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ecommerce or brick and mortar - Complete Controller

There is no doubt that online retail shopping is catching an ever grown share of consumer spending currency. The advent and growth of e-commerce in the market industry have brought endless choices, price efficiency, and convenience. All these components are powerful for the consumer’s decision-making criteria. E-commerce has become more efficient in buying products and continue to find ways to deliver commodities more cheaply and quickly. 

Despite all the successes of the e-commerce industry, it falls short of delivering unique and qualitative experiences for retailers and consumers. People’s ability to interact socially with the outside physical world has steered their shopping behavior. They have become much more reluctant to give it up. Check out America's Best Bookkeepers

Taking chances in social experience into consideration, it is reshaping consumers’ expectations. Nowhere is this concept more evident than shopping malls that have covered significant ground surfaces of modern cities. Places such as hotels, entertainment venues, or academics have started backfilling vacant spaces previously occupied by traditional departmental stores to create a more offering. Restaurants are at the forefront of opting for a role in this transformation. As a result, total restaurant sales have exceeded the sales of grocery stores. 

In the same way, real estate investors are also adapting to this changing environment by rethinking the structure and flow of shopping centers. In these circumstances, the use of Artificial Intelligence (AI) makes the market economy more efficient at a full pace. Vast acres of parking stalls used for vehicles are soon replaced by smaller and efficient queues for autonomous vehicles into interactive space for sales.

According to a report released by Forbes, the total retail sales from the e-commerce industry are rising since 2010. According to reports, the sector had generated over 73.2 billion since then. Despite this success, brick and mortar are still doing much better in the retail world by witnessing 94% of all retail sales. Other reports stated that most global populace, or about 75%, is more conducive towards shopping in brick and mortar stores.

One of the surveys named ‘Retail Drive’ asked as much as 1500 consumers what makes them opt for the physical store for shopping? The most crucial reason they cited them was the ability to feel, see, and try out the purchasing item. Besides, another drive for physical shopping is prompt gratification. Having a retailer available for assistance is not an essential draw to shop in brick and mortar stores. More significant is the experience of in-store shopping, especially for consumers under 35. Check out America's Best Bookkeepers

Reason for Choosing Online Shopping

While prompt gratification may incline consumers to a physical store, convenience is what draws them online retailing.

Being able to shop at any point in time or anywhere is a significant encourager that generates more than $295 billion in a single year. With this percentage expected to rise to $420 billion by the year 2018, the ability to shop even at midnight hours is an essential consideration for several shoppers.

More consumers tired of the hassle shopping at stores, such as standing in a long queue or dealing with the overwhelming crowd at shopping centers, as a reason for them to turn to online retailing for purchasing items like clothes, electronic appliances, etc. Especially business persons who immediately need to have all essential business items such as bookkeeping details for financial records. Another area to decide on purchasing online is the shipping procedure. Consumers tend to buy from an e-retailer that offers free shipping and return.

Which industry Pays more Attention to the Demand? Check out America's Best Bookkeepers

The opportunities for brick and mortar markets do not negate the issues and challenges e-commerce channels intermittently face. Mismanaged inventory, coupled with predicting demands, lead to a decreasing sense of convenience and customer service.

Those brick and mortar stores that are yearning to compete with their online retail counterparts, forestalling the demands that retreat them from offering promised convenience is the key.

Who is the Winner?

Different consumers have different preferences for shopping or payment. Some of them solely enjoy the efficiency that online retail offers through its rapid delivery service. In contrast, many others continue to applaud the physical presence of a business along with their capability to get what they want in a person. No one can overtake another, which is why it is beneficial and convenient for the business industry to regard multiple ways of paying or shopping, referred to as ‘Omni commerce’.

 

 

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
brick and mortar retail - Complete Controller

The retail market landscape has significantly changed over time due to the digitalization of shopping and the shifting in consumers’ buying behavior. Presently, consumers have a low level of attention spans, use peer recommendations, and conduct comprehensive research before resorting to making purchases.

