“16 Financial Strategies For Physical Stores In An E-Commerce Economy
Brick-and-mortar stores have been feeling the effects of the growing shift toward e-commerce for years. During the ongoing Covid-19 pandemic, many that had held out on online selling have made the leap to stay afloat, as consumers’ shopping habits have gone increasingly digital.
In-person shopping may be down, but it’s unlikely that it’s gone for good. Still, if much of your revenue depends on your brick-and-mortar store, you’ll need smart financial strategies to remain competitive and keep up with retailers that exclusively sell online. To help, we asked a panel of Forbes Finance Council members for their advice…
15. Differentiate your business through personal service.
Brick-and-mortar businesses can offer local delivery as a service to compete with e-commerce plays. Brick-and-mortar businesses should also focus on business differentiation. What differentiates your products or business in such a way that customers are buying your business and not just a product? Focusing on personal service also serves to distinguish your business in a crowded online marketplace. – George Souri, LQD Business Finance”
Read the full article in Forbes.