For some, shopping is the best part of their life. Be it online or retail, craze of buying doesn’t seem to decrease in any way. Some wait for the off-season to come as there is a sale at that time and some can’t even wait a single night. So this is the addiction of shopping where people find out every single reason to buy clothes, foot-wears, jewelry, handbags and various other products. Some shop on the occasion of their own wedding and then there are others who do it for the others, also there are some who shop for their vacation trip and lastly, you would come across people who shop for no such reason and that is what we call window shopping.
Seeing the people’s love for shopping, even the marketers and industrialists are finding out new methods to increase sales. Previously, retail shopping was everyone’s favorite but now online shopping has taken over the charge. The increased popularity of online shopping doesn’t allow the retail business owners to open new storefronts. But then it does not mean that there is no need for retail shopping. When it comes to opening a retail shop, it is necessary to consider the business goals, the targeted market, the product and the consumer. Only a proper planning could lead to a successful business results when it comes to the comparison of online shopping vs retail shopping.
If you are a business owner then you must know about Online Shopping Vs Retail shopping.
Let us discuss the following points:
- Costs: The cost incurred in opening an online store is much less than in a retail store. In a retail outlet, there are various expenses of rent, utility bills etc. Whereas, online store involves web hosting and technical support charges only. The online store does not require any decorative or interior item, whereas, retail stores do. Retail store demands extra staff in the store and hence their expense increase, whereas, in online stores, there is no such requirement.
- Competition: When it comes to competition then it is mostly faced by the online stores than the retail stores. A survey is done for the market where the retail shop is going to open. The survey determines various factors about the area and the competitors and accordingly the decisions are made. In an online business, the competition gets tough because the stores that are running successfully have their permanent customers and hence it becomes difficult to attract those customers to a brand new website.
- Inventory: The study made by California Institute of Technology shows that customer usually pays more for products which they can see in person. For products or items like designer clothes, jewelry, furniture, cars, and antiques a customer finds it more convenient to visit a retail store than an online store. It is like a retail store would perform better in selling a selected stock of products whereas an online store would function better with an extensive collection of products.
- Marketing: Be it online or offline, it is essential for stores to build a large and potential customer base. A business can’t grow without customer and hence with a retail store, the area of the customer base is limited. There is no such boundary drawn for online stores. They have a vast customer base and you can easily make changes in signs, logos and sale offer as per the requirements of the customer. Whereas, this is a limitation with retail stores.
So, the above-discussed factors about Online and Retail Shopping comparison also give us immense knowledge about the pros and cons of online shopping. It is always suggested that before starting a new venture, you should always gain enough knowledge about it. It would not only help you to build better but will also bring successful results.