The business world has a popular conception of containing several risks of failure, several examples in the world proves it to be wrong. Bezos (the owner of Amazon) took amazon in 1997, and has since become the first man to achieve a net worth of $100 billion through his online business. Apart from that several physical businesses in the world share the same story. Following are the Four Major types of business: -

1-Sole Proprietorship

2-Partnership

3-Corporation

4-LLC (Limited Liability Company)

 

Startup businesses:

1-Online business

2-Instore business

Online business is a comparatively new concept that is spreading like wild fire all across the globe due to the convenience it offers and how approachable it is. Online business is uncomplicated to establish and inexpensive as compare to the establishment of stores in specific areas, as a good amount of labour and money is required for the buildup of new stores or buying of the existing ones. Online business is not restricted to mature and professional individuals or a group of people but is buildable for anyone regardless of their age. All that matters in online business is a little experience and adequate how know of the use of technology. 

Physical business holds the inauguration of proper outlets in a specific area. This type of business has been functioning from generation to generation and has been around for ages. Prior to the emergence of social media, local shopping was the way to get things. People from past to present are still shopping from local shops, specifically the bit of population that doesn’t have access to social media. However, the outlets need transportation to get access to which is not accessible to every individual. So, in that case online shopping comes in handy. Local shopping requires time, to roam around the mall, cash, to pay for the items and also physical and mental energy. But a plus point that the local shopping has is Bargaining, that gets convenient in local shopping. Local stores differentiate brands not only that but gives the retailer the opportunity to express their choice and visions as well. 

A next level Business Marketing Platform-Social media:

Social media is a means of technology used for sharing information through one phone to further. Basically a tool to communication designated as social media.  According to google social media is an website that enable to participate in social interaction or networking. Social media started in the early 2000s. The first site that reaches a million monthly active users was the Myspace this milestone was achieved by this site around 2004. The active users from social media in Pakistan is upto 37 million and increasing by date. This rate is increasing from day to day. From April 2019 to January 2020 the rate has increased upto 7%. It means there is an increase of 2.9 million users in past 9 months. The first social media site was a website called six degrees launched in 1997. Nowadays its uncomplicated to show our talent more conveniently by not joining media industry.

Social media stats of usage in Pakistan:

Twitter:3.9%

Facebook:92.67%

You tube: 0.92%

Instagram:1.07%

Impacts of social media on business growth:

After a bunch of explanation about the whole concept and subject matter, let’s move on to the further clarification of the subject regarding the impacts of social media on business growth. Social media business approach can help you to establish your brand name and globalize it in a number of ways. In a nutshell, that could be through business pages on the sites, blogs, online websites etc. These approaches has a huge potential to grow your business visibly and get recognition. It will assist in increasing visitors to your page. Providing PR to influential figures can enhance the sphere of influence as well as interactors get exposed to and more likely impressed by the products advertised psychologically and business flourishes. Every age can access the products because a good amount of population has approach to social sites so we can target a large amount people, through sharing links in groups, putting Ads, Blog links and what not. Social Ad campaigns has the capacity to flourish and reach numerous amount of masses that in return increases the chances of prosperity. As all sorts of masses are present all line, the sort of your product can reach a certain age group and type by the advertising you do.

Advantages of social media business

If you are using social media business marketing tools, then it will make your brand known and ultimately, popular among people, making it convenient for individuals to approach without hesitation including your clients as well. Your social media presence will easily globalize your brand’s name not only on national but on international bases. Less investment and more profit by paying no rents or paying any bills for your store. 

Improved customer services

We can upgrade our customer service by simple following technique. 

  1. Feedback 

From feedback on your page, you can take suggestion and views of your customers which is a very convenient and uncomplicated   way to improve your customer service.

  1. Marketing tools of social media.

. Canva

. Socedo

. Social clout 

. Edgar

These are a few marketing tools through which you can make your brands name       recognizable.

Social interaction through social media is the main cause to increase in sales and brands loyalty.

According to google a famous and international brand name Zara is closing their many stores around the world due to this pandemic because the rate of their online shopping has been increased and the rate of shopping in stores is giving nothing but loss. In the upcoming time every aspect of life is depending on online services. The world is becoming an online space depending on the internet. So, its very beneficial for online business owners because every individual wants to save time and make their work process, convenient and uncomplicated so starting up an online business is the new best way to earn and experience.

Online business requires less investment with double profit. Social media is a platform for people who are uninterested in working for some other persons benefit. As the rate of using social media has been increased in the past few years every individual wants their work to be done from their smart phones. In this generation majority have their own smartphones so online shopping is not bounded to a specific age and gender. Its easier to avail discounts by getting notifications from the brand you are following just through your smartphone.

Negative aspects of online shopping

Competition is the most negative aspect of online business. Due to numerous online businesses, competition is getting elevated gradually. Due to this, numerous business owners are centralizing the promotion of their brand instead of their products standard and quality. Online apps and websites should establish some rules and laws to decrease the sum of spans and frauds in online shopping which is also a possibility that online businesses provide.

Conclusion 

Online business service provides more impact oriented opportunities to boost the business at higher scale.  Its cost saving, low cost marketing, ease of transactions, unlimited markets, minimal overhead, increased professionalism, improve client service through greater flexibility, faster delivery of products and global access 24/7 a week.