Brick-and-mortar stores work like any other physical storefront in the neighborhood. The owner builds or rents a physical space before branding it. Products and services are then put on display to welcome consumers to the shop. Other advertising media, such as TV and newspapers can also be used.
Customers then walk into the shop, view products, talk to sales representatives, and try some products, before eventually paying for them at the counter. Just like their virtual counterparts, these businesses also offer multiple payment options alongside cash, such as credit cards and mobile wallets.
There are various examples of successful brick-and-mortar stores, based on their prevalent types, including:
A brick-and-mortar shop has various advantages compared to other business models, such as:
Although this model of business has various benefits that online stores don’t offer, they come with drawbacks too. For instance, it can be challenging to run a physical business due to:
The return rate for brick-and-mortar stores is about 9%, lower than that of online stores because buyers can inspect goods before paying for them. Moreover, sales representatives are usually on-site to answer all questions from the buyer.
While brick-and-mortar stores require enormous resources to rent additional space or build extra shelves for display when expanding, eCommerce stores can easily be scaled through customized back-end CMS, allowing the store owner to add as many products as they wish.
Businesses operating on this model are closing due to the rise of online shopping and the convenience it brings. The Covid-19 pandemic also paralyzed the vibrancy of some physical businesses.
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