For the past decade, the gruesome effect of e-commerce has killed the beauty of brick-and-mortar retail and business. However, 90% of sales still occur in-store as consumers are looking to see, feel, and experience a product before making the purchase, according to Retail Technology Review. The truth is, customers are concerned about not just the quality of their item but also the manufacturing information and the security of handling their banking information.
So, the big question is, how do digital brands move towards brick and mortar? Here's how to lead your internet business into the real world.
Improve the speed of customer delivery
A recent survey revealed that 61% want minimal delivery turnaround on a purchase, as 31% of consumers are willing to pay extra to get it. For online businesses looking to compete offline, that sort of turnaround may seem troubling. However, there are ways to boost delivery time, such as physical store shipment, serviced fulfillment, and choosing the right service. These options include:
Third-party fulfillment – This allows services like fulfillment by Shipwire to deliver your products and dispatch them directly to customers. While the fees may cause a hefty dent in your earnings, their services will allow you to do what you do best – focus on building your brand.
Ship from physical store – If you plan to open multiple offline locations, set up a small fulfillment center to quickly dispatch items once an order is placed.
Partner with multi-brand boutiques
As digital presence is a key component to the success of a business, you will still need to be online. A practical option is to test the offline waters and host a pop-up event where you have a strong consumer base. Not only will this provide a mound of press coverage and raise brand awareness, it will also boost the brand's reputation online and off. Another option is to form partnerships with department stores, retail chains, and multi-brand boutiques.
If your business already has a stable foundation, you will be able to negotiate consignment terms based on your margins. This means you'll have a stronger position than if you were to pitch your brand as a new startup.
No matter which option is right for your online brand, consider taking the leap towards going online to offline. This will not only help boost brand awareness, physically connect with customers, but also generate stability in sales. So, even if going offline sounds like a daydream, start thinking of your company's future in retail space.
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