The internet serves as a powerful platform in providing an increased visibility for new business owners or businesses that intend to expand. Every day, millions and millions of people are searching the internet, looking for products and services. Online shopping has grown exponentially as the years go by and it is seen as the most favourable way to purchase products, where you can do it at any time of the day.
However, don’t get too excited. A smart business owner needs to constantly search for new ways to improve and expand her business. While selling goods through the company’s website and directly to end consumers may appear to be an effective and fastest way of generating revenue, there are still many good reasons to use stockists or retailers to get your products into the marketplace. Don’t forget that while most consumers nowadays, especially among the tech savvy, are comfortable purchasing products and services online, there are still many that prefer to buy their goods from a physical store, hence why you should consider both options.
The pros and cons of selling through your website
Why you should consider of using stockists
While having an online store can be a great exposure for your business, let’s not forget the importance of a physical store. Setting up your OWN store might cost a lot of money, so why not try tapping into existing retail stores or stockists that can help store and promote your products to their existing customers.
Focusing solely on what you can potentially do better than any other organization is the only path to greatness – Jim Collins
Selling products via a stockist or retail channel can expand a company’s geographical scope. Setting up a physical store and recruiting a sales team is a substantial investment in time and monetary costs. However, you can rapidly expand your operations to national or even regional levels by tapping into an established retail network. Collaborating with a stockist or retailer will allow you to store your products at their locations, and this will help in lowering your stock-holding and distribution costs. In addition, customers can easily pick up the items at the nearest stockist available to them, thus also reducing the time for customers to receive their purchases.
Customer rapport is one of the greatest advantages of retail sales. Retail outlets allow consumers to see what they are purchasing up close and obtain deeper understanding of the products from the staff or stockist on duty. Unlike online stores, they also offer instant satisfaction as customers can walk away with their purchases right away.Having a friendly and supportive staff or stockist on duty also contributes to customer loyalty, ensuring consumers return time after time. Click To Tweet
From a business perspective, retail outlets facilitate the sale of your products to a customer base that might be put off by the online marketplace.
Less shipping drama
What are the most common disadvantages of online shopping for a seller? This would include consumers feeling duped, are dissatisfied, or forced to wait for delayed gratification.
When choosing whether to sell in a retail store or online, keep in mind that selling in a physical store saves you from charging delivery fees and dealing with misplaced orders, tracking codes, customer addresses, and complicated online sales databases. With a retail store, you can make each sale with more certainty as well as less tension. In addition, there will be fewer refunds if consumers can see and sometimes try the product before purchasing it.
Stockists and retailers have direct access to the end consumer, and this allows for instant feedback. For example, suppose you want to do market research on a current or new product, stockists can help you obtain the information directly from your end-users when they enter a store.
Compared to you, stockists and retail stores already have deeper market understandings and what the consumers want and need. This may be useful if you decided to expand your products to an international level. They can easily guide you on demand and penetration strategies that you can take on.
There are various marketing strategies that can be arranged with stockists and retailers. One of which includes exclusive rights to selling your products. This is where some retailers may stock only your products and not of your rivals.
In other arrangements, stockists may have a greater say in managing the final price of goods. This will allow them greater flexibility in promoting new items at reduced prices or offering special deals based on individual sales receipts.
It’s high time for you to consider a presence in physical stores with the help of stockists and not rely purely on online store sales. With stockists and retailers, you can easily gain a lot of exposure on your brand and products. The trick is to find a good stockist or retailer that can help both of you to achieve more, not necessarily for profit but longevity.