Today, technology has taken over every aspect of daily living. Retail businesses are not left behind in any way. ecommerce has created a new trend in the way goods are exchanged for money. Of course, there is still a place for your local retail store, however, your survival depends on a good blend of the two retailing models.
Take for example, in the U.S, about $63.4 billion was exchanged through e-commerce between January and March of 2016. A huge jump of 35% from 2013 figures. This means local retail stores including yours have lost a chunk of money to online retailers. It gets better, it is predicted that by 2018, e-commerce will account for over 12% of retail sales.
Be it fashion store, bookstore, electronic store, and any other type of retail stores you can think of, there is increasing consumer awareness on the benefits of online shopping.
Why should you adopt e-commerce?
It costs more to start up and maintain another outlet of your fashion store or jewellery store than an online store. When you consider your overheads and the daily cost of keeping the shop open, you are losing part of the revenue an online retailer doing the same business as yours is keeping.
2. More product variety
There is a limitation to how much product you can stuff inside your retail shop no matter how big. Online retailing gives you the freedom to stock as much as consumers want to see.
3. Limitless customer acquisition potential
Your store, located at one corner of the city is only accessible to few residents and some other passerby. It is not the case with online retailing. If you do it rightly, you can begin to perform cross-border sales in no time.
Our daily routine is fast paced and consumers show a preference for comfort when shopping. I want to be able to check out products on my mobile device and with few more clicks, the product is at my door step. I could even shop while doing some other stuff. It could even be on my way to work. Here are some facts about taking your retail business online.
The above is not to say that your local store should be totally phased out. For example, some consumers want hands -on feel of the product before purchase. They also want to experience the trust in the buyer-seller relationship among other benefits.
Few tips to excel in online retailing
So you have concluded to give online retailing a deeper thought and try it out. Below are few tips to compete with already established online retailers.
1. Comfort and speed
Your online platform and the whole shopping experience should be designed for speed and comfort. If you can surpass your competitors in delivery time, in a matter of time, more consumers would prefer to buy from you.
2. Mode of payment
Adopt a variety of payment modes that others do not have. This is a good way to attract new buyers to your retail online store.
Your pricing model should be competitive enough. It is very easy for online shoppers to compare prices among several retailers offering the same product.
In conclusion, with increasing expansion of the online retail industry, it is obvious that future survival of your local store depends on the ability to adopt ecommerce.