Key factors contributing to this trend include:

1. Rise of E-commerce (Mid 1990s- late 2000s):

Companies like Amazon and eBay, which started in the mid-1990s, significantly changed shopping behaviors. By the late 2000s, they were becoming major players in the retail market.

2. Global Financial Crisis (2007-2008):

The economic downturn forced many consumers to look for cheaper alternatives, often found online. Many brick-and-mortar stores struggled to recover from the financial impacts.

3. Technological Advancements:

The proliferation of smartphones and improved internet access in the late 2000s and early 2010s made online shopping more accessible and convenient.

4. Consumer Behaviour Shifts:

Over time, consumers began to favour the convenience, wider selection, and often lower prices available online.

5. COVID-19 Pandemic (2020):

This event massively accelerated the decline of offline businesses as lockdowns and social distancing measures forced many physical stores to close temporarily or permanently, pushing even more consumers towards online shopping. 

What is Online Business?

Online business refers to commercial activities conducted over the internet. Transactions are carried out via e-commerce websites, social media platforms, and other digital channels. Customers browse products, make purchases, and receive services through online interfaces, offering the convenience of shopping from anywhere at any time.

Why is there a rapid growth in online business?

Wider Reach:

Access to a global customer base, unrestricted by geography.

Lower Overhead Costs:

Reduced expenses related to physical stores, such as rent and utilities.

Convenience:

24/7 availability allows customers to shop anytime, anywhere.

Data Analytics:

Online platforms provide valuable customer data to tailor marketing and improve services.

Scalability:

Easier to expand product offerings and reach without the need for additional physical locations.

You may ask, are there no disadvantages of online business?

Of Course there are disadvantages of online business.

1. Huge commissions:

The online platforms which are available in the marketplace charge huge commissions

2. Shipping Costs and Logistics Limited Physical Interaction:

Customers cannot physically inspect products before purchase, which can lead to dissatisfaction.

3. High Competition:

The online marketplace is crowded, making it challenging to stand out.

4. Return Management:

Handling returns and exchanges can be logistically challenging and costly.

5. Security Concerns:

Online businesses are susceptible to cybersecurity threats, including data breaches and fraud.

Does this imply that offline businesses should be shut down?

Absolutely not, research says brick-and-mortar retail is making a comeback and Physical stores are expected to remain important, especially in Tier II and Tier III cities where the offline retail presence is still strong.

Here is you solution

To thrive in today's competitive market, businesses must integrate both offline and online strategies. My Hub Technologies offers a comprehensive solution to help businesses seamlessly navigate this dual approach.

Here is How:

1. My Hub works on a zero commission model which eliminates the 50% of other online platform challenges.  

2. Promotions: My Hub features a feed option for posting images, videos, and carousels to market products effectively.

3. Dashboard: The platform provides a dashboard to release promo codes, track orders, and manage inventory, offering complete control over operations.

4. Subscription Model: With My Hub's subscription feature, businesses can build a loyal customer base by keeping subscribers informed about store updates and promotions, ensuring priority in their purchasing decisions.

5. Delivery Option: My Hub facilitates efficient delivery management, ensuring products reach customers promptly.

Conclusion:

Incorporating both offline and online strategies is essential for business growth and sustainability. My Hub Technologies bridges the gap between these platforms, providing a robust and commission-free solution for promoting, selling, and managing customer relationships. By leveraging My Hub's features, businesses can enhance their market presence, boost sales, and achieve long-term success.