Retailers have to adapt quickly. The hottest trends change at the drop of a hat, and customers change their minds about what they want to buy and put into their closets. And with the influence of fast-fashion giants, these trends evolve at a breakneck pace, creating a long list of micro-seasons that smaller businesses try their best to keep up with.
But, fast fashion isn’t the only thing that’s transforming the retail industry. The internet is forcing owners to rethink how to reach customers and sell their products. Online shopping is growing in popularity, and the research shows that this isn’t a trend that will change in a few weeks. That’s why retailers who want to survive this tough industry should think about making the shift to ecommerce.
Moving Your Store Online
You should create an online store. It will expand your audience reach, helping you access customers that wouldn’t normally walk through your neighborhood. It will increase your sales, giving you some extra revenue to support your brick-and-mortar location. Eventually, you can use those profits for marketing campaigns, product diversification or hiring staff.
Before you look up domain names and hosting platforms, you will need to get funding. You can get flex funding by First Down Funding within days to help you start this ambitious project as soon as possible. You don’t have to disrupt your brick-and-mortar’s cash flow. This move lets you get the financial support you need to set up this new addition without impacting the location you’re already managing. Both projects can run smoothly.
Why do you need funding? Here are some of the expenses you need to consider when creating an online store:
- Domain hosting
- Ecommerce platform fees
- Design fees
- Utility bills
- Transaction fees
- Packaging
- Shipping, delivery and product returns
On the bright side, it will be less expensive than running a brick-and-mortar store. You will not need to rent a storefront. Essential costs like utilities and security will be much smaller. You will not need a substantial staff to take care of the website once it is up and running.
And as a benefit, you can continue to make sales even when you are not managing the website. A customer in a completely different time-zone can order a new dress or pair of shoes while you’re technically off the clock. You can’t do that with your brick-and-mortar location. Any time the Closed Sign is up, you’ve missed an opportunity to make a sale.
Online Shopping Is Taking Over
For the first time in history, online shopping is overtaking general merchandise stores in sales — this includes department stores and super-centers. What was once thought of as a small trend has become a staple. And statistics show that 58% of Americans prefer online shopping to in-store shopping because it’s convenient, fast and allows them to avoid heavy crowds during peak hours and popular holidays.
The world of retail is changing. The traditional method of setting up a storefront and hoping that customers come in to browse through the items is starting to dwindle. To adapt, you should think about opening up an online version of your store. This is how your business will stay fresh — and profitable — for years to come.
