High Street vs Online Retailer
Whilst the high street stores have struggled for sales,
online shops are achieving great success. Why? If you like it or not the world
is changing – people don’t want to drag themselves to the shops in the rain,
snow etc., not when they can shop online and get everything delivered to their
door. The choices online will always beat what’s available in the high street
stores, at prices that simply can’t be matched by high street stores owing to
their vast overheads.
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| The high street empty of customers |
The big question is does the high street shop retailer
have a future? We believe that retailers need to look towards spending a lot
less on glitzy stores, and strengthen their online presence. Unfortunately if
they don’t they will vanish alongside many others who once had strong brands.
Take HMV the music store – this once giant on the high street failed to respond
to this and look where they are now, with receivers! Perhaps if they had
realised the power of the Internet, they would have adjusted their business
model and closed a few high street shops, reducing their overheads, HMV could
have used the funds that would have been available to build and develop an
online presence, which worked. HMV had a very strong brand name, which has been
associated with music for many years, but that was not enough to stop shoppers
purchasing music online through other retailers.
When high street retailers do
go online they must remember things are a little different on the web,
competition is greater and your competitors are just a simple click away. Your
store may have the monopoly on the high street, but it’s very doubtful you will
achieve the same online. High street retailers have got rich with once huge
profit margins, but those days are over. Profit margins online have to be
lowered to remain competitive but you must remember your volume of sales will
increase! After all, is it not better to sell many items making a little, or
making no sales at all?
If you’re a high street retailer, looking for an
online presence that works for you, contact Blick Media today!
