Brick and Mortar stores will always be a thing. Since the beginning of civilization retail stores and shops have always been around. Been in recent times we have begun to see a switch in the marketplace. People are now doing most of their shopping online.
The Death of Retail
When you can order food to your door within twenty minutes with Uber, get all of your groceries and household items from Amazon, and buy a brand new wardrobe from the biggest online clothing retailer Fashion Nova, do you really even have to leave your house?
“Early analysis from Internet Retailer shows online retail sales in the U.S. crossed $517 billion in 2018, a 15.0% jump compared with 2017. The growth in retail sales in physical stores reached 3.7% last year. This means that eCommerce now accounts for 14.3% of total retail sales when factoring out the sale of items not normally purchased online, such as fuel, automobiles, and sales in restaurants. And it also means that in only a decade, the web has more than doubled its share of retail sales. Ten short years ago, eCommerce was at 5.1% of total retail purchases.”
This means E-Commerce is slowly creeping up on companies forcing them into closing their retail locations due to their normal costs being effected by online giants like Amazon. I find that a lot of businesses are scared to adapt to e-commerce because they see it as a risk but we are to provide a solution.
Scared of change
Companies that don’t want to adapt to the change, unfortunately, get left behind. With the rise of e-commerce, many brands of 2019 have increased the ability to sell directly to their consumers and cut out the middleman, which is essentially retail stores that buy wholesale.
This means the companies are increasing their profits by selling at full price. Nike and Adidas, for example, have shifted to an online platform and have completely changed their business model. Due to this change Adidas plans to double its online sales by 2020.
It’s definitely not an easy task to shift your business in these directions but there are always options. Syncoria has helped many businesses capitalize on online sales and we can help your business too.
Costs
Store closures for 2019 are rising each day. Major retail giants like Gap, JCPenny, and Victoria’s Secret have announced that they all would be closing over 300 stores, and all this happened over a 24-hour period. Planned closures for stores are already approaching the 4500 mark for 2019 for major companies. Now, why is this?
Costs of running a brick-and-mortar store have increased drastically over the years. Certain industries like gasoline, and restaurants are in a safe zone because these are items that will never be able to reach an online platform, but many other industries are taking a hit from it.
Retails stores are taking a hit to this because online stores are very inexpensive to set up instead of having to pay rent, and pay more in store employees. Bills associated with a retail store like electricity, water, and inventory warehouses are a killer for new companies who aren’t seeing a high return yet.
Solution
As more and more CPG (consumer packaged goods)companies become retailers, they will need to re-evaluate their supply chain processes and supporting technologies. Investing in next-generation platforms, like ODOO, is an option many industry leaders are selecting.
What we do at Syncoria is help businesses set up an online platform. We understand that the process is sometimes risk and can be worrisome, but ODOO allows your business to go completely online and be able to track your sales and analytics as you go.
ODOO’s E-Commerce
With an integrated eCommerce platform, inventory and sales can easily be maintained via automatic stock adjustments and reporting.
Dedicated customer portals help keep customer data organized with order tracking and claims, allowing customers to download invoices and delivery orders as well as view pending shipments from a single location.
Marketing optimized
Increase your average cart revenue. Boost your sales with cart recovery, cross-selling and upselling opportunities on product pages, in the cart, or at checkout. Automatically recommend product accessories or suggested products and alternatives to show customers more of the items they might like, as well as provide increased exposure to all of your items in stock.
Payment methods are Fully integrated. Allow customers to pay with Paypal, Ingenico, Adyen, Buckaroo, Authorize.net, PayUmoney, Stripe, and SIPS Worldline. Online payment methods redirect customers to a ‘Thank you’ page on your website.
These are just some of the many features to having a fully optimized ODOO system to take your business to the next level. Contact Syncoria today for a free demo to help get your business started.