With the advent of online shopping, the necessity of having a bricks-and-mortar store has been under question for quite some time. Yet why do so many online-only retailers – from Bonobos to Amazon – have instead decided to make a move into the physical retail sector?
Although some sectors do thrive in the e-commerce space, others flourish more with in-store sales. Luxury brands, for example, report that more than 80% of their transactions occur in-store, despite having an online presence. Discount stores are another example of a retail business that is still successful from purchases done in physical stores.
To know more about why this phenomenon exists, let’s take a look at some reasons why having a physical store for your business is still important.
Better shopping experience
Having a physical store means providing a better shopping experience for your customer. Why? Well, for retail especially, consumers still want to be able to see products directly. This is especially true for apparel products. Sometimes, this doesn’t translate into a direct sale – the customer may instead buy the same product that they see in your bricks-and-mortar store, online. It’s possible that they do this because of convenience, availability of stock, or even a discount coupon.
It is crucial to integrate your online store with your physical store. One way to do this is by offering in-store pick-ups. Another way would be to integrate your customers’ online shopping identity with the one they use for offline purchases. This would allow you to implement customer loyalty programs that are cohesive throughout different shopping channels.
More purchase channel for customers
Above all else, having a physical store means that your customers have more than one way to get your products. Online shopping tends to be based on a clear intent – as in, your customer visits your website with the intention to buy a product that you offer. In-store shopping intention is not as clear cut. Consumers can buy your products from physical stores because your store was the closest place available. It is also likely for product purchase to happen impulsively.
Offering more than one purchase channel, allows you to access different types of consumers. Though this probably means different marketing approaches, it nevertheless ends with a conversion.
Get new customers
Owning a physical store means that you increase your brand awareness. Even if it doesn’t directly translate into a sale, walk-in customers who browse your products will know your business exists if you have a physical store. Of course, combining this with an online store is the best of both worlds. This is because your brand will be first in their mind if they choose to purchase a product in your retail sector. Especially if your competitors only have an online presence, and do not have a physical store.
Additionally, by having a physical store for your online retail business, you can ensure that you reach consumers who prefer to have a first-hand experience before becoming a loyal customer.
Please call the Photo Direct Customer Service Team if we can assist you with any of your needs. We are here to work with you! 03/9894 1644
