Many business owners think that you have to be exclusively an E-commerce company or brick and mortar company. These individuals are quick to overlook the benefits of adding e-commerce functionality to their established brick and mortar business, or a brick and mortar location to their eCommerce business.
Of course, adding a brick and mortar location is easier said than done, as it will involve substantial costs and may not be applicable to the type of business.
However, adding eCommerce functionality to a brick and mortar business is an inexpensive way to both establish an internet presence and increase your revenue.
What Does Brick and Mortar Mean?
By definition, the term “Brick and Mortar” refers to a business that operates conventionally rather than (or as well as) over the internet. Essentially it is a business that has a physical location.
In the past, almost every business was considered a Brick and Mortar, as the internet was not around and was not widely accepted by small business owners initially.
These days, having an online presence is essential for any business owner.
Think about it: What do many people do before going anywhere? They Google the name of the restaurant, bar, or store they are going to to get some general information.
Having a brick and mortar location is great, as it allows you to interact with your customers, let them view and touch the products they are looking to purchase physically, and establish a personal relationship with your “regulars”.
Adding an online presence to your brick and mortar business allows you to generate additional revenue on top of what you already do from foot traffic. If you want to be extra strategic, you can even use your online presence to focus on moving the items you have the most inventory of.
If you want to know the best methods of how to strategically build your businesses website, contact us for more information!
Why Ecommerce and Brick and Mortar Compliment Each Other
Many business owners are quick to admit that the internet boom has transformed the way people shop. Data shows that in 2018 alone, brick and mortar sales grew 3.4%. The same year, e-commerce sales grew by a significant 15%.
This means that e-commerce grew at a 341% faster rate than brick and mortar sales!
What is the difference between a business model and An e-business model?
By definition, a business model is how a company creates, makes, and generates revenue. An e-commerce business model is essentially the same thing, except how a company will do so on the internet.
For business owners with an established brick and mortar business, adding eCommerce means ways to improve upon and expand an existing business model. Yes, this means adding new streams of revenue to your already successful business!
Online Brick and mortar ventures
Many old school brick and mortar business owners do not see the value in investing and developing their business online. To think of it in a different context, look at your website being an additional store location that customers across the world can walk into with one click.
By using powerful digital marketing tactics such as SEO, you can bring this new store location right onto the internet’s “main street”, where you will be flooded by customers.
In fact, it is not uncommon for business owners to close their brick and mortar locations to cut their businesses costs after implementing eCommerce functionality. This is a popular trend in towns on Long Island, especially Massapequa.
The best part of an online store? It is open for customers to shop 24/7. After setting up shop, you can now your products while you sleep.
Ecommerce for small businesses providing a service
E-commerce can be applied to almost any business because of the variety of revenue streams it allows business owners to offer. Small businesses may find that adding some e-commerce streams onto their website can have big payoffs over time, eventually growing into a business in themself.
What is an example?
Due to COVID-19 Pandemic, many yoga studios have offered online classes via zoom calls. This is a great way to not only offer extra class sessions, but capture customers that would not usually be able to make it to the physical studio or gym. Because friends can refer a friend who lives anywhere in the world to these sessions, the growth potential is limitless.
To expand, many yoga studios now offer supplemental products available for online purchase on their websites such as branded yoga mats, CBD supplements, and online gift cards. As you can see, eCommerce offers an abundance of opportunities for small business owners that beautifully compliment the benefits of a brick and mortar location.
How to Use E-Commerce to Boost your Restaurant SaleS
Many restaurant owners assume that because they have a website that displays their menu, they have a sufficient online presence. However, the internet allows you to do much more than simply show your customers your menu.
When looking to expand their online presence, many restaurant owners will simply join a delivery service such as Grubhub, Ubereats, or Doordash and assume they are up to speed. For some restaurants like chains such as TGI Friday, this is a great choice as it allows them to offer delivery services that they would not be able to without these services.
However, they overlook the extra cost involved in selling out their own brand image.
By using your website design to effectively build a brand people resonate with, you can sell other items that you may not have been able to in the past. Popular ways restaurant owners can utilize eCommerce include selling e gift cards or branded merchandise such as clothing, glasses, and mugs.
Improving your own restaurant’s website functionality offers other benefits as well. Examples include implementing systems to receive orders for pick up, accept reservations online, and even the ability to send your loyal customers a newsletter informing them of new and upcoming specials you may have.
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Ecommerce for construction companies, contractors, and other trades
Ecommerce doesn’t have to be complicated. For traditional service-based businesses such as plumbers, electricians, and other contractors, there is significant value in the ability to simply send proposals and invoices to clients via email.
Services such as Pandadoc make this process incredibly smooth and allow service based businesses to send proposals to potential clients and feasibly accept payment when the job is completed.
This small addition of eCommerce functionality makes a lasting impression on customers when compared to competitors who are still writing up estimates, proposals, and invoices with a pen and paper.
Are You an Expert in what you do?
If you are, why not develop an online course to share your expertise?
There has been a massive shift in recent years to online learning platforms and with the COVID-19 pandemic, it looks as if this trend is here to stay. As more people study online for university courses and work from home, they are more open to learning from an online format opposed to in person.
People will always be willing to pay to learn things if they believe it will bring them value that exceeds the cost. This means you can even make a course for essentially anything, even “How To Manage Your Brick and Mortar Business Expenses.”
What’s the best thing about selling an online course? You only have to make it once!
If you think you have the expertise to create a course but need help developing the website, sales funnel, and advertising campaign, feel free to contact us.