Brick-and-mortar v. E-Commerce
When it comes to choosing between brick-and-mortar and e-commerce, is there a winner? Both have their advantages and disadvantages, but it's essential to evaluate all of them before deciding where your business will primarily reside.
Shopping inside a store provides a unique experience that is difficult to replicate online. Customers have the chance to speak with employees and get immediate answers to questions about products. According to Investopedia, customers prefer to shop in a physical store because of the instant gratification after making a purchase. Business owners also favor brick-and mortar because customers are more likely to trust and spend more. They don't fear being scammed or getting their card information stolen because they find a physical location more reliable than an unknown internet source.
With the positives come the negatives. Many additional costs come with opening up a storefront. Some of the most significant expenses are rent, paying employees, and other operating costs. It's important to evaluate the price of your goods and your target market to make sure your business can afford these payments. Another drawback is the limitations of a business's operating hours. Depending on the customer, this can be an inconvenience in comparison to unlimited online shopping hours.
Shopping online provides many advantages over traditional brick-and-mortar stores. One of the biggest reasons people are keeping their businesses virtual is the low startup and operating costs. E-commerce allows companies to avoid paying as much on rent, employee salaries and sales equipment. There's more room for spending in other areas, such as website development, product creation and branding. According to Oberlo, online retail is more appealing to consumers because they can compare prices to find the best offer and shop 24/7.
Keep in mind that there are disadvantages to e-commerce as well. Website security is an issue that makes consumers reluctant to shop online. Ensuring the safety of the consumers' personal and financial information is an additional process that isn't necessary for a physical store. Companies that provide services online are limited to the restrictions and reliability of the internet. Poor internet connection and inadequate bandwidth can lead to a site crash, which can be detrimental to a business.
Revenue generated from retail increases every year. To be a part of that growth, make sure you choose the commerce option that will benefit your business the most. If you're looking to open a brick-and-mortar, let us make the process easier! Contact us through the form on our home page, and we’ll be happy to help you find the perfect place.