There are plenty of stores that are only available online and not in an actual storefront. Some of them are big, such as Amazon, while others are small, and you may only find out about them when performing a search engine search for a specific product or service.
With today’s fast paced society, many consumers do all of their shopping online. It’s quicker than traveling to and from stores, and you can usually have everything shipped directly to you in a few days.
If you are contemplating opening a store, you may want to consider opening an online store instead of a brick and mortar one. And here are five reasons why.
1. You don’t have to pay rent.
Renting a storefront can be very expensive. Even buying one and paying the mortgage on it can cost quite a bit of money. If you don’t make enough profits each month to cover the cost of your rent, you can find yourself in a giant financial hole very quickly.
When you have an online store, the only thing that you have to pay for is your website to be created as well as your domain name. These things are much more cost-effective than paying rent or a mortgage every month, and most of them are are one-time fee.
2. You have less overhead costs.
When you have a brick and mortar store, you need to pay for all of your utilities, including water, gas, electricity and possibly even trash. All of these items can add up and become very expensive.
With an online store, the only thing you have to pay for is an Internet connection and shipping costs (unless you charge your customers for shipping). That’s it. So your overhead costs are very minimal.
3. Your customers can get more information.
When a customer makes a purchase from a brick and mortar store, they have to rely on the item’s packaging as well as the information they get from a sales associate. If they want to know more about a product than what the packaging or associate has to say, they’re out of luck.
With an online store, you can have very informative item descriptions as well as customer reviews on products. This way, you are giving your customers a great deal of information on everything you have to offer, and they can see what other people have to say about it before they make a purchase.
4. You don’t close.
With a brick and mortar store, customers are stuck having to shop during the store’s hours of operation. If they can’t make it, they’re out of luck.
The Internet doesn’t close, so your online store is open 24 hours per day, 7 days per week, 365 days per year. This allows your customers to shop when it’s most convenient for them.
5. You will receive more visitors.
Brick and mortar stores usually only generate foot traffic from people in the general area. This limits the amount of customers they get every day.
Online stores, on the other hand, can get visitors from all corners of the world. As long as a consumer has the Internet, they can shop at your store. This allows you to reach more people, get more traffic and generate more sales.
If owning a store has always been a dream of yours, you should consider opening an online store instead of a brick and mortar one. You will have less start up costs, less overhead costs and more traffic. All of these items combined allow you to make a large profit with minimal expenses. And that’s a great way to run a business.