Amazon, the master of online retail and marketing, has been dabbling in the physical retail space since 2015. Despite Amazon’s huge success as an online shopping source for everything from clothing to groceries, they are still experimenting with physical retail stores. Why? Because even Amazon can’t argue with the benefits of reaching out to customers through multiple channels.
Although more people shop online than ever before, it’s still about a 50/50 ratio. About half of purchases are still made in physical retail stores. Even the majority of millennials say that they prefer having both options—an online and an in-store experience. However, having a physical store can get expensive, and not everyone has an Amazon-sized budget. If you’re wondering whether you can afford a physical retail space and if it’s really worth the investment, here are a few things to consider:
Sales potential: A consumer looking for a specific product online will tend to only purchase that specific product. However, in a physical space, there’s a greater potential to sell more to a consumer because they are being exposed to more. To get to the item they are looking to purchase, they will be exposed to an entire store full of possibilities. When you consolidate your merchandise in a physical space, you can increase your sales potential up to 50 percent.
Building customer loyalty: There’s a reason people still opt to shop in a physical store—they like the in-person interaction. Having a physical retail store allows you to interact with customers and build rapport with your customer base. It’s also essential for creating your brand. Business cards and logos can only do so much. It’s the people behind the brand that create the real personality that consumers fall in love with.
Try before you buy: One major drawback for online shoppers has always been the inability to try before they buy. Whether it’s clothing or a tech gadget, consumers like to know what they’re getting, and online reviews can only do so much. A physical store allows the consumer to try a product for themselves before they decide to purchase.
But what about the cost of a physical store? It’s true, paying rent on a storefront or building a commercial structure can be expensive, but not if you consider the option of a commercial steel building in Miami County, IN. Unlike renting or other forms of new builds, a steel commercial building can give you all the benefits of a physical retail space without quite so many upfront costs.
If you’ve been thinking about investing in a physical retail space but thought it was outside of your budget or not worth the investment, think again. Having a physical retail location will not only increase your sales up to 50 percent, but by opting for a commercial steel building in Miami County, IN you’ll find that having a physical store is well within your budget. To learn more about our commercial steel buildings, call K. Graber Construction LLC today!