It doesn’t matter if you own a small business or operate a large one, you can’t ignore the benefits of a shift to an online presence. Whether you are considering an online-only store or are considering using the internet as a complement to your brick and mortar outlet, if you aren’t online, you aren’t going to be successful. While this transition can be daunting for many owners and operators, it all comes down to how you manage and market your transition.
Where Are You Going to Host Your Store?
Would you believe that the most time-consuming decision a business owner makes is which domain name to choose? And while choosing the right domain is important in its own right, many owners and operators don’t stop to ask if they really need one. If your business is small or you are looking for a complement, established online market presences provide ready-to-go tools that can enable brick and mortar stores to move their sales online. From online product displays to payment management, these online houses can provide great convenience and seriously low online overheads.
Keep Your Marketing Current
Consider the example of a brick and mortar store which wants to have a sale. They choose the items they wish to promote and a brochure or paper supplement is posted and delivered to a select range of neighborhoods. Now, while this method can be effective for some business, it lacks the ability to quickly react to consumer spending in real time.
When establishing an online presence, the key is to stay fluid. The perfect example is Footlocker. In addition to their range of physical stores, they have extensive offers available on their Groupon Coupons page. Whereas they were once limited to static sales where consumers could only be notified of a select few items for sale, they now have the ability to adjust and add to their current campaigns. For example, if their sales team notice that a particular item is quickly becoming unavailable, they can provide coupons for similar items in real-time, which sees consumers constantly visiting their online store through the cycle of a promotion.
When you make the switch, don’t stick to traditional methods as they don’t always work alongside online sales. Embrace new marketing tactics and services to keep your presence notable and relevant.
Realign Your Profit Expectations
Just because your store is now online and you don’t have the overheads which accompany a physical store doesn’t mean that your profit margins will stay the same. Consumers aren’t stupid and they are well aware of the cost savings you are making by selling your items online. Instead of applying the same pricing model, adjust your prices and sales expectations to provide a reasonable price that is aligned with your reduced overheads.
Making the shift to an online presence isn’t difficult, it just requires your time and an open mind.