Establishing a unified and seamless experience between brick and mortar and digital channels gives market retailers a competitive advantage in the world’s present digital economy. Transformations in the digital era have created current opportunities for traditional retailers to make the overall shopping experience better for customers. Several retail chains pin their hopes on seasons of sales and struggle when sales results fail to live up to their expectations. Check out America's Best Bookkeepers

Perils of Commodity Sellers

Retailers appear to be most in peril selling commodities. For example, music shops that sell DVDs and discs in Blu-ray format, while selling in the shop can also sell them online. Consumers have become far savvier about buying products conveniently. Unless retailers selling in a brick and mortar retail shops adapt to selling online, they will go out of business.

Shop, Mobile, and Online

The comparison of mobiles, online platforms, and retail shop access for the people looking for purchasing something they often research for by accessing online sources and checking the latest prices of mobiles and other electronic gadgets, and they prefer to go for shopping. This transformation is something people have got used to it. Check out America's Best Bookkeepers

Developing away from Commodity Selling

There is no need to evolve away from selling commodities. Many retail shops that survive for a long time are that those that sell specialty items. For instance, the comic book shops which contain rare editions at premium prices will likely survive in the long term because they have limited, one of a kind commodities.

While selling these types of items online is possible, many buyers want to see them in person.

But, retailers who are dealing with the growing digital era should accept that many products can be bought online instead of compelling the consumer to purchase the products in person. While the prices may not be lower when selling in postage or packaging, for consumers getting free shipping service via Alibaba or Amazon, it will be tougher to match their prices. Retailers are supposed to provide a friendly retail environment and useful online experiences to meet the customers’ demands whenever they decide to lock down the sale.

Both Amazon and Walmart are realizing that the future state of global retail commerce, both offline and online, is more than merely a world of distribution hegemony, where every kind of brand has been reduced to conforming products and always at low prices. Check out America's Best Bookkeepers

Present Scenario

What makes the situation a bit more difficult is the fact that people live in a vacuum. Traditional retail in the present circumstances needs to pick the best location for establishing stores, keep up with consumers’ expectations about what the experience of in-store should be, and get more good at e-commerce strategies.

Therefore, rather than concentrating merely on one channel, market retail shops need to shift their focus to optimizing their physical store portfolios. Meanwhile, they should improve their online presence by keeping savvy employees who can expertly handle online platform. Also, retailers need to adjust how they view the value of their physical stores.

Brick and mortar retail stores make capture sales in today’s market. However, they also need to create values by advancing towards digital online sales. It means that the value of a particular store for retailers and consumers is higher than the sales they captured within them. Thus, just as consumers’ shopping behavior has changed over time, the sales and value needs of retailers also need to evolve, so that both the consumers’ easiness and retailers’ sales targets go hand in hand with each other by leaps and bounds.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
brick and mortar stores - Complete Controller

Booming E-commerce is making the in-store business increasingly difficult. More customers order consumer electronics, clothing, accessories, and much more on the Internet and can conveniently have goods delivered or sometimes pick them up at the store. Shopping has become a popular pastime in our society, enabling online commerce around the clock. Despite the well-stocked department and retail stores, more and more goods are purchased online. Check out America's Best Bookkeepers

These favorable conditions alone are not enough for the success of online trading. Those online businesses who rely on self-service and staff reduction risk dissatisfaction among their customers. The strongest customer loyalty driver this year is the quality of the request processing via telephone or e-mail. The Internet buyer expects a straightforward return process and a quick and easy refund or settlement of the sale amount. Approximately 58% of customers feel that the shipping costs are too high, and, in this regard, brick-and-mortar retail can again score more points. To keep up with the high standard of service offered by online retailers, storefront retailers should always be courteous with complaints and returns. A misstep could cause the customer to migrate to e-commerce. Check out America's Best Bookkeepers

 

The sales force is often mentioned as an effective means of re-launching the success of brick-and-mortar retailing. This cannot be refuted since an online shop does not offer face-to-face contact and offer advice proactively. For the seller, the transaction is in the foreground, for the customer, often the advice. The buyer is thus, forced into a situation that makes it almost impossible to escape the sales situation without having made a purchase. With online shopping, there is no pressure, and this can attract customers who want a hassle-free buying experience.

