So, you have successfully set up your new retail trade business. Many congratulations!
You must be making local sales and earning a profit. That’s great!
But, here is a problem. An offline retail business has its market limited to a specific location and therefore, limited customers. You might want to sell your products in significant volume to achieve the economies of scale and make more profits.
But how do you do that?
You have two options to tap the new customers. Either you open up many stores at various other places or go online.
I hope you understand the hassles and cost of opening up new stores. I am not condemning the idea of having a chain of retail outlets. But, it can be done after you pick up the low hanging fruits first.
The easiest way to expand your retail business is to go online.
Let us now understand in detail, why you should have an online presence and therefore a domain name.
6 reasons you need a domain name
As long as your retail trade business is not on the internet, your business will be limited to the local area. Getting a domain name and putting your business online has numerous benefits.
To protect your brand.
To extend the reach.
To increase access.
To have online presence.
To look professional.
To have an online store.
Before we discuss each in detail, let us take a look at the numbers.
The internet is taking the world by storm
A study by Statista reveals that in 2017, 46.8 percent of the global population accessed the internet. Internet penetration in India is currently around 37.4 percent. The number of people using the internet is increasing day by day.
By June 2018, there will be about 500 million internet users in India. Imagine if you could capture a small percentage of them!
Online shopping is the most popular activity on the internet, with more and more people buying from online stores. Increased internet access has lead to an increase in the online shopping sales figure.
India is the second-largest online market, ranked only behind China. India is also the second fastest-growing eCommerce market in the world. The retail eCommerce sales compound annual growth rate from 2016 to 2021 is expected to rise by 23 percent.
These are significant numbers to ignore. If your business does not have an online presence, then you are leaving big money on the table.
Let us discuss in detail why your retail trade needs a domain name.
1. To protect your brand
The most important reason to purchase a domain name is to save your brand identity online. If you do not buy the domain matching your business name, someone else might buy it. It has its consequences.
He or she can take undue advantage of your established and locally famous brand. The other detrimental impact could be that you might have to buy your domain name from him/her at a premium price.
2. To extend the reach
With a website or a social page, you can target people across the globe. Your business is not limited to the geographical boundaries of your location.
Meet Ankita, who sells the dream of looking perfect in the form of clothing. She has been running her business SriClusters for eight years. It was only last year that she decided to take her clothing business online. As she explains:
“I started my website in 2017, after understanding how important a website is for a business. A website is the virtual face of a business and GoDaddy has an excellent platform and great services. … Almost all of my exports are through the website, and it has helped almost double my revenue. Three-quarters of my total clientele have increased due to the website alone.”
Having a website opened up new avenues for Ankita’s business. She reached the people who were miles away from her and successfully converted them to her customers.
3. To increase access
A physical store has its constraints. It cannot be opened all the time, due to various security and logistics reasons. In the other case, if you have a domain name and a website, you might close your physical shop at 8:00 p.m., but your business doesn’t stop there.
Make sure you add sufficient amount of information about your products on your website. Your customers can browse your products at any point in time. If your site supports the shopping cart functionality, then they can even order from you online while you sleep.
4. To have online presence
You might not have a website, but you can still have an online presence with the help of a domain name. Using your domain name, you can test the waters with a blog or a social media page. When you are convinced that an online presence can transform the reach of your business, you might go ahead for a fully functional website.
There are many other ways by which you can have an online presence without having a website. You can direct your domain’s visitors to a variety of places through the technique of forwarding. When you are ready to build a website, you simply point the domain to your new website.
5. To look professional
A domain name can give your brick-and-mortar business a professional look. You need not have a website for that matter.
Do you know that with a domain name you can create a professional email account for your business? A custom email address that has your business name in it adds seriousness to your business. Which email message will you take seriously — the one you receive from firstname.lastname@example.org or email@example.com? Of course the second one!
The simple rule is that if you’re not confident enough to invest in your business, then why will the customers spend their time and money with you?
6. To have an online store
With a domain name, you can create your online store instead of a simple website. Ecommerce stores have the functionality to support the shopping cart, allowing people to browse through your products, add them to the cart, and pay online.
Sayon Seal is the proud owner of Rangosri, a designer saree business. Rangosri has been in business since 2015. In 2017, the digital retail store was launched to cater to the demand for sarees throughout India. Sayon says:
“The journey was an uphill one from the beginning. But thanks to the beautiful website, we are now selling nearly 550 to 600 sarees a month.”
“As a small offline retail player, we would have to wait for the sale seasons like Poila Baisakh or Durga Puja to set our cash box rolling,” Sayon continues. “Now, thanks to our online store, every month, every week, every day is a sales day!”
Having an eCommerce website requires an added attention to customer service, product delivery, etc. But on the whole, it seems to have paid off for Sayon.
Online retail trade is the future
I am sure you must have understood by now how vital a domain is for the retail business. It not only allows you to have an online presence but also affirms your customer’s faith in you by giving a professional look to your business.
Have you bought your desired domain name?
Check the availability now!
Image by: https://rangosri.com/