Why an Online Store is Better than a Physical Store
Statistics have proven that people’s shopping habits have changed drastically in the past few decades, and we see this all around us. The internet has massively transformed our lives, and shopping is no exception.
There’s a rebirth of shopping that has seen it move from having to go all out with physical carts moving around rowdy malls and handpick items into digitizing the entire process by a few clicks. It is evident that to remain relevant in the marketplace and stay competitive; you have to leverage the online store, which has come to stay.
In this modern age, more and more people are shopping online all the time. Shop owners have now been left with no choice but to integrate technology into their business model or entirely overhaul their approach into an online store to meet their business bottom line.
There are several reasons why an online store is better than a physical store.
1. The Convenience of an online store
Those that own physical stores are constrained to where they can see their items or products. However, when you sell from digital space, everyone on the internet can purchase what you offer, minimizing friction points collapsed into clicks and scrolls. Additionally, one of the many reasons an online store is better is its convenience for the customers.
Many people lead busy lives, and when they need to buy something, they usually do it on their devices over the internet instead of going to a physical store. Simply put, it is way more convenient for them to do it from the comfort of their homes than in a shop, and it saves them time, effort, and even money.
2. A Bigger Market
According to Statista, over 2.14 billion people worldwide shopped online in 2021, and around 27% of the entire human population shopped online. With the growing market, it’s no surprise that ecommerce stores are counted in millions. An online store helps you break physical barriers.
A small business cannot aim to reach the global market by having only traditional physical stores; however, it can achieve this through the internet. Quite a lot of people across the globe have access to the internet, and many of them shop at websites. You can thus target the entirety of the global market with your online store.
3. An Online Store is Cost-effective
Consider the amount of money you have to pay to run a physical store, especially in a city like Lagos, Abuja or a major town, including upfront expenditure like space rent per annum, interior designs for the space, merchandise, etc. This inadvertently affects your return on investment and makes it somewhat challenging to break even and invest in human resources, maintenance and inventory systems.
However, compared to a traditional physical store, this is an excellent option for small businesses that hope to make money but lack the necessary funding. The costs of opening an online store are much lower than if you had to open an offline store. Today, people like to shop more online than offline, making online retail more cost-effective for your company. An online store is straightforward to set up and can produce more profit.
4. Diversity of Products and Scale-ability
For a business with various products and services, an online store makes showcasing all you have to offer easier. Though doing it offline is possible, you might not have sufficient physical space left for all the products on offer after a while.
Online stores allow for effective monitoring and evaluation of progress. You can determine and quickly know which product(s) are selling fast, and you can measure your stock live. This helps you know which product is successful, so a business owner knows when to diversify, giving room to scaling your product range and entering into many industries.
5. An Online store never sleeps
A physical store usually has an opening and closing time, which is not so for an online store; why? Your online store is open 24 hours a day, allowing you to get more sales of products. The sky’s the limit online.
It might look tempting to want to stick to running a physical store, especially if you’re starting out. But there are much more opportunities for stores with multiple locations or small businesses to thrive through online means.