A staggering 7.5 million small businesses in America are at risk of closing their doors permanently over the next several months if the coronavirus pandemic persists as reported by CNBC News. In Singapore, over 4,000 businesses have wound up in March 2020 and more than 8000 in April 2020 according to CNA. Traditional businesses worldwide are winding up at an alarming rate caused by severe disruptions to regular patronage. In order for these businesses to survive, swift changes to old business models must be made with new alternative sales channels set up. —
As an increasing number of people are now engaging others online to socialize, to stay updated on world news and to purchase things, businesses have also realized the importance of having the capability to conduct commerce online.
According to Statistica.com, the global e-commerce sector is projected to reach over US$4 trillion by 2021. eMarketer also projects the e-commerce sector to continue its growth to $5 trillion by 2023. This pace is likely to accelerate with the impact of the current pandemic.
With more people owning smart devices coupled with faster internet connectivity, numerous innovations in online advertising technologies are also being rapidly developed in order to capture their attention. Most of these advertising technologies (AdTech) will allow businesses to optimize their advertising budget and better target the right audience for more sales. AdTech also increases the effectiveness of adverts and reduces the likelihood of ad frauds which caused businesses to reportedly lose almost US$560 billion in 2018 alone.
AdTech as provided by platforms like V-MORE, an advert dollar sharing platform with a vibrant e-commerce ecosystem, is effectively curbing the likelihood of ad fraud and facilitating a more authentic and transparent standard of advertising and promotion. It is through this that the return on advertising dollars spent by businesses can be raised.
However, as AdTech is still a relatively new innovation, many businesses may not be savvy enough to utilise its full potential and may even be intimidated by the complexity of its implementation process.
Armed with this understanding, some marketing agencies which are strong proponents of this technology have stepped up to help ease its implementation for businesses. One such agency, Ventrepreneur Alliance is even going as far as offering step-by-step assistance to businesses to harness the benefits of leveraging on AdTech.
As more businesses establish an online presence, those that can successfully drive the right audience there and convert them into actual sales with technology like AdTech will be the ones to truly possess that competitive edge to survive in our “new normal” world.
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