 

For brick-and-mortar retail, it is becoming increasingly difficult to counter e-commerce – despite the potential for improvement that exists here as well. Stationary trade should, therefore, no longer consider itself separately from online trading but accept the challenge. This is not to perceive online trading as a separate sales channel, but to understand it as an opportunity for a further sales channel to tap into the maximum customer potential. Retailers should, therefore, not rely exclusively on their local customer service representatives but jump on the train of “Omni-channeling” and offer their goods on different distribution channels or at least be present there. This is of great importance in the wake of customers’ increasing cross-channel behavior, as many consumers first seek information on the Internet before they visit the office. Check out America's Best Bookkeepers

 

The trend towards “multi-channeling’ makes clear that customers want their dealers to have close interaction between both distribution channels. The future of brick-and-mortar retailing is not to hide the opportunities of e-commerce but to include them. E-commerce and stationary trade is a relationship with the future that handles delivering a consistent and coherent brand experience across distribution channels. It also delivers consistent customer experience. All activities across the channels should also be networked to end competitive advantage. Stationary retailing should continue to create sales experiences with the atmosphere in the stores. In the online trade, the clarity of the shop, as well as the availability of employees across all industries, are among the strongest customer loyalty drivers. From the customer’s point of view, and in addition, high-quality content should always be used when processing customer concerns, especially when exchanging.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

The advancement in technology has changed the perspective and behavior of customers. And the growing demand pressures the retail industry to change with it. Brick and mortar are street-side businesses who are finding it tough to compete with online retail. Generally, brick and mortar retail stores are operated by one to two people, and these stores do not have any kind of accountant who can keep records in the form of bookkeeping.  Online business is increasing day by day as people can look for their desired products and buy online rather than the inconvenience of visiting the store. Some customers still prefer to buy from brick and mortar retail stores. This is because they get the chance to interact with the sellers and see or try the product. Check out America's Best Bookkeepers

Lack of Software Program

The retailers of these stores are deprived of accounting software programs that are considered the most convenient and reasonable way for people associated with brick and mortar retail stores. These retail stores do not possess the capability to manage the payroll, sales, and inventory tracking and an effective method to operate the expenses accurately. This causes them to face a lot of trouble in terms of generating maximum income to run these stores and fill them with required stuff. The good part of the software program is that it can be operated on conventional computers. Still, these advancements are not available at brick and mortar retail stores that restrict them to enhance their business.Check out America's Best Bookkeepers

Conventional Record-Keeping Methods

Bookkeeping methods are employed to keep a record of financial transactions instead of using software accounting programs that can maintain the record more accurately, and fewer human efforts are required to complete the task. On the other hand, brick and mortar retail stores make receipts, a sales record, and maintain the record of the bank loan. All these tasks are time-consuming and require investing in many humanitarian efforts. In this regard, there is a possibility that the seller cannot maintain everything accurately, or it has lost them; there are little chances to recover the data.  

Inventory Method

This is an undeniable fact that brick and mortar retail stores are required to have physical inventory, a method in the store. It is essential because the essence of accounting relies on accurate data consider a crucial ingredient for the inventory. On the other hand, the inventory is also important because it can determine sales data and data of remaining products available in the shop. However, bricks and mortar retail stores lack accounting strength in terms of inventory processes that can enable them to specific data. They do not have a software system that can let them know about the inventory of various products without staying back after the closing of the shop.  The effectiveness of the inventory method is crucial for accounting that can determine the need and the requirement of changes in the business of brick and mortar retail stores. Check out America's Best Bookkeepers

Lack of Accounting Expertise

Brick and mortar retail stores are facing issues related to managing accounting and bookkeeping needs.  It has been observed that people who work in retail stores are good at selling the products, but they often don’t possess any experience related to accounting. In this regard, the lack of availability of people who have accounting or bookkeeping expertise among your staff can lead to the failure of the business.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

The closure of a couple of big retail chains expanded across the country doesn’t necessarily mean the death of the entire brick and mortar retail industry. It would be premature to build up this idea based off of a few reported cases of bankruptcy. One cannot follow the crowd and come up with a bold stance inspired by some industry veterans who believe,” it’s the end of brick and mortar retail stores.” Instead, you need to make a realistic analysis of the industry in the light of real facts.

