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Virtual stores and the metaverse are making serious waves in the business world and have inspired mass intrigue from consumers. They offer immersive experiences driven by exploration and fascinating future technology, but virtual stores also provide businesses with a new solution for cutting costs.
Sounds strange doesn’t it? You’d think implementing something as advanced and revolutionary as virtual environments would have the opposite effect on your company’s finances. But the reality is that virtual stores offer a range of cost-cutting benefits by positively impacting and streamlining business processes. In this post, we’ll highlight a few reasons why a virtual store could be your best investment yet.
Brick-and-Mortar Stores are Expensive
Despite eCommerce’s success and many advantages, today’s businesses still benefit massively from traditional brick-and-mortar stores.In spite of this, physical stores aren’t cheap, and they require a lot of work in order to get up and running, let alone maintaining them on a daily basis. Online sources suggest opening a retail store can cost as much as millions of dollars in major cities and popular tourist destinations. Especially when you consider the cost of staff, marketing, and the many other expenses involved.
Having a virtual store eliminates all these costs, nor will it break the bank to open multiple locations. Unlike retail chains that invest tens — if not hundreds — of millions into setting up shops in several areas. With virtual stores, you pay for the design, implementation, and maintenance. People worldwide can access these stores, allowing you to efficiently serve your loyal customers, broaden your audience, and even enter new markets.
With the money saved, brands can invest more in marketing and product R&D — aiding growth and performance for their consumers. Bricks-and-mortar stores require significant investment and can be very risky. Virtual stores are safer, more cost-effective, and help boost your brand in the future of retail.
Significantly Less Operating Costs
Think about your favorite retail store and every little expense that goes into running it. We’re talking about everything from staff salaries to maintenance to keeping the lights on. It’s no wonder most new businesses opt for eCommerce, since it only requires a website and supply chain. The same can be said for virtual stores, which like eCommerce, don’t incur the many different costs of retail stores.
However, a virtual store is more complex in the way that it needs to be professionally designed and maintained. After all, virtual experiences are highly-advanced, and user experience must be fluid and hassle-free to get the desired results. This naturally makes business owners assume it’s too costly for them, but the truth is that any virtual store is a fraction of the cost of even a small retail store. It can be operated daily without the concern of huge daily expenses, which means that brands can substantially increase profits.
Get Up and Running Quicker and for Less
Brands that intend to open physical stores often have to wait a long time to do so. This can be for a number of reasons, such as finding the property, money issues, supply chain delays, regulatory hurdles, and much more. Virtual stores do not have these issues, meaning you’re in business as soon as your store is designed and ready to go! Traditional stores can take years till they’re open to the public, giving your competitors more time to beat you to the punch.
When creating a virtual store, you’ll have a specialist team of experts to collaborate with designs and imagery, user interface, content, backend engineering, and UX testing to make your vision a reality. Our seamless process provides you freedom to bring your most creative ideas to life, whilst ensuring you enter the market in a timely manner. While your competitors set up shop and endure the many headaches it involves, your customers will be exploring your immersive virtual experience, putting your brand ahead of the competition.
Broaden Your Customer Base
When brands look to broaden their reach and attract the attention of new markets, it typically involves opening a store in a new location. Or at least establishing a presence in central locations where they can benefit from the surrounding areas. Again, not a problem with virtual stores. Virtual stores can be accessed using web browsers and VR technology, meaning that you can instantly broaden your reach by creating a space that isn’t restricted by geography or time zones.
Customers will have instant access to your store and can visit whenever they want, increasing your chances of repeat business. The exciting nature of virtual environments is also very effective for impulse buys. You also have to remember human nature and our desperate need to be included in the next big thing. If you have a virtual store, you’ll be using a new medium yet to become as competitive as traditional retail. Those who get in on the ground floor will compete on a relatively level playing field, and the potential for brand growth is limitless.
Now consider how much this same impact and potential for success would cost if you were to attempt it with physical stores. We’re talking about hundreds of millions. Small brands can establish virtual stores, even chains if they adopt the right approach and collaborate with leading specialists — and they can do so while cutting costs, increasing brand growth, and boosting sales. It sounds like a win-win-win to us!