ECommerce is booming.
Yep, that’s 12 zeros!
Oberlo estimates that eCommerce sales will account for 15.5 percent of global retail sales in 2020.
An eCommerce business is the wave of the future.
That’s a scary fact for you as the owner of a brick and mortar store. In fact, 5,524 US brick and mortar stores closed in 2018 with that number expected to increase by 23 percent in 2019. The chances of your brick and mortar store surviving seem slim.
You can convert your brick and mortar store into a successful ecommerce business. Sure, there’s a lot of competition and few brick and mortar retailers earn a profit in eCommerce. They probably didn’t know how to create an eCommerce business the right way. Here’s a step-by-step guide to help you through the process.
Treat this transition as an important investment for your business. You’re essentially restructuring your business model. Your strategy will change and so will your budget. It’s important for you to think carefully about how you will position your brick and mortar store to create a million dollar eCommerce business.
Omni channel distributors provide a “system that enables customers to complete a purchase and receive orders from their preferred channel”. It’s like a fusion between traditional brick and mortar retail and eCommerce.
Your brick and mortar store has a distinct advantage over large competitors such as Amazon. It’s strategically located in the closest possible proximity to your target audience. This means that your brick and mortar can become an omni channel distributor offering both in-store and online options.
Target is one traditional brick and mortar retailer that is now an omni channel distributor. Here’s how Target’s omnichannel strategy works.
You’ll need to make a hefty IT investment. Successful omnichannels have robust inventory and warehouse management systems. Customer security is also an essential component. Additionally, staff should be trained so that they can efficiently use the systems and create the best possible customer experience.
Omnichannel distribution is incomplete without an eCommerce website. Some tips for creating an effective eCommerce website include:
Creating an ecommerce store is an imperfect process. Challenges abound and there will only be new obstacles as your business grows. Evaluation of your omnichannel should be consistent. You and your team should then use the lessons learned to make the system better.
Ecommerce is changing the way people shop. However, that doesn’t mean that you should ditch your brick and mortar store. You can create a fusion between online and traditional retail by transforming your brick and mortar into an omnichannel distributor. The initial investment may seem overwhelming but the results will make it worthwhile.
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