What Do Stats Reveal About the Fate of Brick and Mortar Retail?

Ever-increasing online stores and e-commerce platforms with sales of billions of dollars each year can give us an illusion that brick and mortar retail is dying but believe you me, they can never die as long as the humans are alive. Online retail stores may have aggregated global sales of billions of dollars. Still, they can never match a multi-trillion-dollar brick and mortar retail industry, no matter what one may argue! From roadside small retail shops to big branded shops in malls and retail hubs, there are millions of brick and mortar retail stores all over the world that are present on the face of Earth, and they bear testimony to the fact that physical retail is not dying! Check out America's Best Bookkeepers

Brick and Mortar Retail is in The Safe Zone!

According to a study, 84% of the total products or commodities that are manufactured all across the globe are sold in brick and mortar retail stores. This indicates that online store or e-commerce has been able to grab a little percentage of the total market share and brick and mortar stores are still in the safe zone where they can reacquire what they have lost over the years.

That is going to be a challenge for the entire brick and mortar retail industry, and veterans believe, it might be impossible to regain the loss. Research that was conducted by a group of students concluded that you could prevent losing your brick and mortar market share to online competitors by making serious efforts to improving your in-house shopping experience. Getting your customers involved and navigating them to what they want surely ensures more sales and hence profitability. Check out America's Best Bookkeepers

Why the Retail Industry Experienced A Dramatic Shift?

With rising shoppers’ expectations, increased competitive pressures, the proliferation of data and evolving touchpoints, retailers need to come up with something new and must focus on delivering and elevating the overall customer experience if they expect to succeed in today’s highly competitive market. The reason why online stores have been able to grab a significant market share is due to evolving retail dynamics and changing industry patterns and preferences. Customers capitalized on easy-buying options at competitive rates and found convenience in purchasing their desired products online from their mobile devices. A significant shift from brick and mortar retail buying to online buying had shaken the industry to its core and made people believe that brick and mortar retail is dying. However, this wasn’t so!

What’s more?

Online retail giants such as Amazon, eBay, and Walmart that have operations all across the globe made it convenient for people to buy products at the hour of their choosing at discounted rates cheaper than the products offered in the brick and mortar retail stores. This significant gap made people think that online stores are cost-effective, and brick and mortar stores are exploiting them by charging more for the same products offered for sale on online stores. Online stores have some limitations such as loss of sensitive data, vendor details, and threats to cybersecurity, which limits the trust of some customers and drives them to brick and mortar stores despite the online discounts. Check out America's Best Bookkeepers

A Well-Crafted Illusion of Brick and Mortar Retail Dying

So, it makes me feel safe to say that online retailers or marketers have been quite successful in establishing an illusion that brick and mortar retail store is dying. Well, the concept is mostly exaggerated, and the physical retail is not dying no matter what. However, brick and mortar retail may witness a little breakdown in the market share in the upcoming years due to changing market dynamics and changing customer preferences, but it won’t completely die! If you don’t trust me, just trust the stats!

 

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

Social media concept. Technological abstract background.
Budding entrepreneurs are often attracted to places that offer them better infrastructure, entrepreneurial connection, and resources. Networking events, investor meet-ups and demo days all provide opportunities to find good advice and investment opportunities. Finding solid connections is one of the initial aims of any entrepreneur and these valuable connections help them slowly integrate into the ecosystem of the corporate world.

Hub Culture

The idea of start-up hubs is one thing that reduces the worries of an entrepreneurs by a bit. Here, you can find all sorts of resources in one place – from necessary connections to valuable information. There are a variety of hubs available depending upon the region you’re willing to operate in. There are multiple start-up communities and one may also be able to find a virtual start-up hub.

However, here, a choice comes in deciding which hub will yield better results. Virtual hubs are convenient and can be accessed by an entrepreneur from an area that doesn’t have many entrepreneurial resources. Although, brick and mortar hubs grant entrepreneurs the opportunity to meet mentors and investors in person, better grasp information and present their ideas.

