Retail businesses that focus strictly on local sales are leaving tons of untapped potential on the table. Even if they are able to turn a profit, chances are they could grow and expand by leveraging the power of e-commerce. If you own or manage a retail store that relies strictly on local sales, keep reading for a list of some of the top benefits of going online. While you may already know some of them, chances are there are others that will surprise you.
Benefit #1) Reduced Overhead
Arguably, one of the greatest benefits of taking a retail business online is the reduced overhead. Since everything is done over the internet, there's no need to set up a shop specifically for selling product. You can ship it directly from your distribution center or even from the manufacturer (known as dropshipping).
With lower overhead costs, you can spend more money on advertising and marketing, which of course helps your business grow.
Benefit #2) Larger Audience
A second benefit of taking a retail business online is the simple face that it allows you to a reach a much larger audience. Running a retail business out of a small shop limits your audience to locals, but taking your business online allows you to reach the entire world. And with a larger audience, you'll end up making more sales.
Benefit #3) Fewer Employees Needed
Let's face it, e-commerce websites tend to run themselves. Taking your retail business online will reduce the number of employees necessary to perform normal professional operations. You'll still need some employees to pack, ship and fulfill orders, but the labor required for this is less than a typical store.
Benefit #4) Creates a Sense of Professionalism
In today's high-tech age, there's really no reason why a business shouldn't have an online presence. It takes minimal effort to set up a functional, working website for your business, but doing so create a level of professionalism that potential customers are sure to notice.
With a website up and running, customers will have a greater sense of trust and confidence in your business.
Go Local and Online For Maximum Exposure
Ideally, retail store owners should operate both locally and online for maximum exposure. Focusing all of your efforts on just one of these outlets leaves an entire medium of customers for your competitors to grab.