Many businesses have been left in the cold since the onset of the pandemic last year. Some businesses have had to temporarily or permanently close down. Meanwhile, some fortunate shopowners have managed to keep up with the changing times. During this global health crisis, businesses need to continue studying the market and their options for the post-pandemic future. Business owners need to make projections and plans early on to see what they need to do in preparation for these plans.
Brick-and-mortar businesses refer to traditional businesses with a physical store wherein consumers can walk in and purchase goods in person. Amid the growing e-commerce industry and the digital marketing field, brick-and-mortar stores have had difficulty keeping up online stores in recent times. Nevertheless, some may find potential in providing a new customer experience in brick-and-mortar stores, especially after this pandemic.
A brick-and-mortar business might have an overall change in dynamics in the post-pandemic future. Of course, you still need to prioritize health and safety when setting up a physical store. This goes for any establishment that will open or reopen for business after the pandemic. You may be asking, “Is it wise for me to open a brick-and-mortar store?” Before you make any decisions, consider the following aspects.
The Pros and Cons of Brick-and-mortar Businesses
During this pandemic, it would be best for any business to consider all options available to push their business forward during and after the current health crisis. Brick-and-mortar businesses may seem like a far-fetched idea nowadays given the quarantine guidelines we have to follow. But when everything starts to settle down, it might be a good idea to still explore the possibilities of this type of establishment.
There are several benefits and downsides to opening a brick-and-mortar business. Learn more about these so that you can weigh your options properly when the right time comes along.
Starting with the disadvantages, a brick-and-mortar store is much more expensive than an online store or an e-commerce setup. While your expenses in establishing a brick-and-mortar store will depend on the size of your business, you still have to think of the rent and the necessary licenses, permits, and equipment. However, you can easily seek help from a building commissioning service to allow you the peace of mind you deserve when it comes to the technical aspect of building safety.
Having a brick-and-mortar store also entails that you still need to work on your online presence. You cannot simply rely on your physical store for marketing nowadays. With the advent of digital technology, everyone is online, and you need to keep up with your current audience.
Meanwhile, here are the pros to establishing a brick-and-mortar store. In 2018, it was estimated that only 14.3% of total retail sales were done online. Despite the convenience of the e-commerce industry in that period, it occupied only a small portion of total sales. Currently, e-commerce has experienced unprecedented growth. Nevertheless, physical stores remain relevant.
A brick-and-mortar store will also provide a physical customer experience. Depending on how the retail industry will change after the pandemic, this may have its own advantages over time.
Brick-and-mortar retail shops have their own advantages and disadvantages, which is why it is important to study these to weigh your options when the time comes.
Importance of Customer Experience
In brick-and-mortar stores as well as in the e-commerce industry, customer experience is of utmost importance. Consumers are the lifeline of businesses, and it is important to prioritize their overall brand experience to make sure they come back for more.
Customer experience matters now more than ever before, especially since the COVID-19 pandemic struck. Customer experience boils down to how much a company genuinely cares for its consumers.
As a brand, you should know how to listen to customer feedback wherever it may be — online, in-store, or via word-of-mouth. Listening to valuable customer feedback will allow you to move forward and improve your overall business based on your consumers’ preferences. In line with this, you should respond to feedback promptly to show how much you care for your customers’ insights on your brand and services.
In a brick-and-mortar store, customer experience can be enhanced through visual merchandising and customer service. These are some aspects that you should consider when deciding if a brick-and-mortar store is appropriate for your business in the long run.
Starting a business or trying to improve your business during and after the pandemic is and will be a challenge for many companies. This is a risk you should be willing to take as you work toward an improved version of your current brand, continuously offering quality service to your community.
