What is giving tension to you nowadays? What is that which is depriving you from sleep and burning your midnight lamps? If I am not wrong it is your business! Either you are running on losses or not getting the accurate ways of accruing more profits. Have you ever given a deep thought about why such thing is happening? You might be wondering that in spite of possessing all sorts of modern and product customized features why such sorts of things happen?
Now if you are still amongst those people running their physical store without an internet exposure then let me tell you why, it’s simply because you have forgot the fact that people nowadays are more engaged on the “information superhighway” rather than other activities. They prefer purchasing online on a large scale rather than going to the same old traditional store and undergoing the typical purchase process of asking the retailer or choosing from the departmental store, then making a bargain over it, and then waiting in a queue for the payment. Moreover adding up next is the limitations of “opening and closing” time of store, barriers regarding closure during weekends, festive seasons, on national holidays and other such days.
There are many types of businesses and different channels to reach your customers. One of the first steps you need to take when starting your business is what type of operations structure you want to use. Starting from the old traditional store the biggest problem is “Cost”. So to reduce the operational costs and solve other issues what you need to do is to Sell Online and grow globally.
Now that does not mean that you will shut off your offline business. Do run your business offline in the normal fashion as you are doing because a physical store
- Shows your financial stability & develops a sense of trust or authority with customers
- Personalized services add an element of professionalism.
- Enables the customer to touch and get assured about the quality and reliability of the product and commit to a purchase.
- Still there are a big percentage of people who prefer purchasing products in the old fashioned way or a friend’s referral regarding buying decisions through walk-in to a store.
But the bottom line in the story of the traditional sales model is it’s inefficient, expensive, and results in unhappy customers. And it’s both ripe for, and worthy of re-engineering.
So start your business online to kick the evil thoughts of profit hikes and set your sleep from deprivation!
Now you would ask that why should you sell online in spite of having a physical store with everything and you would say that you are happy with that.But let me ask you one thing: Are you happy with the profits or the revenue generated? The answer will be “No”
Fine! Let me convert this answer to “yes”
Why should you sell online in spite of having a physical store?
Here are explanations to your questions:-
You get a global reach
Heard of the fairy tale- “The Frog Prince” in which a princess kissed a frog, which then turned into a handsome prince. Most frogs don’t turn into prince when kissed – The Kissing Frogs Analogy comes from the fairy tale and hence the accepted theology – you have to kiss a lot of frogs to find a prince, and in business you have to pitch a lot of people to find a customer and to reach lot of people you need to get a wide exposure which is possible only if you sell online.
Or else in simple words if you have an online store the world becomes a playground where you can sell your physical products to any customers at any time irrespective of the geographical limitations, legal boundaries thus facilitating you conduct business on a large scale throughout the web.
• You need reduced staff
Setting up an online retail store sets you free of hiring salespersons, floor staffs, cashiers, instead the website proves to be a powerful marketing tool. The website and the automated web tools.
• Saves your outsourcing & maintenance costs
Customers work a lot on shopping websites to purchase product which is done by employees in a physical store saving work or any such type of manpower required for such operational activities, thus saving cost on wages and salaries.
Ecommerce websites are self-automated and hence an online retailer ends up lower cost of maintenance in terms of personnel, marketing and advertisement charges, whereas a part of the saved costs can be passed to the customers in the form of discounted rates, coupons etc.making them happy to generate future sales.
• Acquires new customers
An online store drives a large amount of customer traffic through search engine which becomes a tipping point for online businesses.
Suppose a customer follows a link on search engines (a usual activity) and lands on an ecommerce website they had never heard of which may be your store, they suddenly find some interest in your product or can find a match to any of your product which they might have been searching for long and hence they start purchasing.
This keeps going on through friends” referral and spread of your brand name. This enhances in increasing your sale.
• Provides you a 24hrs open shop
Ecommerce run all the time and nowadays store timings are 24*7*365 which comes up with more orders and “an always open store”
• Brand establishment
Allows you to solidify your brand. If you were smart when you started your business, you created a brand. Creating another channel for your brand only expands your market share. With the exposure of the website brand strength is build which is spread worldwide.
E- Tailing has emerged as a significant retail force—consumers are shopping online. Now it’s up to traditional brick and mortar retailers to respond. Traditional retailers can take their brand to the web and gain instantaneous recognition and trust. This value is true for existing consumers and “aware” consumers who seek the benefits of the intimate, personalized experience and the more informative buy. If online buyers represent a new type of consumer or new types of purchases, however, the value of brand may not be as significant as the market thinks. Thus now onwards you can easily understand the moment you hear of e-retailing or e-shopping, ecommerce has been a great tool for diversifying the business to customers, to clients which comes with building relationships, dealings and the most important- THE PROFIT.