Brick-and-Mortar vs. E-Commerce: Finding Balance for Your Business

The world is quickly changing and businesses have had to rush to keep up. One of the strongest growing forces has been the influx of e-commerce. The expansion of e-commerce has allowed consumers to make more flexible and easier purchases from the comfort of their homes. However, brick-and-mortar establishments – or physical stores – are still very relevant despite the wave of online businesses. In this article, we’ll explore how businesses can navigate between e-commerce and brick-and-mortar to find the ideal balance.

The Rise of E-Commerce

E-commerce – or electronic commerce - is the buying and selling of goods or services online. The framework found its feet in 1969 with the establishment of CompuServe – the world's first major American online commercial service. As technology advanced, larger e-commerce platforms like Amazon, PayPal, and Alibaba emerged. By the 20^th century, e-commerce was already a booming market. 

By 2020, the COVID-19 pandemic drastically pushed the growth of e-commerce. Lockdowns and social distancing forced people to turn to online shopping. Even after the pandemic, this change seemed to stay in effect. Around 67% of consumers report they shop differently now due to COVID-19. These are some of the main reasons online shopping has gained so much traction:

• 24/7 availability.
• Shopping from the comfort of your home.
• Readily available discount codes when purchases are made online or on store apps.
• Ensures social distancing for better health and safety.
• Faster purchasing process.

However, this does not mean that the brick-and-mortar stores will suddenly cease to exist.

Retail Stores Still Thriving

While e-commerce has rushed to create a new world of trade with the help of rapidly evolving technology, the in-store experience doesn’t seem to be going anywhere soon either. Research has shown that while 56.6% of people prefer online shopping, a good amount of 44.4% of consumers are still sticking to in-store purchases. Some of the main reasons people opt for the in-store experience include:

• The experience of shopping in a store and visiting a physical location.
• Being able to touch, see, and try on items before purchasing.
• No delivery charges or waiting period.
• Being able to ask sales consultants questions in real-time.
• Having unique products available that are not sold online.
• Easier returns or refund processes.

For businesses, the issue becomes finding the balance between e-commerce and in-store sales. Naturally, you want your business to thrive and your customers to be served in the best way possible. This means finding a combination of both online and in-store commerce to offer. 

Finding the Right Balance for Your Business

To survive in the modern world, every business needs to have some form of an online presence. Whether it's an app or a website, your business is almost non-existent without catering to a digital market. This allows smaller brick-and-mortar retailers to have their bread buttered on both sides by supplying an e-commerce audience as well as in-store markets. 

Businesses need to understand that consumers are often using both online and in-store functions when making purchases. Google found that 74% of in-store shoppers who searched online were looking for something in-store related - such as the closest store, locations, stock updates, trading hours, directions, wait times, and contact information. 

Many consumers prefer to do research about products online before going into stores to make a purchase as well. This gives them access to reviews, ratings, and other options. Through the combined efforts of both e-commerce strategies and brick-and-mortar establishments, consumers can make informed decisions, build brand loyalty, and keep businesses running. These are some of the main tips to maintain the right balance for your business:

1. Create an Engaging In-Store Experience – The key to attracting in-store customers is having an attractive store. People are more likely to walk into a store that’s clean, open, and pleasant to be in. Have unique décor that showcases your brand’s style and display promotions to encourage customers to make purchases. Ensure that your staff members are friendly, helpful, and always smiling to help shoppers feel more comfortable. Try to build a relationship with the community through efficient support and service.  
2. Stay Social – In a social media-driven world, your business needs to be on track with social media. Have a team to build a social media presence for your business that can constantly give updates on the latest promotions, respond to queries or complaints, and build a better online community for your brand. 
3. Stay on Trend -  Your business also needs to stay on top of what is trending at the moment. Depending on your brand, you can make the most out of social events, sporting events, pop culture, and more. For example, many retail clothing stores noticed that the Barbie movie had inspired a trend of dressing up in Barbie-themed outfits to see the movie. This pushed the stores to promote pink or Barbie-branded clothing.
4. Pick-Up in Store – A typical grievance for many online consumers is that delivery fees are too high. Fortunately, you can give your customers the option to purchase an item online and then pick it up in the store at no or a reduced charge. This also brings customers into the store where they might be tempted into making more purchases.
5. Stay competitive – When shopping online, the results page is not biased and will probably show products from other stores as well. This makes it a lot easier to simply compare prices to other stores before making a purchase. This is why businesses need to keep their eyes on competitor pricing – if your product is more expensive, it needs to highlight the additional quality and benefits. Consumers are more likely to choose a more expensive product if might last longer.
6. Create a Better Online Experience – The worst thing for online shoppers is an inefficient shopping app or website. Make sure that your online store can be easily navigated and that items can be quickly found. Online stores can also set up rewards systems for customers to create brand loyalty. Also, be sure to make the most out of email marketing as well to remind customers about abandoned carts and special promotions.

Getting the best of both worlds between e-commerce and your typical brick-and-mortar store can be challenging for any business. However, with the right tools and the right skills on your side, you can ensure that your business thrives. That’s why investing in TMG Global is the best decision you could make for your brand. 

TMG Global is a group of talented copywriters who are dedicated to enhancing your content and brand beyond expectations. Contact TMG Global today for a free content audit or to learn more about how we can help you find your balance in an evolving market.