Virtual vs Brick and Mortar

The basic idea of both kinds of hubs are the same, however, there are clear differences between the two. The number of goals you’ve already set and the guidance you are in need of can be the major factors in choosing between the two. If you are clear with your business plan and have very specific requirements (for example requiring a professional for accounting tasks such as bookkeeping), then you may just be able to go to an online or virtual hub to get a contract that will help you in fulfilling that particular requirement. However, if an entrepreneur needs more guidance, it is recommended to go to a brick and mortar hub to be able to grasp information from experienced entrepreneurs easily.

The two main reasons for entrepreneurs to opt for a virtual hub are:

  1. Obstacles like geographic location that hinder access to a brick and mortar hub
  2. The entrepreneur has a late-stage, well-settled start-up and is looking for contacts to help in starting operations or growth

A brick and mortar hub has its own benefits. Interacting with investors and mentors in person can achieve a lot. Moreover, a physical hub allows the entrepreneur to become a part of a community. The sharing of knowledge can help in grasping a better understanding of the entrepreneurial world.

Both types of hubs have the same aim, which is to help budding entrepreneurs. Many entrepreneurs believe that the kind of hub they choose doesn’t make a difference. In fact, most believe that their location is the only major factor when it comes to choosing between the two. Most entrepreneurs say that if they are in a big city with a lot of resources, they’d prefer to go to a physical hub. Meanwhile, if they are in a remote location that is far from a big city, a virtual hub would be where they’d access the resources they need.

Some entrepreneurs emphasize on the fact that both kinds of hubs have a different impact in relation to the start-up’s geographical location. Meanwhile, other entrepreneurs believe that both kinds of hubs are important and that the utilization of both is necessary for success in different stages of a start-up. They also believe that, in order to build a solid company, the entrepreneur must attend a brick and mortar hub for guidance and mentorship while also using the services of a virtual hub for contacts necessary to achieve goals.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

Sears Store Door Entrance in Southcentre Shopping Mall in South Calgary with Liquidation Sale Deals due to upcoming Corporate Closure and going out of Business
The death of brick and mortar retail is exaggerated. Retail isn’t dying, it’s just changing!

A Retail Round Up

Over the past decade, there’s no denying the fact that customers’ tastes, demands, and purchasing patterns have changed quite drastically, compelling the retail industry to change with them. The change in the industry’s dynamics is largely perceived as a ‘retail apocalypses’, leaving thousands of brick and mortar retail stores to close in its wake. However, this is not the only reason. Ever-evolving preferences and inclinations, lack of wisdom to run a retail establishment in the competitive environment, large upfront investment botches, and increased trust in e-commerce retail stores like Amazon, eBay, Alibaba and other similar online retail stores are a few of the major reasons causing retail establishments to shutdown at a massive rate.

The surge in the popularity of e-commerce retail stores bears testimony to the fact that online shopping is growing among millennials. They love to buy their favorite products online and get them delivered to their doorsteps with easy payment schedules. They have actually found an easy way out to save more time for themselves without having much to worry about. This is certainly one of the reasons causing the death of brick and mortar retail stores. However, when we look at the bigger picture, we are surprised to find that online shopping equates to only 8.1% of the total retail sales in 2017.

What Do Statistics Say About The Retail Meltdown?

According to the survey results compiled and revealed by one of the leading international retail agencies, worldwide retail sales accounted for $23.45 trillion in 2017, which is expected to grow and reach a whopping $27.73 trillion mark by 2020. Undoubtedly, brick and mortar retail is perhaps never going to die as long as this planet Earth exists and people are alive. There are times when a business or an industry has favorable grounds to thrive and vice versa. The brick and mortar retail industry may have seen a retail meltdown for the past few years, but that doesn’t mean that the industry has no chance to survive hard times and fight back to retain its lost image.

Why Retail Store Chains Are Facing The Most Closures

The predominant reason that is causing the death of brick and mortar retail stores is large upfront investment failures. Retailers, when they see profit margins and achieve success in any specific locality, get excited about opening more of their retail stores in different areas. This excitement often leads them to set up more stores and spend carelessly on improving their in-house customer experience and facilities. The great sums of money spent on creating an ideal shopping environment are largely misunderstood by most of retailers. Often, they spend impractically and unreasonably on creating an extravagant shopping environment, which increases their investment and costs. This, besides expanding their operations, causes the death of a brick and mortar retail store.

