Whether you run a small storefront or have an omnichannel presence for your business, there is no denying the fact that online shopping is the way forward. The popularity of online shopping has seen an unprecedented rise in the recent past, with almost everyone, from a small store owner to an entrepreneur starting in the retail world looking to get online. That said, it does not mean that the retail stores are an endangered species. There still is plenty of business opportunities available for the retail stores, however, having an online store to go with your retail store just puts you ahead of everyone going retail-only. And with platforms like Taglr, there is no reason why you should wait to open a storefront online to complement your retail store. However, if you are still having doubts about having an online store, let us help you take the plunge by listing some of the key parameters that will help you understand why having an online store is better for your business.
If you own a retail storefront you know how expensive running one is. If you do not own one, then with the soaring real estate price, in general, you can understand how hard it is to get one for your business. Top it all with hiring the right staff, the physical restrictions of reaching customers beyond the bounds of your geographical locations, the struggle with inventory management, and the recurring expenses on marketing to make sure that your business gets that constant influx of customers, and it all becomes clear how tough running a retail storefront is. Now, compare all of that to an online store. You do not have to worry about the rent of the store, monthly utility bills, salaries of store staff, and the constantly growing marketing expenses, just a small investment in web hosting and technical support and you are good to go. You can even get rid of all of that by simply listing your store on product discovery platforms like Taglr, which ensures that your store is up and running 24 x 7 with maximum visibility for your products and the constant influx of customers into your retail store. All your worries about the technical support, web hosting, and server costs are taken care by Taglr as well. With your store on Taglr, the only costs you will incur will be focused in and around shipping and accepting payments in your store, which when compared to any cost that you have been incurring for your offline store will be minuscule.
A retail storefront selling articles like designer clothing, makeup, jewellery, sports goods or furniture, primarily will have a restriction on the number of items they can sell. The profit margins for such stores depend on the number of articles you sell customers. This makes managing the inventory a tad complex as you not only have to consider the price you wish to sell them, but also the number of items you wish to sell. On the other hand with an online store, the store owner can carry an extensive range of selection without worrying about managing the inventory. The profit of margins will be higher as well with the variety of items.
With constant growing internet penetration, more and more retail store owners are jumping on the online bandwagon. However, there still is a plethora of space for everyone to survive, as opposed to the traditional brick-and-mortar market. However, it’s still strongly recommended to examine the competition before commencing the process of taking your business online. While examining the competition when opening a retail store is a tad easier with just a quick survey of the locality you want to open your store at, it’s not the same in the online world. In the online sphere, there can be multiple businesses competing in the same vertical as you. Hence it’s of utmost importance that you start early and start slow without locking heads with the already established giants. Platforms like Taglr make sure that both the small and big retailers get ample eyeballs and that they turn into footfalls for the respective stores by using technology to showcase the products best matched with the user’s search query. If you are offering something which not many are in the nearby area, it’s highly recommended to open your store in the online world to harness the power of the internet and make your business even more successful.
One of the most vital components of any successful business, online or offline, is building a customer base. With the retail stores, the geographical boundaries are major limiting factors in building a customers base. However, in the online world, there are no physical and geographical boundaries. Once you take your retail store online, your options to attract customers is virtually limitless. You are no more confined to the physical space your retail store occupies and neither are you access only to a handful of locals from the neighbourhood. You do not have to worry about revamping the store look and feel, neither do you have to worry about the unforeseen expenses to expand the business beyond the geographical bounds. When you are online, you can revamp the look and feel of your logo and your signs as much as you want, you can recalibrate your delivery regions anytime you want and you can, at any time update the inventory or the products you sell and the way you sell them.
All these and many other parameters like these point towards the fact that taking your retail front online can only open more doors of success. ')}