Despite all the hype surrounding ecommerce, a majority of businesses still have brick and mortar locations. While sites like Amazon and eBay may be convenient, there is nothing like making a purchase in person. As such, brick and mortar businesses continue to flourish in many sectors of the economy. However, you still need to be aware that succeeding as a brick and mortar business is still extremely difficult. Thankfully, there are resources you can take advantage of to improve your odds of success.
Inventory Management Software
One of the most difficult parts of running a brick and mortar store is managing inventory. Failing to properly manage your inventory can quickly bleed your business dry. Inventory is such a huge investment that most businesses hold almost one and a half times the value of their revenue in inventory. If you want to manage that inventory correctly and not lose a lot of it to theft and spoilage, you need a strong software based inventory management software.
One of the biggest threats to any brick and mortar store is shoplifting. Many retail stores lose thousands each year due to customers stealing products. Even internal theft by your own employees can bite into your profitability. If you want to survive as a retailer, you have to stop this theft. Hiring security guard services that can monitor for shoplifting and apprehend shoplifters can do just that. Without a security officer, you will certainly get targeted by thieves.
Big Data Analytics
Staying competitive as a brick and mortar store can certainly be challenging. You need to do everything you can to create competitive advantages. One way to do that is to transform your various different kinds of business data into actionable intelligence. You can do this through the application of big data analytics software. Recording and storing all your sales data, for example, can help show you when to stock different products at different times of the year.
Online Store Pickup
In today’s market, many brick and mortar stores also work in tandem with online stores that sell the same products. However, you don’t have to cede all this business to cyberspace. By offering online store pickup inside your brick and mortar location, you can entice those consumers to enter your store and see what else you have for sale.
Despite the popularity of online shopping, brick and mortar stores are still a very important part of the economy. However, achieving success today as a brick and mortar retail business isn’t as easy as it was in the past. The four resources above, inventory management, security guard services, big data analytics, and online store pickup, can increase your likelihood of success.