I have been browsing this reddit and one advice which I get from the people is doing existing businesses better. Buying low and selling high of consumer goods is one thing that a lot of people do. Do you think this has the potential to grow?
This makes sense if you focus on creating a unique and personalized shopping experience. I’ve heard from entrepreneurs who have found success by offering niche products, great customer service, and a welcoming atmosphere in their brick-and-mortar stores. It is important to carefully consider your target market, location, and the overall value proposition you can provide. Even though e-commerce is dominant, there is still a market for in-person retail, and the key is often differentiation and customer engagement. If you can find a way to enhance your existing business and offer something unique, it could have the potential to grow.
Anecdotally speaking: the experience of shopping in big box stores is so fucking atrocious these days that I would go out of my way to visit a store that A.) had what I wanted and B.) was even sniffing enjoyable to be in
Lots of stores make money. It depends what you’re selling and where your store is.
A high population area where people have the need and means to buy could be a good location/market.
Depends on the exact location and products. London is a high population but that doesn’t mean you can open in any location with any product.
Best thing you can do is get access to relevant data: types of stores in your area, footfall, sales, rent, capacity, staffing requirements, profitability, etc. Then see if you can match that, presuming the proposition is still appealing.
Yes. A lot of e-commerces is a conversion from physical stores. I think nowadays physical stores act more like an experience store (like an Apple Stores).
its certainly possible but challenging. I can see upscale boutique type things or as others have said “experiences”
but retail as a business has a high failure rate. like I think maybe the highest. Plus depending on where you live, retail stores are being targeted.
but it is certainly possible.
It depends on what and how you are selling. Many retailers are doing profitable business but in my opinion, e- commerce is best from cost and ease point of view. I would suggest to watch this video to understand more about this (https://youtu.be/uv87Sa8JP20?feature=shared)
Stores do well because large companies and suppliers give brick and mortar better options.
I’ve been trying to sell electronics and if I had a brick and mortar store I wouldn’t have to sink tens of thousands into inventory in advance, provide website data and analysis. If you want to sell a variety of name brand electronics youre pretty much forced into following the rules of the suppliers. In most cases, the companies that sell the big brands will stipulate that drop shippers are excluded from membership considerations. Drone companies want stats OR pics of your store. See the difference?
I could sell lenovo or dell if I spent about 30k in inventory in advance, OR I register my location as a warranty service/reseller depot or join lenovos “reseller program”
Totally different rules.
When I tried to open a toy store. 9 out of ten suppliers would not even sell you anything unless you had both retail and web.
I couldn’t sell toys. Not cheaply derrived from the original source. But through selling groups and warehouse pallets with crappy name brands.
Still working on it though. That’s just my .02 cents.
Honestly, many seasoned brick-and-mortar retailers are thriving quietly. As the e-commerce landscape becomes increasingly saturated, expensive, and challenging, traditional retailers continue to maintain good profitability. Few major e-commerce players are achieving solid profits. Contrary to common belief, when factoring in additional marketing costs and challenges with unit economics, e-commerce can be just as, if not more, expensive than traditional retail.
However, the success depends significantly on what you are offering. Chasing low-hanging fruit often yields limited returns.