When you’re running a business in today’s fast-paced mobile world, you may be thinking about adding an online shopping option to your brick-and-mortar business. The truth is, you can easily have both, and doing so is a great way to boost your revenue and grow your business.
In 2019 consumers spent $601.75 billion online in the United States. That’s a 14.9% jump compared with 2018. Retail sales in brick and mortar stores increased by 3.8%. This means eCommerce accounts for 16.0% of total retail sales after deducting online purchases.
To help you compare and contrast, we’ve laid out how both eCommerce and traditional commerce can help your business thrive.
Traditional commerce involves any business exchange that takes place face-to-face located in a physical store space. With traditional commerce, consumers have the option to come in personally to buy your products and services. Some of the most important characteristics of traditional commerce include providing more personalized service and giving the customer a chance to use all five senses before making a purchase. By interacting with consumers in these ways, you’re better able to form a stronger relationship with them, which will help you achieve the ultimate goal of creating long-term customer loyalty.
While having a storefront is a great way to provide personalized service, it carries some hefty costs. In traditional commerce, the brick and mortar location cost is generally very high whether you’re renting or buying the space. Once you obtain your space, you also need to hire staff for sales, accounts, and management. As a retailer, you’ll also need to maintain stock of the products provided due to which a huge amount of money remains blocked in business.
Your store has to be located centrally so that the customers can visit easily. Traditional showrooms run for a limited time like from morning to evening and from Monday to Saturday only. While high overhead costs there is also a limitation on potential expansion in the future.
eCommerce & Online Shopping
We now live in a world where many consumers use the internet on a daily basis. In fact, the growth of eCommerce has taken off with a recent boost of 25% growth in March 2020. Thousands of businesses rely on eCommerce to scale their companies, decrease costs, and increase convenience for their customers.
You can attract a larger audience of customers by providing an eCommerce option, and this can lead to increased sales for your business. With eCommerce, consumers can buy from your site whether they’re on their computers, tablets, or smartphones — from anywhere that has an internet connection.
How eCommerce & Traditional Commerce Can Work Together
By combining eCommerce and traditional commerce shopping options, you’ll be able to expand your revenue stream while also providing customers with the convenience of being able to buy their favorite products from your business wherever they may be.
Partnering your online store with the Stax Platform puts your entire payment experience into one easy-to-use location. Along with statements, deposit reports, and PCI compliance, each online payment you process will be accessible and accounted for within your dashboard.
With Stax, you never have to worry about having different merchant processing systems for traditional commerce and eCommerce.
Stax offers various merchant processing services, so you can find the best solution for your business. Our subscriptions offer your business the most risk-free merchant processing services at the most affordable price. Fill out the form below to see how much you could be saving.