Brick and Mortar | Business organisation and management | Gauhati University скачать в хорошем качестве

Brick and Mortar | Business organisation and management | Gauhati University

Brick and Mortar | Business organisation and management | B.com FYUGP 1st semester | Business organisation and management | Gauhati University Telegram link: https://t.me/epathdaan What Is Brick-and-Mortar? "Brick-and-mortar" refers to a traditional street-side business that offers products and services to its customers face-to-face in an office or store that the business owns or rents. The local grocery store and the corner bank are examples of brick-and-mortar companies. Types of Brick-and-Mortar Stores • Convenience Stores: Convenience stores account for a large share of retail business locations. Because most of their revenue is from impulse purchases, online stores are unlikely to fill their niche. • Groceries: Grocery stores allow customers to personally inspect their products and take them home immediately, another area where online stores are at a competitive disadvantage. • Specialty Stores: These are stores that fill a specific customer need, such as hardware stores or bookstores. However, they do face competition from online sellers. • Department Stores: Large stores with a variety of different products in different departments. These are most susceptible to losing money to online sales. Advantages: 1. Personal Interaction: Customers can interact face-to-face with staff, allowing for personalized service, immediate answers to questions, and building customer loyalty. 2.Tangible Shopping Experience: Shoppers can see, touch, and try products before purchasing, which is especially beneficial for items like clothing, furniture, or electronics. 3. Instant Gratification: Customers can take their purchases home immediately, avoiding shipping delays or uncertainties. 4. Brand Visibility: Physical stores increase a brand’s visibility within a community, offering a sense of legitimacy and trustworthiness. 5. Impulse Purchases: Customers are more likely to make unplanned purchases in-store, especially with visually appealing displays and promotions. 6. Showroom Experience: It allows businesses to showcase their products more effectively and create a branded environment, which can boost customer satisfaction and engagement. Disadvantages: 1. Higher Operational Costs: Running a physical store requires significant expenses such as rent, utilities, staff salaries, and maintenance, making it more costly compared to online stores. 2. Limited Reach: Brick-and-mortar stores are geographically restricted, limiting their customer base to a specific area unless they have multiple locations. 3. Inventory and Space Limitations: Space constraints may limit the amount of stock a store can carry, which may result in lost sales if items are out of stock. 4. Inflexibility with Business Hours: A physical store is bound by business hours, unlike online stores that can operate 24/7. 5. Competition with E-commerce: As more people shop online due to convenience, brick-and- mortar stores face increased competition from e-commerce platforms. 6. Customer Time Commitment: Shopping in physical stores requires customers to visit the location, which may be time-consuming compared to the ease of online shopping. Brick-and-mortar stores have a number of benefits for both customers and businesses, but they also face challenges, especially with the growing preference for online shopping.