Once you have successfully established your online presence, you might now want to expand your business by setting up an offline store or a brick and mortar store — as it is known. However, opening a multichannel offline store could be quiet a demanding task. You need resources enough to start and establish your offline presence with in-depth knowledge for the same which was not a mandatory factor in the case of online stores. If you are planning to expand your online business offline, you must need to consider a few important factors that are explained in detail in this article.
Everything you need to consider before starting your offline business
Here are the factors you must keep in mind before stepping out into the real world to sell your products:
The first and foremost important factor is the location of your store. The location of your offline store can greatly determine the rate of success you achieve in your sales. Customers shall not search for your store like they do when searching online. Only the right location can help you bring the right customers to your store. The right location may depend on the type of products you sell and the type of customers you are selling your products to. If you are selling impulsive or inexpensive products, a store in an indoor or outdoor shopping center can work the best for you.
In case you are selling expensive products, even if the products are valuable if your store is located in a mall, chances are people won’t turn up to you. In such a case, you must consider taking an individual shop that can be easily accessible and is located in the interdependent neighborhood. Lastly, you must consider the overall location of your offline store to determine whether you’ll be able to successfully establish your offline store there. If you are selling impulsive products, you must consider buying your shop with a similar store to grab the attention of the public. Know whether the people living in the chosen area are looking for the products you are selling. The location of your store can make or break your business. Due to this reason, you must spend your time and resources in finding the right location for your store.
Next, you need to list down the employees who will be working for you in the offline store and what will be their work timing. You’ll need to determine the number of people you’ll need, the person who’ll be responsible for managing your offline store, the person who’ll be responsible for managing your online store, your role(s) in the management of both the online as well as the offline store.
If you are starting with a small business, you might need only one or two people to manage your offline store with predefined working hours. However, if you are planning to expand your online store into a full-blown offline store, you need to determine the roles of every person who’ll be working for the same. Make sure that you do not take up the complete responsibility of both your stores that can adversely affect the sales and expansion of both the stores equally as well as affect your working ability.
The products to be sold
When you are planning to expand your business, there is no benefit in selling the same products online as well as offline creating a duplicate of your product inventory. Moreover, selling the same products bring along a few disadvantages such as:
- Lack of space to store the products of two stores
- Low stock due to the doubled inventory
- Increased lead time for certain products that worked well online but shall not be the same offline
- Low demand for easily available products online
Due to such reasons, you must make sure to determine the products that you’ll be selling in your new offline store. You might not be able to expand your business with stacked up products that are not in demand in your offline store. We suggest you invest your money in the right products. You can consider selling those products from your online stores that get the maximum hits or that bring you the highest revenue. Referring your customers with additional products you have in store that might be useful for them is a way by which you can market your customers for increased customer-base and business revenue. Moreover, you can seek feedback from the customers to know what more products would like to see in your store and start selling those products that interest them.