Five Reasons You Should Consider Moving your Retail Business Online
by Amit Bhaiya
Unless you like standing for hours on end or enjoy working late nights at the office, then you should highly consider moving your retail business online if possible. Running an eCommerce shop allows for much more flexibility in both your personal and professional life. Whether you want to work from home or set up an office, you will never experience many of the larger problems faced by offline retail business. Need a little push to help make that decision? Here’s a few problems online retailers never face that might just persuade you:
1. Restricted Retail Business Hours: No matter what time of the day it is, your store will always be open for business. Between work, school, family and everything in between, online shopping has become a preferred method of shopping by many. In 2016, the number of online shoppers worldwide is predicted to reach 1.3 billion. Many surveys have shown that the majority of online shopping happens during the evening. Whether you are sitting by the TV with your laptop or browsing with your iPad in bed, shopping is always an option. A brick and mortar store doesn’t provide the same flexibility to you or your customers. With people shopping all hours of the evening, this literally means you are making money in your sleep. Who doesn’t love that?
2. Cost Advantage: Starting a retail business can be costly. Opening up a retail storefront to accommodate that business can quickly eat away at your budget. On top of the money allocated towards materials and supplies needed to build your product, you will also need money for store upkeep, security, utilities and other miscellaneous cost. Creating an online shop allows you to spend this money on other important necessities such as marketing which is needed to attract customers to your page.
3. Location location location: As if we never heard this line before. Let’s face it, location is everything, but not for online retailers. The world is your playground which means the potential revenue stream is endless! While you may not be ready to take on the world from the start, you most likely have pursued the option to at least provide shipping capabilities throughout your entire country. The sky really is the limit. As an online retailer, you will never feel the pressure of being able to afford a top-notch location to reach the volume of customers needed to pay rent and keep your business afloat.
Spending the money on a flashy new site will cost thousands of dollars less than the money spent on location and maintenance for a brick and mortar store. Being available online means access to markets globally and gives you the ability to cater to various economies. This opens an opportunity of having teams/ resources worldwide that may also provide a cost advantage for retail business. [Read mere….]