Competitors of your business are entities that offer similar products or services to customers in the same market that you are busy in. In other words, if you own a bakery on the corner, the supermarket in the nearby shopping mall that sells bread, is your main competitor.
New research has shown that increasing Website Traffic is the biggest challenge for Bricks and Clicks retailers.
Why is Website Traffic important?
Website traffic (or the number of visitors to your website) is important because the number of visitors equals the number of opportunities you have to add new customers.
To write a business plan may take up a lot of your time and financial resources. Here are some reasons why you need a business plan…
Many companies still believe that their customers exchange money for products that they offer. You rather should offer value to your customers…
Starting your own business takes more than getting money to cover your start up costs. Prospective business owners should consider the following costs of starting their own business:
Things that you should consider before starting a business
Our business environment is changing every second in an Internet economy driven by e-commerce.
The Internet economy
Back in the old days change was something you give back when someone buys something from your shop. Today change is part of a retailer’s life and the way he or she adapts to it may be the difference between success and failure.
High delivery costs of standard online shopping will force grocers to invest more in click and collect services (TheGrocer).
How easy is it to order and pay form your groceries and then collect it from your favorite grocer? The money that the grocer saves by not delivering can be passed on to you, both you and the grocer are winning here.
Online shopping is fast becoming the favorite way to do shopping. It has happened now – more books are sold online than in Bricks and Mortar book shops during 2012.
Online shopping and the future of Bricks and Mortar Retailing
Job losses are increasing in the retail sector. It is feared that the retail sector in the UK will shed thousands of jobs as retailers move from “Bricks” to “Clicks”.
The retail sector as job creator is now facing job losses
There’s no doubt about it, retailers need to be outstanding in order to please customers.
Overall, retailers succeed to please customers
The Wise Marketer reports that the overall satisfaction of retail customers has grown 23% over the past six years. They ascribed this growth to the increasing use of digital technology by Brick and Mortar retailers.