Many small business owners launch online e-commerce stores because it is more cost-effective than having a physical presence. It also allows them to cater to a larger geographical region. However, when such e-commerce businesses want to expand beyond the digital world, it is imperative that they establish brick-and-mortar stores.
This is exactly what Frank + Oak did. After retailing men’s clothing online for two years, the brand has established its own stores. Canada Goose, the popular luxury parka retailer, has also announced that it will be opening two stores. Meanwhile, personalized suit and shirt maker Indochino will be increasing its store count from eight locations to a massive 150 locations by 2020.
Retailers have realized that while digital stores save money, they cannot offer customers in-person customer service or create a personalized relationship with their customer base through online endeavours alone. A physical presence also helps customers experience the brand up close and personal, which can play a big role in boosting sales.
John C. Williams, Senior Partner in retail and marketing consulting firm J.C. Williams, explains that online retailers opt for physical stores because it makes them “real” and offers a unique experience to customers. Williams states that a physical presence lets retailers build a better emotional experience for their customers.
Frank + Oak intends to create a sense of community by setting up brick-and-mortar stores. Co-founder Ethan Song states that creating a feeling of community is the brand’s ideology, and he believes that a physical presence plays an important role in helping to achieve that philosophy. The company now has 13 brick-and-mortar stores in Canada and the US, and it will be setting up two more stores in Canada this summer.
Customer service plays an important role in ensuring superior customer experience. That is why Canada Goose will be opening two retail stores – one in Toronto and another in New York. Currently, Canada Goose sells its high-quality parkas through its website and authorized retailers.
The key to business success is innovation. Companies have to be ready to innovate, change and adapt if they want to stay ahead of the competition, boost sales, and establish their brand. Innovation also allows small business owners and entrepreneurs to expand and grow their business endeavours. Many business owners will find a UCW MBA degree to be an invaluable resource.
The UCW MBA program is designed to make entrepreneurs into efficient and effective leaders who achieve workplace success using critical thinking skills to overcome obstacles using pragmatic and unique solutions.
