Benjamin Muminovic is a 23 year old Bosnian who was not promised anything and yet today is the founder of several e-commerce brands. He generates several million euros with his companies, which he manages himself.
He is a young man who has given himself the necessary means to reach his main goal: financial freedom. He is not yet at the end of his journey, but is already very inspiring.
As an e-businessman, he has a wealth of practical and intellectual experience. He masters everything related to his field as he is a specialist in it. He is therefore one of the people best placed to help us answer the question: Physical business or online e-commerce: which one to choose?
What is Benjamin Muminovic physical business?
An offline business is an outlet with one or more physical locations. For example, the stores you find in your local mall are known as offline businesses. Many customers still prefer to physically see the product before buying it, as well as seek advice from physical salespeople rather than virtual ones.
The biggest example of a consumer business is probably Walmart. It is a global retailer with over 4,000 locations in 28 countries. In addition, a Walmart Supercenter occupies nearly 200,000 square feet of retail space. It employs more than 2 million people worldwide and has annual sales of more than $400 billion. In addition to being the largest store in the world, Walmart is the largest grocery store in the United States. It is also the second largest optical store and the third largest supplier of pharmaceutical products.
What are the advantages of physical business? Establish a personal relationship with customers
Having a store to visit with customers will help you build relationships with them. You can also meet them in person, get to know them and show them firsthand how your brand can make things easier for them. This way, they, in turn, may be more likely to become loyal customers.
Customers can see the stock
Purchasing items from offline stores has its own significant benefits for customers. Many shoppers prefer to see the items in person before making a purchase. The customer experience is one aspect that an online-only retailer cannot replicate. Recent surveys have found that "the desire to see, touch and feel items is the number one reason consumers prefer to buy in-store rather than online." In addition, customers are looking for an opportunity to connect with a product and ask you and your team questions before making a purchase.
Lower product return rates
When it comes to shopping in a store, people try on their own what suits them best. Therefore, this decreases the return rate. When shopping, they can easily try out the items, which adds to the advantage of having an offline store. Customers can physically see the merchandise and, depending on their interest, make a purchase.
What is Muminovic Benjamin E-commerce?
E-commerce is the buying and selling of goods and services, or the transfer of funds or data, via an electronic network, primarily the Internet. In some cases, the words e-commerce and e-business are used interchangeably.
The widespread use of e-commerce sites such as Amazon and eBay has led to substantial growth in online shopping over the past decade. E-commerce accounted for 5.1% of overall retail revenue in 2007. By 2019, it will account for 16.0% of revenues.
Long gone are the days when business activities such as exchanging goods and services for money between parties were only conducted offline. The customer had to go to the store, look at the variety of products, choose the required items and buy them by paying the specified amount. But with the rise of e-commerce, people can buy goods with a single click, pay bills or transfer money.
What are the advantages of online business? Lower operating costs
The cost of online business is lower because there is no need to have workers at each location, or health and safety personnel. Specifically, when it comes to sales, workers are just needed and everything else is automatic. Also, in some cases, no storage space is needed if it is a direct sale. Therefore, this is the main reason why online retailers charge some lower prices than the usual prices of an offline store.
Global sale
Anyone who owns an e-commerce business knows that if they provide a large number of good quality and trendy products, they can sell anywhere in the world. Thus, businesses grow through the use of the internet, which provides an increased incentive for earnings. So it helps you to make a name for yourself among the customers all over the world.
24-hour availability
Have you ever heard the expression "Make money while you sleep"? An e-commerce site is open 24 hours a day, 7 days a week. This means that there are no restrictions on when people can buy your products, whether it's the middle of the day or the middle of the night. Such availability therefore increases the ability to make a profit and helps build a better relationship between buyers and merchants.
The plus according to Benjamin Muminovic! Run your business from anywhere
E-commerce sites eliminate the regional constraints that an offline business can face. You can be anywhere in the world and run your e-commerce business successfully. Therefore, the key elements you need to monitor your e-commerce site from anywhere are: access to email, internet and phones.
What do you think is best?
So we talked about e-commerce versus offline retail. The difference between online and offline retailing has allowed online retailing to take the lead.
A crucial key step that a business needs to take is choosing the right e-commerce platform and solution. Thus, helping to grow your business and improving your customers' experience are the two main motivations for an ideal e-commerce solution. Today, there are companies that specialize in this type of guidance. They have teams of experts who help enterprise retailers like you to analyze, plan and successfully implement your online business.
What is the future of e-commerce?
Capitalizing on the right e-commerce trend can catapult your business to great heights. Amazon is a great example, in this ecosystem.
The global e-commerce market is still expected to reach a whopping $5879.1 billion by 2022. That's a huge number, but you have to be at the top of your game to even get a small piece of that pie. You also need to be in tune with all the technological advances and customer demands.
The e-commerce experience will enhance and improve the value of purchases. Despite the constant evolution of technology, we are heading towards new signs of progress. In addition, many business leaders want to stay on top of running a profitable business.
In the future, e-commerce and social media, as it has already started, will go hand in hand. For this reason, people expect a more streamlined buying process. This trend will become more pronounced with the introduction of new shopping applications by several platforms. On the other hand, e-commerce is growing rapidly. New data has also shown that Pinterest, Twitter, and Instagram may take over and become the main place for merchants to sell.
What do you think about multi-channel selling? Will it be the future of e-commerce?
The other main factor that can be observed in the future is that multi-channel selling will be more preferred. This is because customers first compare products on different marketplaces before buying. Therefore, multi-channel selling will be the preferred option for sellers in the future to bring their business online.
Therefore, now you must know the major difference between online and offline retailing and its advantages. So, it is time for you to get your store online in a few simple steps. To summarize the difference between online and offline retailing, we can say that both online and offline business models have their own advantages and disadvantages. But e-commerce has many more advantages for the future.
It should be noted that this state of affairs has been greatly helped by the COVID-19 crisis. It has created an impact on the e-commerce sector and reduced the gap between online and offline markets.
