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After Bricks and Mortar retailers have paid their bills and staff, there’s not much money left to discount prices to steal a sale from online retailers. How can they compete with online retailers?
Bricks and Mortar customers love shopping online
When considering the recent almost exponential growth of online retailers, it seems that there’s not many customers left that get into a car, drive to a mall and stand in a queue at a till at a Bricks and Mortar store.
They rather use their phone or PC to search for products online, and when they find it, they can compare prices and so getting the best deal. The online customers have little problems to pay via the Internet and what’s more, their product will be delivered on their doorstep in reasonable time.
That is convenient…
What need Bricks and Mortar retailers to do to get their customers back?
Bricks and Mortar retailers should consider starting their own online shop. They may offer all the convenience of an online shop to their customers (and new online customers), whilst having a physical store where customers can feel and fit products.
Having an establish brand and an online store with a storefront may help to make Bricks and Mortar Retailers more competitive.
Concluding
The best way for retailers to compete is to do multichannel business. Traditional Bricks and Mortar retailers should start to sell their goods online. At the same time should online only retailers look for physical space for their customers to experience their goods before buying it.
A Marketing Plan helps you to communicate the right content to the right audience. Also, a well researched and written Business Plan helps to get your business started the right way.
Read also: Adding Bricks to Clicks – How to Choose a Site for your Physical Store
Image: eBizplan.net
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