Visiting brick-and-mortar stores isn’t the only way to shop anymore. Today, consumers have several choices as to how they purchase products. A common misconception is that brick-and-mortar stores are becoming obsolete. In reality, they continue to be popular, with a few enhancements using technology.
At present, hybridization is a concept resonating in the retail industry vigorously. Stores that adopt it thrive exceptionally well. Unfortunately, the same cannot be said about retail establishments that haven’t yet or are slow to adopt it.
The hybridization of stores allows retailers to satisfy the needs of consumers not only in a convenient way but also in a safe and hygienic way. Given the ongoing pandemic, customers prefer to purchase goods with minimal physical contact. And hybridization serves that purpose exactly.
In this article, we learn what a hybrid retail store is. We then go over how you can adapt your business to the hybridization model and how a POS software system helps. Let’s get started.
What is hybrid retail?
Hybrid retail is the combination of selling goods both online and offline. Ecommerce-only based stores or only brick-and-mortar stores do not classify as hybrid retail businesses. This hybrid retail model is surging in popularity because of its many advantages. A crucial catalyst for the acceleration of retail stores to adopt the hybrid retail model is the pandemic. And even post the situation, hybrid retail is here to stay and become the norm in the retail industry.
Why hybrid retail is rising in popularity
Hybrid retail is of great benefit not only to customers but also to retailers. Let’s look at the key advantages of adapting your business to the hybrid model.
- Reduces Expenses – Giving customers the option to order products to their doorsteps opens you to dropshipping opportunities. And offering in-store pick-up options saves you from spending money on logistics.
- Product Experience – Customers can look up your inventory online and choose to visit your brick-and-mortar store to touch, feel, and experience the product before purchasing it.
- Flexibility – Customers can choose to purchase goods from you in a convenient way. It could be in-store purchases, curbside pick-ups, or home delivery.
How to hybridize your retail store
Create an eCommerce platform
Use a CMS like WordPress to create a website with a user-friendly theme. Configure the website layout by neatly arranging product catalogs and navigation buttons. Then, set up the shopping cart with multiple payment options. Offer debit/credit card payments, mobile wallet payments, and cash on delivery. Next, import store inventory and customer data into the website.
Traditionally, eCommerce platforms only offer to ship to the doorsteps of customers. Today, you can provide more purchase modes. Give customers the option to purchase your goods online and then pick them up in-store. Another purchase option that has gained traction since the peak pandemic is the curbside pickup. In this way, shoppers would be able to pick up the store from your store without entering your retail establishment.
Manage inventory from a single location
The hybrid retail model is lucrative to generate higher profits. It opens up many streams of income through various purchase channels. While that amps up revenue, it also increases the complexity of managing retail operations.
Instead of maintaining a spreadsheet for every sales channel, buying and using a POS system is a far better option. It integrates with your sales channels such as eCommerce platforms. As a result, you can manage your inventory from a single location. The software immediately updates and records your stock regardless of the channel you sell them in.
Request feedback and optimize
Finally, request your customers to provide feedback on your hybrid retail operations. Their responses will help you optimize your daily activities to offer customers a better, satisfying service.
Hybridizing your retail operations raises customer satisfaction, improves sales, and boosts business prospects. The best way to manage hybrid retail activities is with a software application that streamlines all information into a single location. We recommend getting SmartPOS. It is our top-notch Point of Sale software application that can effortlessly handle sales across all channels. Reach out to us to know more.