Boost sales, new customers, repeat sales, diversification and a higher business valuation…what more reason do you need!
The biggest issue I have observed is the perceived difficulties of creating and implementing an online retail business. We take the pain away.
1. Build New Customers
The web allows you to promote your store and products to new customers who are searching for your products or services online…they may buy online or visit your physical store.
2. Secure And Grow Your Existing Client Base
It isn’t all about trying to find new customers and make sales online. By building an email list and regularly sending useful information and product releases to your existing customers, you can refer them to your website to see things immediately. They can take instant action and decide whether to buy or come into the store. Online strategies also make it easier to run referral programs with your existing customers.
3. 24/7 Sales ‘Person’
Your online retail store website is like having a 24/7/365 sales person. The website allows for comparison shopping, answers to questions (FAQ) and the ability to make a purchase when the customer is ready. People are doing things online out of normal business hours more and more often. Take advantage of it.
4. Diversification
Diversification is risk reduction.
Open your business up to new opportunities to make sales. New customers who may never have visited your offline store.
By having more sales channels and more methods of communicating and promoting to your client base, you reduce the reliance on passing traffic. You are empowered with more control and over time, this will result in a more profitable, more secure and more salable business.
Think about it, would you be prefer to buy a business that had multiple sales channels and a solid customer list who are used to receiving your promotions? Or would you prefer a business that opened its doors each day and relied solely on passing traffic for customers? Its a no brainer.
5. Increase Your Business Value
Smaller retail businesses can be difficult to sell. Medium to large retail businesses are less reliant on individuals and as a result the value multiple can rise significantly over the small businesses.
Further value enhancements can be had with a solid growth strategy that is easily transferable to a new owner. It is less reliant on you personally for success and much more attractive to a buyer.
An online strategy that nurtures existing clients, attracts new clients, adds extra sales, creates multiple sales opportunities, keeps customers coming back whether online or offline, will add significant value to your business.
So what are you waiting for?
Take some action. If you have an online store already, is it working for you? Are you getting maximum value from it or is it sitting around stagnating? If you don’t have an online store, get started. Investigate the opportunities in your sector or identify elements of your business or complementary products and services that are suited to online and start growing your business. It doesn’t matter if you sell products or services, there are very few businesses that cant be operated on line or that can’t use online strategies to help boost sales and profitability.
We can offer many services to assist you, even if it is just following us on this website to get useful tips and strategies.
If you would like to investigate opportunities for your business, Book a Free Strategy session and let’s talk.
Updated: This article was updated 15-01-2020 and was origianlly published 6-10-2014
