How do Modern Startups Run Their Physical Stores
E-commerce is a competitive space where it is hard to establish a brand name. Moreover, established companies with ample resources generally outperform the startups who are new to the ecosystem. Moreover, most of us tend to associate startups with online businesses; however, many of them are now pivoting back to brick and mortar spaces.
Benefits Of Having A Physical Store
The number of companies joining the online business every year is so high that it is hard to get noticed by your potential customers. Professionals at Goodtill POS Solutions have estimated that nearly 71% of businesses have failed in the last ten years due to online competition. That is what has led the modern startups to reconsider their business model, and a physical store side by side an online store becomes a viable option.
A physical store brings along a spate of benefits for the startups. Some of these benefits include:
- The sensory experience for customers at a physical store is formidable, and no website can compete with that. Lighting, music, people, fragrance, and touch all add up to make a wonderful shopping experience.
- With physical stores, immediate results can be observed. Unlike an online store that requires great marketing efforts, physical stores are there for everybody to see, and people are most likely to walk in if you are selling what they are looking for.
- Certain products cannot be sold online, at least not yet. We can note the example of huge products such as washing machines and cars.
- If you open a shop at a location, you will have a hard to develop control with an online presence. The control can take the form of communication with your customer, promotion of your USP, and sales techniques, etc.
POS Techniques Startups Are Using
Due to the above-given reasons that modern startups are taking to a hybrid method of making sales. With a hybrid approach, a company can build and strengthen both its online and offline presence. As far as physical shops are concerned, startups follow a series of techniques to run their offline stores effectively. Here are some:
Companies are using technologies that make the task of running a physical store easier. POS services such as Shopify, Square, Dor, and Zendesk help startups automate the operational processes that are particularly time-consuming.
Enhance The Customer Experience
One thing that is not very easy to do in online stores is to give a personal touch to a customer’s experience. However, startups are employing strategies that can impact the customer’s experience wonderfully. Startups are increasing their sales with the help of offline benefits in the form of complimentary samples, on-the-spot customization, engaging atmosphere, and same-day delivery, etc.
Stand With The Established Businesses
One of the most effective ways that startups are using to prove their goodness is to have a store next to established brands. When customers see a new store beside the well-known brands, they develop a sense of trust that works in favor of the new company. Over the years, the number of new businesses making it to big malls and popular shopping places has increased.
In today’s biz-world characterized by unpredictability and competition, a good physical presence can influence your potential customers like nothing else. It helps people remember you as a company and is also effective in making a long-lasting impact. Technology, relevant marketing tools, and a good approach to customer management are methods that startups use to set themselves apart.