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Transition from retail space to e-commerce: Losses to profit

Migration from a retail space to e-commerce is a smart move for small business owners. The speedy growth of e-commerce in recent years as seen in the statistics…

The thoughts of moving from retail space to e-commerce began to hit me when my manageable profit was no longer forthcoming. I am a single father, and my journey started when I opened a clothing store. I was getting supplies from manufacturers and sometimes wholesalers.

As time went by, my profit margin ceased to increase but decreased. So I decided to expand and invest in fashion accessories like belts, wristwatches, cufflinks, bags, shoes, sandals, durags, bangles, bracelets, sunshades, etc. You name it, Male and female.

As much as I was ready to get to my retail outlet each day, some of my accessories and clothes were no longer trending or out of stock. At some point, I wore some, gave some to my kids, and sold some below their cost price.

One rainy Sunday evening, I said to myself, I needed to do better, I needed more profit, I cannot keep living like this. I will crash at some point if I am not careful. So, I began researching how best to grow my business. And I found out that transcending from retail space to e-commerce or, possibly, both could get all my prayers answered. The information I gathered is the same I’d be sharing with you below, and believe me – it’s worth it!

The moment I understood the difference between retail space and e-commerce and how to benefit from it, I stayed positive. Using an e-commerce software a friend introduced to me during my research, I could not contain my happiness and success story.

In this blog, I will be sharing the name of this software and the steps involved to transcend to the online store

Let’s get started…

What is Retail Space?

Retail space is an environment or physical location where retailers sell products and services to their customers/clients.

Examples of retail space could be a shopping mall, plaza, supermarket, shops, etc.

In my situation, I started from my home, but when I needed to expand, I moved on to get a shop space (retail space).

What is E-commerce?

E-commerce is also known as electronic commerce or internet commerce. It is the computerized system of buying or selling products and services online; via the internet. Whenever individuals and companies buy or sell products and services over the internet, they engage in e-commerce.

Software programs like Internet marketing, online transaction processing, inventory management systems, and automated data collection systems are great for e-commerce.

Reasons For Transcending From Retail Space to E-commerce

For so many readers reading this content, your thought for wanting to transcend could be a lot. It could be for a broad reach to your target audience, more sales, more trending ideas, quick turnovers, convenience, and much more.

You are right!

Here, I’m going to give you practical reasons why anyone would want to move their business to the e-commerce circle as I did.

In The E-commerce World, There Are no Boundaries

The possibility of being available to your customers 24/7 is made real in the e-commerce world. This expands your brand reach to your desired target audience. You can be available to anyone and everyone in need of your product or services, anywhere and anytime in the world.

Endless Number of Options at Your Fingertips

The options here refer to the variety of alternatives available to be shown to your customers. Your virtual store is unlimited in space. For those in the fashion business, you have endless designs, textures, patterns, and materials to showcase to your customers. For those in the catering business or confectioneries, you are not limited to the number of items to showcase to your customers, from varieties of food to different continental dishes.

Lots of Data and Information

In the e-commerce space, data is in excess, both relevant and irrelevant. You ought to be careful and patient while sourcing data. Proper acquisition of this data will influence the growth of your business through analyzing and making adjustments to suit your customer’s demands. For example, by providing what your competitors do not have on their menu, going the extra mile to provide the best of what you offer at a competitive price is KEY!

Dual Shopping Experience

One unique reason is to offer both in-store and online shopping experiences. You can broaden your reach and provide an omnichannel experience that positions your business for long-term success, high turnover, and profit.

Running an Online Store is Less Expensive and Convenient

Certainly, there are costs attached to running an online space, but it’s inexpensive to operate compared to retail stores. You can keep overhead costs low since you do not have to worry about the cost and maintenance of a physical location.

Gives You Marketing Opportunities

Owning a website gives you access to the world’s top marketing tool – your website. Can you imagine?

The use of search engine optimization in building your business website leads to more chances of your customers finding your business in search engines. Social media marketing, your email marketing, all of which can be linked back to your website.

