The statistics don’t make for positive reading material if you are bricks and mortar store. In 2016, 1.61bn sales were made via the World Wide Web. In the same year, online sales accounted for $1.9tn and the figure is set to rise to $4tn by 2020. In 2021, the global retail sales from eCommerce sites are due to hit 15.5%. A store owner reading this would be forgiven for shutting up shop and abandoning ship. Fighting back seems impossible, so why try?
The answer is simple: not all physical stores close. Here are the ways they are beating the online revolution and how you can too.
Walmart is officially the biggest business on the planet with total revenue of $482bn per year. Quite an eye-raising amount even compared to Russian oligarchs and Chinese steel companies. What is just as shocking is the fact that a corporation the size of the Walmart Group couldn’t resist the digital revolution. Instead of dismissing it as a fad, the savvy bosses got in line and developed an eCommerce site which contributes to their yearly earnings. If the biggest business in the world has to adapt, so do SMBs, vintage stores, and boutiques.
Be Fast And Convenient
There’s a myth that online shopping is the quickest form of retail therapy. Heading to the checkout and paying for goods is easy but there is still a wait. Even next day delivery means customers have to go out of their way to receive a product. Fast food companies exploit this by providing the quickest and most convenient service in town. Burger King, Subway, and Dominos are pretty much served to the consumer within minutes of ordering. Lines and long waits are just two reasons people shop at home. To combat it, you have to focus on speed as well as quality.
Analyze Real Estate
One area where websites succeed is cost cutting. They don’t need a lot of things, but the most important omission is a building. Their lack of rent means the company can spend the money on other areas of the firm. You can’t because a workspace is essential, but you can cut the costs. Again looking to the fast-food industry, McDonald’s invest in prefab metal buildings to increase sales and revenue. As they fit together seamlessly, the franchises don’t have to wait long to make money. Simply bartering over the price with the landlord is a straightforward way to secure a great deal.
Don’t Mass Produce
Spotify doesn’t have SKU numbers, which means its service isn’t mass produced. There are rivals, but Apple Music and Tidal are rip-offs of the original. And that is the appropriate word to keep in mind. An SKU number implies the product or service is easy to find throughout the industry, and that is bad for business. There needs to be a legitimate reason to lure people out of their digital den which is where innovation comes into play. Locally sourced or handmade products won’t be available anywhere else, even on the cyber highway.
Can bricks and mortar beat new age? It’s not easy but it’s doable. What do you think?
Don’t Forget These Important Points When Starting a Business
Now that so many people are starting businesses these days, you may feel like it is not such a big thing. After all, you can do it from the comfort of your own home. However, if you want to make a success of your company, there are a few points that you will need consider. Here are just a few of the main ones.
Don’t Overcomplicate Your Concept
The best businesses tend to focus on a particular niche and they don’t overcomplicate their initial concept. You may feel like you need to have a complex idea to get anywhere in business, but you are actually better off keeping it simple. If you try to do too much, this can be very difficult to market and customers won’t understand your business. And when you are choosing clients to target, go for a refined group to begin with.
Write Out a Checklist of What You Need to Do
Everything tends to become so much more simple when you note it down on paper in a bullet point list. This should start with writing your business plan, leading up to the point when you form your company with the likes of Your Company Formations Ltd. Following on from this, you should map out how you see the first weeks and months going. Having a clear plan helps to clarify the huge task that you have in front of you.
Overestimate Your Expenses
When it comes to your expenses, you should give yourself some room for manoeuvre. The odds are that you will spend more than you initially think, so it is always worth preparing for the worst with regards to your business costings. The last thing that you want to happen is to realise that you don’t have any money to go further, and you have to wind up your company before it has really gotten started.
Establish Your Support Network
Even if you plan on running the business by yourself, you still need to have a support team who will guide you along the way. These people don’t necessarily have to be business associates, though it does help to speak to people with experience and a clear idea of what they are talking about. A close group of family, peers, friends or mentors will prove to be invaluable to you as you are going down the difficult path of launching a business.
Generate Income Quickly
Cashflow is essential to all businesses, but especially newly-established companies. Your business needs to start generating money as soon as possible to ensure that it stays afloat. Rather than diving headfirst into running your own business, it may be wise to have an alternative source of income in case everything doesn’t go according to plan straight away.
Even though starting a business is easier than ever before in theory, there are still plenty of factors that you need to consider, and these are just a few of the main ones.
What We Can Learn From Tony Robbins About Being Financially Free
If there’s one guy that knows what it takes to be financially free, it’s life guru Tony Robbins. If you watch his seminars, you’ll probably start to wonder if there’s anything he doesn’t know about. He can help relationships, career changes, people with depression, and the reason you’re here – financial woes!
