How to survive against the rise of online retailers

How to survive against the rise of online retailers

In recent times, the retail industry has witnessed an enormous rise in online shopping. Thanks to digital and target marketing, and the extensive use of social media, the e-commerce industry has seen an unprecedented increase over the last few years. This has undoubtedly affected the profit margins of physical retail stores, causing many of them to shut down.

Though the e-commerce industry is here to stay, a survey conducting in 2019 showed that out of 24,072, 64% still opted for high street shopping instead of online shopping. Here are some of the best tips for you to prevent large, digital retail stores from stealing your customers.

Adopt the omnichannel strategy.

Marketing your product is just as important in traditional business practices as it is now in the online world. This is how you can keep your customers and potentially attract new ones as well. By marketing and advertising your products through channels like social media, text messages, and emails, you can urge people to physically visit your shop down the road. The key is to provide something the large e-commerce companies don’t, or even better, can’t.

This strategy has been deemed successful because of its nature – the perfect balance between online and offline retail. While your business has a physical presence in the neighbourhood, you attract potential customers digitally.

Don’t compromise on customer service.

The most significant difference we can observe between online and local shopping is customer service. Virtual shopping is usually done on websites, with less or no customer service or any interaction with people.

However, when you’re buying a product in a retail shop, customer service employees are on the shop floor. If you have any questions about a product, you get your answers on the spot. Additionally, you can ask for their opinion; they’re more likely to be expert, compared to you.

In today’s business world, customer service and convenience should be the top priority for both offline and online shops. According to Brain & Company, retaining 5% of your customers increases your profits by up to 25%. Make sure the customers opt to come back to your store because of the excellent customer service!

Provide extra online benefits.

A rise in online shopping is a collective fight for high street and local retailers. To tackle this, local retailers should integrate and provide extra services.

For instance, if a customer comes to buy a charging cable for their mobile phone, offer them a discount on a screen protector. Even if they weren’t looking for the screen protector, the deal might lure them into buying both accessories – something that could benefit your business. This is also something missing on an e-commerce website; the only discount you get is during the sale throughout the platform.

Even with the rise of online retailers, local retailers still have a competitive edge over many things. The physical presence, customer service, and even a shop locator can prove to be more effective than online shopping. To compete with online retailers, these services need to be better than ever!

We’re here to help.

Whether your a small business owner looking for some support or a consumer wanting to understand what it means to shop local, our team is here to help. Please get in touch to find out more.

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