Tips for Entrepreneurs
How securing the right online domains are helping entrepreneurs take their businesses to the next level
The global ecommerce market has breached the 2.5 trillion USD mark in 2022. Its growth is led by the top three countries with the highest ecommerce revenue – China (1.5 trillion USD), USA (875 billion USD), and Japan (241 billion USD). In the latest holiday season alone, Retail Dive reports that online shoppers in America spent 211.7 billion USD. That’s a 3.5 percent increase from the same period in 2021.
This rapidly growing sales channel is a serious driving force for entrepreneurs to undertake a digital migration. Taking a business online is a strategy with high reward potential, but to reap the benefits, you have to ensure that the process involves the proper steps. And when it comes to digitalization, one crucial component is to have the right online domain for your business.
In this article, you’ll learn why having the right online domain is a catalyst in taking your business to the next level.
Establishes identity and strengthens your brand
Securing the right online domain helps you stand out in your industry. This is the reason why many successful brands went with the same domain name as their brand name. Walmart and Amazon are great examples of companies that employed this strategy. Both use a URL that’s short and easy to remember. These e-commerce giants are immediately recognizable today through their domains.
Walmart took its business to the next level by launching walmart.com in 2000 and they ventured into e-commerce 16 years later. Amazon.com started as an online bookstore, and this domain is now synonymous with e-commerce success. They decided to strengthen their brand by using the same domain as their business name.
Builds credibility and longevity
Having the right domain contributes to credibility and longevity. Namechk explains that it gives customers the impression that your business is serious about providing the best product or service. Even if the company goes through changes over the years, a live domain with an updated website signifies that you’re still committed to your trade. In turn, it benefits your business by retaining brand awareness.
A notable example of this tactic is Netflix, which started in 1997 as a mail-based DVD rental service. They took their business up a notch by launching netflix.com a year later, with the goal of using the “net” to deliver entertaining shows or “flicks”. The media platform grew steadily and has been a part of the Fortune 500 since 2015 — a testament to its longevity.
Serves as an entry point for building consumer relationships
Your domain is a big part of how consumers perceive and interact with your business – behavior associated with fields such as Customer Experience (CX), Marketing, and Public Relations. A good domain catches user attention and serves as the starting point in fostering relationships and loyalty. That’s because website visits are more likely if your domain matches your vision or purpose.
Take for instance some of the companies supported by the amazing individuals in our cover story ’40 Under 40 — Class of 2022′. There’s the straightforward connect.org owned by Connect, a gateway for entrepreneurs to reach out to investors and mentors. Another is latitude33.com used by Latitude 33 Planning and Engineering. It denotes concepts like longitude and latitude, both of which are important in engineering projects. Without the right domain and website, it may be relatively harder to communicate these ideas to consumers online.
Complements walk-in business
The in-person section of your business also benefits from having the right online domain. The article ‘The Importance of The Domain Name for Your Online Business’ explores this link by highlighting the significance of online visibility for businesses. Think of your domain and website as signboards that can direct customers to your store. They may be interested in what you offer, but if they cannot find your site and relevant information about your location, that sale opportunity will be lost.
All in all, the right online domain can propel your business toward growth by providing both short and long-term benefits. From getting customers to notice your products to nurturing relationships, it’s a worthy investment that can turn into an invaluable asset.
