While e-commerce is growing, there is still a steady demand for in-store shopping experiences.
It is common for e-commerce companies to consider opening a brick and mortar store at some point. Even Amazon is getting into the act with Whole Foods and standalone Amazon stores.
While you may hear friends stating they have not gone to a retail store in years, the statistics point to a different reality.
In 2018, there were $517 billion spent in the United States on online retail sales, a 15 percent one-year-jump. However, that figure represents just 14.3 percent of all retail sales. Sales in physical stores also jumped in 2018, albeit by a smaller percentage (3.7 percent).
Those figures should be top of mind when entrepreneurs consider whether to expand their offerings beyond e-commerce. As seen in the recent post, Have Entrepreneurial Dreams? Watch These 11 Industries in 2019, there is an opportunity with many different business types.
Expanding an e-commerce business to a brick and mortar store is a matter of bringing your business expertise and some new considerations to bear.
Factors to Consider
If you are considering launching a physical store, here are some things to keep in mind.
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