The world is quickly switching to eCommerce. According to Wpforms, about 24 million eCommerce stores disrupt the global economy with over $4.5 trillion in sales per year. That’s huge! More eCommerce stores are even expected to launch in the post-covid world as more and more consumers continue to join the eCommerce channel in the post-covid world.
So what’s the place of local businesses in the modern world?
Despite the eCommerce hype, local stores still have their place in the small business ecosystem. Savvy entrepreneurs are tapping into digital strategies to invest and grow local businesses.
Of course, you’ll need capital to implement the offline-online business model. Good news: You can easily obtain a small business loan from a fintech lender to cover business expenses.
How are going on local businesses in 2021
When covid hit, many small businesses closed their doors due to lockdowns, social distancing measures, and reduced in-store foot traffic.
Revenues plummeted, and the ones left in operation had to cut their workforce to keep operations afloat. Since then, many businesses have switched to eCommerce to navigate the pandemic’s challenges and death knells.
Though people still have to maintain social distance to curb the spread of the delta variant, things are changing for the better as vaccines take center stage. In the future, traffic in local brick-and-mortar stores is expected to increase. So, it makes sense to invest in a local store in 2021 and beyond!
Importance of investing in a local store
Despite the challenges of covid-19, investing in a local store is a viable business idea. Top reasons why businesses should consider supporting their local cities and towns include:
Build a profitable business
The top reason for entrepreneurship is to generate profit, and investing in a local store is a great way to build a profitable business.
If you play your cards well and connect with the local community through community events and activities, you may end up becoming the top business leader in your city.
People buy from businesses. The more people you can win from your locale, the more profitable your business becomes.
Create local jobs
Many people lost and continue to lose their jobs in the post-covid world. Investing in a local store helps maintain and create more employment opportunities for the immediate community.
Keep local capital in circulations
The use of local banks helps keep local capital circulating. Business revenues are lent locally and reinvested in the community. You can even obtain a small business loan from local banks to source goods and services. That keeps the regional economy growing.
Local multiplier effect
Your local store will be working hand in hand with many other ancillary businesses. In turn, these businesses continue to invest locally and employ more people who spend the money back into the local businesses.
Give back to the community
Investing in a local store is a great way to give back to the community. Businesses that are based locally have the interests of the community at heart. They are more likely to employ people from there and reinvest in their profits to fund community activities.
Top items every small business needs
To win in the local business game, you need to have all the modern tools of the game in your business strategy toolbox. They include:
Strategic location
If you’re going to invest in a local store, you can’t afford to go wrong with your location. You need to locate strategically so that customers can easily see and access your storefront. Choose a place where customers can quickly drive up to shop or pick up their orders.
Professional business website
Visibility and accessibility are just as important online as offline. The modern consumer speaks to search engines first before visiting or buying a product/service from a local store.
A Blue Corona study shows that 80% of shoppers research a store online before visiting. Plus, customers will judge the credibility of your store based on its website design.
That’s why you need a professional website for your store to net online shoppers. Again, an eCommerce website is a great way to expand your local store.
Social media presence
Meet your customers where they spend their online time and direct them to your store. Per Statista, the average internet user spends 2 hours and 25 minutes on social media.
And people aren’t going to social media to only bask and unwind. Oberlo places the number of customers using social media to research products and brands at 57%.
So push your local store into social media space to engage potential leads and send them to your website or direct them to your physical location.
Inventory management system
Inventory Management System (IMS) is a must-have item for a product-based local store. Once you automate the inventory management process with an IMS, inventory data is updated in real-time as you receive and ship out products to customers.
That helps improve inventory visibility so that you can view stock levels in real-time for all product categories. You can then slash inventory overheads, avoid overstocking and stockout situations.
Accounting software
Modern accounting systems help local businesses automate bookkeeping procedures. To generate invoices online, they synchronize with your sales data and event provider data.
They also include budget tracking and tax filing features to help you budget business revenues, dwarf accounting costs and nail your business taxes.
Plus, they make it easier to share digital business records with your bookkeeper for regular auditing.
