It is always sad when small businesses close up shop but the evolving retail landscape is forcing small businesses to adapt or die.
This growing trend is obvious in many, internet businesses are ruling the retail space. Although there are lots of overheads for large eCommerce retailers, the overall lower cost of doing business is driving small businesses to close up shop.
Without utilising online marketplaces and platforms to do business, small businesses will struggle to get the foot traffic needed to meet the sales needed to turn a profit.
Most customers accept they will receive better bargains online than in physical stores.
The truth of the matter is, if you own a smaller company, you need an e-commerce business site or at least have a material online presence.
If unsure, get a professional website designer to build an online store for your business.
Analysing your abandoned cart will help you understand your customers
Most online customers abandon their shopping cart before making an online purchase.
This data can be analysed and used to reduce an online shop’s cart abandonment and improve its conversion rate. When it comes to brick and mortar stores, this data simply does not exist.
Adding a function to email or re-market to clients which abandoned their cart can help significantly reduce lost revenue due to cart abandonment.
Generating sales 24/7, even while the shop is closed
An online store can allow your business to generate revenue even when the shop/office/warehouse is closed.
There are some that are awake whilst everyone else is asleep due to work and will do their shopping online due to all shops being closed.
Not having an online store prevents you from being able to service these clients.
Being online can expand your customer base
Another advantage of having an online business website is it allows you to grow your customer base. Customers that would potentially buy from your store if they lived locally could do so online.
Social media has created many successful businesses worldwide as a result of business owners targeting their audience directly.
Showpo, an Australian fashion eCommerce brand has millions of followers on Instagram.
Companies that previously would have been limited locally can sell worldwide as long as there is a demand for their products.
Websites cost less than a shop refurbishment
There is a misconception that eCommerce websites are expensive. This is grossly untrue when you consider the cost of a shop front or even a refurbishment.
A basic fit-out for a retail store can cost tens of thousands of dollars when you consider labour and materials.
An eCommerce can cost little if you have the know-how and patience to do it yourself. Most business owners agree that this time learning a new system is wasted time as time should be spent growing your business.
Getting an expert to build your run of the mill eCommerce website won’t cost as much as fitting out a new store.
Integrating with third-party online marketplaces
A small eCommerce website for a small retailer in Australia could work wonders.
There are many third-party online marketplaces such as eBay, Etsy and much more these days which can be used in conjunction with your online store.
It can be very beneficial having these additional avenues to move product.
Conclusion
Only advantages exist when selling your items online and keeping your retail location fully operational. Having an eCommerce site allows you to promote your products and find new clients on the web.
When your store is on the web, you allow your clients to shop how, where, and when they want.
It just makes sense but if you’re not sure how to go about it, feel free to contact us and speak to one of our website experts.