Being financially free is something that absolutely anybody can do if they are willing to take the steps to get there. Luckily for you, you can read this post rather than take an expensive trip to one of Tony’s seminars. Here’s what we can learn from Tony Robbins about being financially free:
You Have To Figure Out What’s Holding You Back
To become financially free, you have to first figure out what’s holding you back. You need to be brutally honest with yourself. Write it down. What do you think you’re doing or not doing that’s stopping you from reaching this goal? Perhaps you’re not doing anything at all and that’s the problem. Maybe you try but you procrastinate. Make sure you examine yourself thoroughly to figure out what the problem is.
You Probably Need Much Less Than You Think
How much do you really think you need to become financially free? In all honesty, it’s probably much less than you think it is. People think that they need hundreds of thousands in the bank to become financially free, but this isn’t the case at all. First, you start small. You start doing something even if it just makes you a little extra money per month, and it pays for your Netflix account. You then build it up, until say all of your bills are covered, then your entertainment is covered, and so on and so forth. If you actually took the time to work out how much you’d need per month to be financially free, you’d probably be surprised at the number. So do it.
When you have the number, you can start coming up with a plan to achieve it. Taking out an easy loan to get your ideas off the ground could work, but you need to make sure you can pay it back in the agreed time.
Your Actions Can Change Your Energy
Sometimes we just wake up on the wrong side of the bed. There’s nothing we can do about that initially. However, it’s a mistake to think that there’s nothing we can do about it at all. Actions can change your energy. This is why tony jumps up and down on a trampoline for a while and does other crazy things before going on stage. It’s why he encourages others in his seminars to do it too. Because the things we do and say can change the way we feel almost instantly, and that can change the things we do from day to day.
You Have To Become An Investor, Not A Consumer
To become financially free, you have to make the conscious decision to become an investor, and not a consumer. Most people are consumers these days. They buy without even thinking about what it is they are buying. Some people invest but not consistently, while others think about it but never actually do it. Starting to invest as early on as possible is one of the most sensible things you can do with your money.
Investment Trends: What You Need To Know For 2018
When it comes to investments, you’ll always find that there tends to be different trends. When you’re used to dealing with the stock market, bonds, or even mutual funds, you may be more than willing to let your fund manager handle the investments for you. But there’s always going to be more to making money than just the stock market. And this tends to be where some of the investment trends will come in.
Of course, there will be different stocks and businesses that become popular, and trends will surround that. But you don’t always have to look to the business economy in order to invest. Because there’s always commodities to consider too. When you’re new to investing, and you’re not all that knowledgeable about the different commodity areas that are available, you may want to stick to the stock market, and not necessarily move on to anything else. But there is money to be made in commodities. So if you’re interested in investing in this area, let’s take a look at some areas that could be worth considering for this year.
First of all, we’re going to start with the commodity of energy. This refers to the areas of oil, gas, coal, electricity, and even ethanol. This can generally be a big area to invest and trade in. The prices often fluctuate, which that then affect the rest of the economy too, as this commodity is linked heavily to utilities. At the moment, gasoline is the number one product recovered during the refining process, showing its popularity. Therefore, you may like to consider this as your investment choice. As well as trading in the product, you may also like to consider buying stocks in the area.
Another commodity to consider is precious metals. Investing in areas like gold and silver or even platinum is quite a classic way of both keeping and making money. These are all natural metals that tend to have a high value in the economy. So much so, that many people will buy themselves gold or silver or platinum jewelry and see it as an investment. However, it’s not just owning these precious metals as jewelry that can be great forms of investments. With predicted demand on the rise and a growth in the population, choosing to invest in precious metals like gold could be a great investment move.
Finally, as something that is a much more modern commodity to consider, you also have the various forms of cryptocurrency. In 2008, Bitcoin made its mark, but there is now a range of digital currencies that could be worth investing in. Although many people and even traders aren’t that knowledgeable on the subject, investing in cryptocurrency is thought of as being attractive due to the safety that comes with it, and the way that it’s free from Government interference. However, this can be quite a risky market, as price does tend to fluctuate, despite the reward potentially being high.
Why You Should Get Involved With Your Local Community
Don’t Forget These Important Points When Starting a Business
Day Zero: A Desperate Warning from Cape Town to the World
What Can The US Govt Do To Help The Stock Market?
Yes, You Should Start Caring About Politics!
Start planning the best holidays of this year
Volunteering: Where To Start
Boxing deserves to be fashionable
Travel to Mallorca or Ibiza, from the sea
How to Develop Your Leadership Skills
Business9 months ago
5 Points to Consider Before Starting a Website
China4 months ago
A Lovers’ Quarrel: What Now for India and China?
Culture and Lifestyle11 months ago
Escaping Your Addiction For Something Safer
Opinion4 months ago
Changing The Rules of the Game: What to Expect When Social Media Dictates the News
Economy12 months ago
Denmark goes cashless: it’s not about money, it’s all about freedom of choice
India7 months ago
Struggling over Water Resources: The case of India and Pakistan
Business3 months ago
GESAB, innovation and design with 25 years of experience
Economy4 months ago
Creating Perceptions: What is Really Happening with the Indian Economy?