption of sustainable trade practices in response to climate concerns and a rising wave of conscious consumerism.
It said while almost 90 per cent of corporate leaders acknowledged the need to implement these practices across their supply chains, only 34 per cent ranked it as a ‘top three’ priority for execution over the next five to 10 years.
By: Corlins Walter
Currency In Circulation Rose By N129bn In Oct – CBN
The currency in circulation in the country rose by N129bn to N2.97tn in October from N2.84tn in September, according to the figures from the Central Bank of Nigeria (CBN).
The currency in circulation had fallen to N2.78tn in August from N2.81tn in July.
It stood at N2.74tn in June, N2.79tn in May, N2.79tn in April, N2.8tn in March, N2.78tn in February and N2.83tn in January.
The CBN said, “The currency in circulation increased by N465.47bn or 19.06 per cent to N2.91tn in 2020, compared with N2.44tn in 2019.
“In 2020, there were higher withdrawals by DMBs than deposits, due to the panic need to hold cash to deal with the emergencies and reduced banking hours due to restrictions to curb spread of the pandemic”.
The apex bank said to maintain public confidence and ensure integrity of circulated notes in the economy, it developed and unveiled a clean note policy and banknote fitness guidelines in 2018.
The guidelines outlined details of quarterly and yearly activities towards the achievement of this objective.
According to the CBN, the clean note policy encapsulates diverse currency management activities to preserve the integrity and maintain the quality of banknotes in circulation.
The policy provides that every newly printed and existing banknotes should conform to predefined standards before circulation and re-circulation in the economy.
Currency in circulation is defined as currency outside the vaults of the central bank – that is, all legal tender currency in the hands of the general public and in the vaults of the deposit money banks.
The CBN said it employed the “accounting/statistical/withdrawals and deposits approach” to compute the currency in circulation in the country.
It said this approach involved tracking the movements in currency in circulation on a transaction-by-transaction basis.
According to the CBN, for every withdrawal made by a DMB at one of CBN’s branches, an increase in CIC is recorded; and for every deposit made by a DMB at one of CBN’s branches, a decrease in CIC is recorded.
The transactions are all recorded in the CBN’s CIC account, and the balance on the account at any point in time represented the country’s currency in circulation.
CBN’s eNaira Records 600,000 Downloads Within One Month
Barely four weeks after its launch in October, the eNaira app of the Central Bank of Nigeria (CBN) has witnessed about 600,000 downloads.
The CBN Governor, Godwin Emefiele, who disclosed this in a statement at the weekend, said, “In less than four weeks since its launch, almost 600,000 downloads of the e-Naira application have taken place.
“Efforts are ongoing to encourage faster adoption of the e-Naira by Nigerians who do not have smart phones.
“The support of the financial industry will be critical in the ongoing deployment of the e-Naira and efforts are ongoing to encourage continued partnership between the CBN and stakeholders in the financial industry”.
The CBN governor also said that building a robust payment system that would provide cheap, efficient, and faster means of conducting payments for most Nigerians have always been the focus of the apex bank.
According to him, the growing pace of digitization globally makes it essential that they leverage on digital channels in fulfilling this objective.
Emefiele disclosed that total transaction volumes using digital channels were more than doubled between 2018 and 2020, as volumes rose from 1.3 billion to over 3.3 billion financial transactions in 2020.
He added that digital payment channels also helped to support continued conduct of business activities during the lockdown.
The CBN boss noted that the robust payment system has continued to evolve towards meeting the needs of households and businesses in Nigeria. This, according to him, reflects the confidence people have in the payment system.
He said that between 2015 and September 2021, about US$900 million has been invested in firms being run by Nigerian founders.
“Notwithstanding these gains, close to 36 per cent of adult Nigerians do not have access to financial services.
“Improving access to finance for individuals and businesses through digital channels can help to improve financial inclusion, lower the cost of transactions, and increase the flow of credit to households and businesses,’’ Emefiele added.
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