What Does Ecommerce Growth Mean For Brick and Mortars

Monday, April 9, 2018

What Does Ecommerce Growth Mean For Brick and Mortars

Ecommerce is growing at incredible rates. More and more consumers are choosing to shop online instead of going to old brick and mortar retail stores than ever before.

If you are in retail, you need to know the ways this is going to affect you. Here is what it means and what to do about it:

1. Online Marketing

With the growth of online marketing, we have moved into the era of omnichannel retail. This means that you need to use every channel possible to reach your customer. Just offline or just online is not enough anymore. Consider the fact that anyone can shop from their mobile phone today.

So that means they aren't just doing research by browsing at your store's brick and mortar location. And they aren't just at home on their computer. They can actually do research at home, drive to your store, and decide at the last minute to buy from their phone because they saw a price they liked better. Therefore you need to work on your marketing and branding to combine your online and offline sales process into one:

Become Known

The first step of this is to get attention. Use organic marketing, paid media, and social media to get in front of more prospect and introduce them to your brand. After all, you could have the best products in your market but it won't matter if no one has ever heard of you.

Use Social Proof

Be sure to use imagery and reviews from people who are similar to your target audience. People are strongly swayed by social proof. If they are debating between your store and another one, they will pick the one their friend shopped at every time.

Close the Deal

Train your sales personnel in-store to understand how shoppers are buying today. They should know that they have done their research. This will help them ask better questions and make more sales for your company.

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2. Faster Service

One of the reasons that shoppers love to buy online is because it is so fast. In just a few moments they can click and buy what they want. Then, in a few days their wares are delivered to their door.

Most brick and mortar retailers make people wait too long before getting their items. They end up being impatient and canceling orders or never making it in the first place. Consider something that can really make you stand out in your industry, such as two day or even same day drone delivery. It could be the difference that saves you an extra sale instead of an ecommerce company taking it from you.

3. Cutting Store Costs is Necessary

You didn't used to have to watch your store costs so closely. Cutting them was something that was an option. Today, you do not have that luxury. Because ecommerce has so few costs as overhead, you have to compete by reducing your costs as well.

One way to reduce costs is to redo your theft prevention system. People stealing your items costs you more than you can afford every year. Consider hiring a firm to help you create a strategy. Also, hire more security guards and install additional alarm systems and security systems. It turns out that your own workers are often the ones taking the merchandise.

You can also consider moving your storefront. If you are currently in an are with high rents, consider moving to another part of town. And consider getting a smaller venue so that your utilities and rent are even lower.

When it comes to retail, it is one of the oldest models in the world. Today, online marketing is disrupting traditional businesses everywhere. In order to compete, you need to show how you are different and adapt to the modern day shopping trends. Then, you can enjoy better profits than your competition and avoid having to shut your doors for good like so many mega retailers have had to do recently.

By  Carol Evenson Embed

Author Bio - Carol Evenson is a corporate trainer and experienced business consultant. She specializes in team management and growth hacking.


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