More importantly, what do your customers prefer?How do decide between shopping at a physical location and shopping online? For some, the decision is based on convenience and for others it is based on getting a good deal. Whatever the reason may be, it results in a difficult decision for entrepreneurs planning to open a retail store.
Is it best to set up a physical location first and then go online? On the contrary, would it be better to begin online and then build an offline store after the business has had a chance to gain revenue? The other alternative is opening both an offline and an online story at the same time.
Unfortunately, there is no clear answer. There are however, a few aspects that should be compared and contrasted while the decision is being made. As explained in the video above, they are:
- Pricing
- Product Selection
- Customers
- Returns
While these factors are being considered, also note that not every business will come to the same decision. Many times businesses, just like people, fall into peer pressure mode and think that just because everyone else is following a trend they have to as well. For example, this behavior occurs quite often with businesses embracing every form of social media and embarking on various mobile efforts.
As a result, it is important to remember that the current trend does not always ensure success. Each business is different and will need to make a decision based upon its own customer needs.
About the author:
Abby Johnson is a Video Reporter/Anchor for SmallBusinessNewz.
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Comments
That is correct you should
Online first...
I'd have to agree with West Coast Vinyl. I haven't opened a brick and mortar version of my online safety and security web site yet but I'm getting local customers calling me all the time to visit and I have to tell them I'm an online store only. This gives me some idea of the interest in having something available for walk in traffic. Thanks, Abby.
Research and Thought Is Key
I have a client that financed her Brick and Mortar location soley from her E-Bay Store and still relies on it today for most of her income. I myself, when I opened my office, that increased my Local client base. I believe it provides a level of trust.
Your Start-Up cost can be prohibitive, especially with a Brick and Mortar, but I do believe they complement each other whether you are a Local business looking to go global or just stay local. It is another advertising medium either way.
The main thing is, no matter which avenue you choose, do your reasearch and give it some serious thought, understand the risk either way, but know that many have done it before you!
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