In the world of growing internet access across the globe and the relentless innovation of digital technology, any businesses that are working offline should revisit the strategy and adopt the online technology to increase the productivity and profits. Statistics from xyz reveal that more than half the total population in US will be purchasing through online channel in the next year.
Here, we discuss the benefits of selling online over the traditional brick and mortar stores, and how this change would help to reap the benefits of the added business model.
By going online, you are no longer accessible only to the customers around the geographical location where the store is setup. Offline stores are often built upon the existing customers relationship and reliability and grow by the word of mouth, where as selling online has the added advantage of broadening the potential customer base by driving traffic through multiple channels that will allow to win a customer who may not even be aware that your store existed.
Lower setup cost and time
Establishing a brick and mortar store is an costlier affair which involves – retail space rent, payroll for the employees, equipments, insurance, inventory and more. On the other hand, selling online can be done at the blink of an eye and at a much lesser investment as some of the aforementioned costs are not required for online selling.
Operate around the clock
Online stores or e-commerce marketplaces, where you sell products, operate 24/7 through out the year, enabling the customers to shop at their convenient time. On the contrary, an off-line store which needs additional operating cost for 24/7 operation, may not worth the candle when the footfall is low.
Wide range of product offering
Physical stores requires additional planning to expand the product catalogue due to limited shelf space. On the other hand, Online store does not impose such limitations and moreover, fulfilment method like dropshipping complement online selling rather than physical stores, where physical store customers will buy the products which they could touch and see.
E-commerce Digital Marketing
Online selling is not complete without a digital marketing strategy. The digital platform has a wide variety and easy access in the modern world, where the content published or the information could diffuse briskly to the online consumers rather than a selective audience with a offline store.
Having discussed the potential advantages of selling online, however we need extra tools to leverage those benefits which we will discuss in our next blog “E-commerce Toolkit for Online Sellers”