There are around 4.95 billion people around the world who have access to the internet. This makes up about 62.5% of the world’s total population. Around 3.6 billion people use social media, and this number is projected to grow to 4.4 billion by 2025.
A physical retail location would never have access to this much audience. Setting up a business or retail shop on the internet or social media opens up whole new avenues for businesses. Physical businesses or shops can cater to only a limited number of people in a geographical location, but social media shop is free of geography and anybody can have access to the shop. Although the location for physical businesses is important but since the world is changing and almost everything is becoming online, having a social media shop or internet-based business is also a necessity. Without an online presence, businesses are missing out on huge growth potential.
Below we will narrow down on points about why having a social media shop is a much better option for businesses than a physical store.
Any business can open a social media shop for free and the whole process is easy and simple. It is a rent-free shop; you don’t have to pay rent for the shop or any commission for buying and selling of products, which results in lower costs of products and increased profit margins, and more products.
Social media shop doesn’t require any salesperson to deal with customers which saves a lot of money that goes into salaries; it saves time for business and customers. Other than that, no property insurance, taxes, utility bills, or license is required, because it is virtual. A social media shop saves you a lot of money and time in comparison to a physical shop.
Social media shop is very accessible and available 24/7. Customers can visit any time and place an order from anywhere and the owner of the shop can process their orders at ease within any given deadline. This feature makes social media shops makes it easier to do business easily in different time zones. Customers can also visit the shop without buying anything or they can save the product in their wish-list to buy later at their convenience. He also wouldn’t have to worry about its shipment, because the seller would ship the product to the buyer. If the desired product is out of stock, a social media shop can alert the buyer once it gets back into stock.
These features make a social media shop much better as compared to a physical shop, which operates only during business hours and the buyer has to travel to the shop to buy something, which usually isn’t convenient. In physical shops, buyer also doesn’t know when products are available or out of stock.
Easy Maintenance and Customization
Business owners can maintain and customize social media shops without any hassle in a matter of minutes. Whereas, a physical shop can take days or weeks to revamp. Social media shops can be quickly customized without any cost according to events and festivals.
On the other hand, a physical shop can take hours to be arranged and organized and costs a lot of money and time to do so. Social media shop products can be categorized easily without moving things here and there physically and they look neater than physical shops. Social Media shops also usually require only one person to maintain and customize, whereas, on a physical store, you need 5 to 6 people to help you manage.
Local businesses can get international exposure via social media shops. Unlike a physical store, a social media shop is not limited to a certain geographical area. Any person from any place in the world can explore and buy from a social media shop. International exposure means increased revenue and export experience.
A social media shop isn’t just a simple shop but it is a new way of doing business. Big brands around the world have made their presence online to reach new masses and show their products to every person possible. Businesses that don’t have social media shops lose huge revenue and goodwill.
Although there are many benefits social media shops have over physical stores, you also have the option of limiting your brand to certain geographical areas as a business owner. Instead of reaching out to international clients, serving some particular geographical location also come with its own rewards. For instance, Comcast Xfinity is one of the largest telecommunication agencies that is only serving its subscribers based in the US, serving 36 states at the moment. However, Xfinity is rolling out its telecommunication services to other states gradually and it will eventually reach everyone in the US. Subscribers to Xfinity can enjoy internet, TV, phone, smart home security, and mobile phones services, as well as other benefits and perks that come with it. Xfinity even has 24/7 customer service that customers can reach by dialing Xfinity phone number.
All in all, physical stores do have the chance of reaching out to different geographical locations, albeit limited. But if you are looking to expand your business, you can always switch to social media shops to increase your customer base.