3 Compelling Reasons to Open a Brick and Mortar Store
Originally posted on https://www.entrepreneurshipsecret.com/brick-and-mortar-store/
Did you know that only 28% of small businesses make sales via the internet?
Or to put it another way… 72% of businesses are making sales via a physical location!
This is surprising, as there’s a lot of negative press associated with physical stores. But if you look closely, it’s not hard to see the ways that they can outshine online stores.
This post will highlight some of the advantages associated with opening a brick and mortar store. By the end of this post, you’ll see why physical stores are still succeeding in spite of online competition.
Build a Relationship with Customers
A physical store makes it easy for you to communicate with customers face to face. Because of this, you’re able to build a better relationship with customers than if you had an online store.
Developing a strong relationship is important, as it will limit the odds of a customer switching over to a competitor. After all, if customers know you personally, they’ll be more inclined to support your business over the long term.
Face to face communication also allows you to learn more about the needs of your customers. You can then use this information to improve the quality of your product, and thus the strength of your business.
One of the great things about a physical store is that customers can see a product before buying it.
The fact that customers can inspect a product means they can decide, then and there, if a product is right for them.
With an online store, it’s difficult for customers to do this, and thus refunds are generally higher. Plus, refunds with online stores generally cost more, as you often have to cover postage costs too.
Improve Product Storage
If you have a physical store, you can keep your products within the store.
With an online business, you’d have to rent out some storage space. Thus, by having a store, you no longer have to spend money on storing your items.
Generally, physical stores store products using ‘storage racks.’ These racks protect the items from damage, and also make them easy to find.
Setting up these racks can be difficult, so if you’re going to invest in this solution, you might also want to spend money on a rack inspection service.
Such a service will provide you with peace of mind, as you limit the odds of the racks falling apart and damaging stock.
Ready to Open a Brick and Mortar Store?
A brick and mortar store can outshine an online store in many ways.
That said, opening a physical location is expensive, and if you’re just starting you might not be able to afford this option.
If you’re adamant about opening a physical location, you can either save up money or take out a loan. There’s even the option of first opening an online store and then later opening a physical location.
You don’t have to take an all or nothing approach. Provided your business is doing well, you can always switch things up later.