This is amazing! So far, the reason for moving your business online is inexhaustible. Above are general practical examples that drove me into moving mine online.

Economic Statistics

  • As of January 2022, worldwide statistics show that about 4.95 billion internet users are 62.5% of the global population (urbanization rate is at 57%).
  • In 2021, e-commerce sales amounted to 4.9 Trillion U.S dollars worldwide. People who visit online stores and spaces keep coming back. It has been forecast to grow over 50% in less than 5 years to come.

  • In 2021, $3.56 Trillion in E-commerce mobile sales were made from mobile devices. E-commerce businesses have been optimizing for mobile commerce for several years.
  • Google reports in one of its content states that over 80% of customers and more conduct their research online before deciding on what to purchase. This means most Google searches are made to buy.

Having seen the statistics, tell me you are not fascinated in moving your business online? These were the same content I read that re-routed my thoughts and ideas.

Steps to Take in Transcending From Retail Space to E-commerce?

Are you prepared to move your business online? Here are those steps…

Build an Email List

You need to build your email list before launching your online store. You might ask, what is an email list/electronic mailing? An email list is a recorded number of the email address for the general distribution of information and resources to many Internet users.

Some practical ways of building your email list by gaining the email addresses of your existing customers from your retail space are by offering them some incentives in exchange for their email addresses. Once you have a good number, you can begin structuring enthusiasm for the launch of your online store.

This is one of the easiest and most effective ways to tell your target audience about your business and its benefits. It is a plus to inform them on how they can contact you – for further information or patronize you.

It does not end there – promoting the upcoming launch of your online store across your social media platforms is KEY! Leveraging the power of live video to develop a story for your brand is also a great idea. There is no shame in asking your loyal customers and fans to share your posts. It is a great idea to use every opportunity in your reach to spread information about your new online store.

Research and Select The Right E-commerce Platform

This is the most critical of all steps, where I would explain to you the e-commerce software that made my business successful. Now, deciding on the right e-commerce platform to use as a medium for growing your business is not an easy task.

There are 3 questions you need to ask yourself before choosing an e-commerce platform:

  1. How big is my budget?
  2. How much time do I want to spend creating and managing my online store?
  3. What marketing strategies do I want to use?

During my research in finding the right e-commerce platform to move my business to, a business friend introduced me to Vencru

Vencru is the simplest invoicing, accounting, and e-commerce software – with unique features and benefits. You are certain to perform inventory management, bookkeeping, retailing services, manage your clients, manage your employee sales and progress, and so much more – all in one place.

Even since I signed up with Vencru and its services, my business has never stopped yielding profits.

Re-evaluate Your Target Audience

Before launching your online store, the exercise of researching your target audience like you did when you opened your physical retail space should be repeated.

You need to gain more insight into your target audience, competitors, and demographics before leaping into the e-commerce world.

Prepare a Digital Marketing Strategy

Preparing a successful digital marketing strategy is an undeniable step to running your e-commerce space. Failure to do this properly will put your online store at risk. The positive impact of having a responsive digital marketing strategy is the unending feedback you gain from it as a channel in finding and retaining customers.

How Can Vencru Be Of Help To You?

What’s the feeling you get when you share your worries and pain with someone who was once in your position? Someone who has positive results to show for it; It could be,

  • Liberating
  • Relieving
  • Fascinating
  • Convincing

Vencru knows your pain points and is ready to work with you to bring laughter to your face and your business.

Final Takeaway

Migration from a retail space to e-commerce is a smart move for small business owners. The speedy growth of e-commerce in recent years as seen in the statistics above is unending, and by launching your online store today, you can start tapping into the online market space and maintain a competitive edge over your next-door competitor.

Sign up with Vencru today! Enjoy the best from the E-commerce software customized solely to meet your individual and small business needs, and make sure you stay tuned to our blog to get amazing resources in helping you navigate the market. Good luck!

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