How Stores are Making the Move to Online – Only Retailing

 

Online for the win?

As a marketer, all you have to do is scroll through one business media publication or news alert to know how in today’s internet-driven age, an increasing number of businesses are closing their brick and mortar stores and operating solely online. This can actually be a highly intelligent business move for a handful of reasons and it should certainly be considered by any company looking to give their bottom line a significant boost.

Reduced Costs

The most obvious benefit to moving a business completely online is that there will be a significant reduction in business costs. Keeping a brick and mortar store running can be incredibly expensive when you factor in costs such as rent, utilities, stock and staff.  You also do not have the hassle of keeping the store running and trying to bring customers through the door – something that is getting increasingly difficult with fewer people shopping on the high street.

Global Reach

Leading on from this, when you move solely online you can expand your reach and attract your target audience from all around the world. A physical store limits you to the people in your local area but there are no limitations with an online store if you are able to make yourself visible in a competitive marketplace. The store will also be open 24/7 which can drastically increase your sales.

Inventory Management

It can also be simple to manage inventory when you are running an online business as you can arrange to have the goods shipped directly from the warehouse to the customer. It is for this reason why so many interior design stores are closing their shops and instead carrying their range of household goods purely online.

Engage With Target Audience

It can be hard to keep in touch and engage with your target audience when you only have a brick and mortar store. When you run your company online, however, you can use powerful social media platforms to engage with your target audience whether this is helping a customer with a question, sharing engaging content that you have created or responding to comments. 

Keep Up With The Competition

Finally, it is important that you are keeping up with the competition and this means having an online store in today’s day and age. While some businesses have both an offline and online store, many are finding that it is the smarter move to focus solely online as this can have such a positive impact on profits. 

These are the main benefits of moving your business online and closing a physical store. There are fewer people on the high street these days and it is easy to see why because shopping online brings so many perks for the consumer. In the business world, you need to be able to roll with the times and make big changes to stay current and this is one which must be considered if you have not already.

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