Where it used to be that a brick-and-mortar store was all you needed to make your business successful, today’s world has changed. It has become a digital industry wherein e-commerce is not just the present but the future. This reality has got business owners all over the globe questioning the need for their brick-and-mortar store and wondering if a move to an online platform makes more sense.
The Online Industry is Booming
The most common reason businesses are moving online is the rapid rise of e-commerce. It is a fact that can’t and shouldn’t be ignored. This isn’t a passing trend; it’s something that continues to grow yearly. Much of this can be attributed to improvements in technology and the access people have to the Internet. Nowadays, people spend a huge amount of time on their smartphones, and shopping is included in that.
Statistics now show that the e-commerce sales industry is expected to be worth US$599 billion by the year 2024, which is a number business leaders simply can’t ignore. If you want to be part of a boom, then it’s necessary to be online.
Offer Customers a Greater Level of Convenience
Another reason to move online is the fact you can offer added value to your customers. They will be given the convenience to shop any time of the day or night without having to leave their house. And if you have a chain of stores, customers don’t have to visit location after location trying to find a specific item in stock, as everything is available in one central location online.
Customer convenience is a benefit that shouldn’t be underestimated.
You Can Compete with Lower Prices
When you own a brick-and-mortar store, there is a lot of overhead expenses that go along with it. Those expenses have to be covered somehow and usually that results in higher merchandise prices. This makes it hard to be competitive in the industry and it may turn customers away, right into the arms of the online competition.
Moving your store online means lower expenses for the business, which can then translate into lower prices for the customers and a more competitive business model in general. Think about it, you don’t need to worry about renting a storefront, you won’t need as many staff, lower utility bills, and so forth. The savings can be huge.
From a customer standpoint, they just want to know they are getting a great deal so if you can lower prices, this is a win in their eyes.
Expand Your Business in a Cost-Effective Manner
And speaking of cost savings, moving online can also be a great solution for businesses looking to expand their product line. If you have a physical storefront, this means you need a bigger space to display the new offerings. In an online storefront, there is no need to worry about needing a bigger space. You can simply add new categories of offerings whenever you like.
Reach All-New Markets
Finally, by taking your business online, you’ll be able to grow your brand awareness and attract new customers that may otherwise never know about your company if it remained brick-and-mortar based.
It Could Be the Right Move
While it’s not an easy decision to decide, if the time is right to move your business online, it’s certainly something worth investigating further in today’s digitally dependent age. It’s always smart to weigh the pros and cons so that you can make an informed decision.