What Should Be Done To Prevent The Closure?

In order to maximize cost reduction, you must first cut down your large upfront investment and allocate adequate resources to get things moving seamlessly in the right direction. Secondly, you must provide an exquisite shopping experience with a unique in-store service. Also, you must a hire a professional accountant for bookkeeping services who will provide you with a clear picture of your finances, tax details, bank loans, etc. for better financial decisions. Moreover, you must reevaluate your retail objectives and retail establishment’s strategic mission, especially your supply chain channels. Last, but not least, you must do a root-cause analysis of each problem and come up with a relevant strategy to recover from the crises situation. By taking all of these effective measures, you can expect to prevent the death of your brick and mortar retail store.

Brick And Mortar Retail Is Still King!

The death of brick and mortar retail is nearly impossible. Although thousands of brick and mortar retail stores may be closing their doors due to bankruptcy or lack of creative wisdom to stay competitive, online retail stores and their total earnings can never come near to the overall earnings of brick and mortar retail stores around the globe–at least any time soon. This makes it safe to say that brick and mortar retail is still king (or queen!) and all of the stories associated with the death of brick and mortar retail are baseless.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

brick and mortar retail store - Complete Controller

Recent times have not been very favorable for retail stores. There’s a consistency in the kind of news we get from such stores these days, like Sears, expressing uncertainty about their future. Toys R Us, Ralph Lauren, and The Limited are shutting down their stores. While JC Penney has also announced the particular stores it will be closing.

With such news, it does seem that retail stores are dying. Shopping malls might not remain the way they are today in a few years. Brick and mortar retail isn’t what people are particularly looking for. These days, people prefer to relax at home, ordering the products they need through the internet.

We can relate to this, in the busy schedules of today, that shopping online is considered a much better option than walking around in a mall and getting tired of going from store to store. Check out America's Best Bookkeepers

This also poses a problem for the owners and stakeholders of brick and mortar stores. Can they survive? If so, then how will they survive these changes? Below, we have some tips on how you can save your brick and mortar store from having your customers snatched by online sellers.

Become an Expert

You need to know the specifics of what you are dealing with – everything related to your product, from the perks offered to advise regarding the precautions necessary to be taken while using it. It would help if you made sure that customers know that you know the answers to their questions and queries. Providing knowledgeable support to your customer at your store is a great way to showcase yourself as a business offering something not offered by competitors. One of the essential doubts that a customer has when purchasing products online is the details of the product other than those mentioned on the webpage. In such a situation, consumers prefer to head to a brick and mortar store to get hands-on experience with the product they are interested in. They come with questions and, if you can answer them clearly and accurately, customers are sure to buy from your retail store instead of an online counterpart. Check out America's Best Bookkeepers

Build an In-Store Experience

Unlike in the past, when retail stores could sell enough just by displaying their products for sale, you need to define an experience that sets your brick and mortar store apart from something that customers can find online.

You need to provide a unique experience relevant to your brand in the store. This might be interactively displaying your products, including details about your products that would otherwise not be found online. Try to increase the interactions that your store staff has with customers. This should not be any interaction, as emphasized above, and it should offer knowledge. Another innovative idea is to engage a customer’s five human senses (smell, touch, sight, sound, and taste) during their interaction with a product. Of course, you can’t engage all senses simultaneously, but any engagement gives you an upper hand over online shopping. For example, bakeries can offer taste samples to their customers, a mobile phone brick and mortar store could offer live interaction with different smartphones. It is recommended that you do your best to increase tactile interaction, which online shopping lacks, to help your retail business survive. Check out America's Best Bookkeepers

Going Online

It is commonly said; if you can’t beat them, join them. Similarly, it is an excellent decision to transition your brick and mortar store into a hybrid between regular retail and online selling. After all, online selling has multitudes of benefits. Make the setting up of an e-commerce unit within your brand one of your priorities. Creating a fantastic experience at your store and offering a quick, convenient online option will get you the best of both worlds.

Conclusion

You need to be aware of the needs of your customers and be quick in addressing them. In the current world of innovations, it is crucial for your brick and mortar business to adapt to different changes to retain and get new customers, sustaining its existence.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers