If you type “why is” into a Google search bar, you’ll receive quite a few interesting prompts:
Hmmm…while those are umm, interesting questions, it’s not our topic for today. Instead, we’re going to discuss why is it important for my retail store to have an e-commerce website? Here are three common reasons you should have an e-commerce store if you own a retail shop.
1. Grow your business and your brand.
Most retailers aren’t open 24/7/365, but guess what? Your e-commerce store is never closed. People expect to be able to buy whenever and however they want and your e-commerce store delivers on that wish. More than 80% of online visitors use the Internet to purchase a product, so your customers expect you to have an e-commerce website.
In 2017, Statista published our online shopping preferences by age group and it shows that 67% of Millennials, 56% of Gen X, 41% of Baby Boomers, and 28% of Seniors prefer to shop online rather than in a store. If that was true 3 years ago, imagine what it’s like right now with COVID-19 dominating the headlines.
Another benefit is you’ll grow your brand (maybe beyond your wildest dreams). Most people will only travel so far to purchase a product at a store, but with an e-commerce store, you’re not limiting your customer base to your local neighborhood. You can ship your products anywhere and create a regional and/or national brand.
2. Collect lead information for promotions and repeat business.
Gathering information online allows you to create a loyal customer by strategically re-engaging your customers with email marketing. Whenever someone purchases a product online, you’ll collect their email address. This is arguably the single most important piece of information you can get from your customer.
You can offer promotions and tailor messages based on the products your customers value most and they’ll love you for it. Promotions help your business grow in the short term with a boost in sales, and long term too because you will always stay in contact with your customers for repeat business.
3. Lower your operational costs.
An e-commerce store allows you to automate your inventory and decrease the costs typically associated with it. Plus, it just makes sense. An e-commerce store doesn’t have the same costs as your brick and mortar store.
For example, you’re not paying for the lights to be on 24/7 and you’re lowering your labor costs. If you launch your new e-commerce store with a strategic plan, you’ll quickly recoup the initial investment of developing your e-commerce site and see even higher profit margins long term.
The bottom line is you’ll have lower operational costs and higher profit margins…not bad, huh?
So, there are 3 reasons why it is important for your retail store to have an e-commerce website. Which of these resonated most with you? Leave your answers in the comments below.
If you need help determining which e-commerce platform is best for your business, call or text (865) 351-3883 or email us.