Most online small business owners are a little if not very apprehensive when talks of running an offline retail store or brick-and-mortar come around. While opening several store fronts may be a small dip in capital for major online retailers such as Zalora or Fashion Valet, the reality is that it is a costly task for regular businesses.
2. Supply & Demand [restrict]
Understanding customer motives helps determine if the move is ideal, but physical retail requires a significant investment of time and finances. We will discuss those aspects later, but for now, consider what your motivations are for doing so? Consider if the move aligns with your company’s ultimate goals before acting on it.
3. Time & Finances
While you may have defined a strategic business plan, a strictly planned budget will help to determine if brick-and-mortar truly is a viable option. Consider initial investments:
- Down payment
- Inventory & Stock
- Operating hours
- Monthly rent
5. Online To Offline Retail
6. Unique Selling Proposition (USP)
The future of retail may lie in combining brick-and-mortar stores with e-commerce. Take it in the case of Love Bonito. Originally a blogshop, this online fashion retailer transitioned into e-commerce before finally opening their flagship store at 313 @ Somerset in Singapore, in 2017.
Knowing your customers and their demands well will help to ascertain the necessity of moving from an online space to setting up a brick-and-mortar store.
Once you’ve decided to set up your offline store, the next step is sustaining it. Read on about just how to do that here.