By adding brick-and-mortar retail to our e-commerce business, Omni Global Labs aims to further expand its reach, enhance customer experiences, and continue providing innovative health and wellness solutions to our customers. By carefully considering the challenges and opportunities associated with this expansion and anticipating a transition in Q3 to Q4 of 2024, we are confident in our ability to navigate this new phase of growth.
The supplement industry is a dynamic and rapidly growing market, with e-commerce playing an increasingly significant role in sales and customer reach. In 2020, the global dietary supplements market was valued at approximately USD 151.9 billion, and it is expected to reach USD 230.7 billion by 2027, growing at a CAGR of 6.1% from 2021 to 2027. Omni Global Labs, a company specializing in topical patch products, has found success in the online marketplace with its innovative offerings. Recognizing the potential for further growth and coinciding with the release of non-topical patch supplements, we are now exploring the addition of brick-and-mortar retail to our existing e-commerce business. We anticipate beginning this transition in Q3 to Q4 of 2024. In this blog post, we will discuss the opportunities and challenges associated with expanding into physical retail locations and how Omni Global Labs plans to navigate this exciting venture.
The Advantages of Adding Brick-and-Mortar Retail:
- Enhanced Customer Experience: Physical stores allow customers to touch, feel, and try products before purchasing, resulting in a more personalized and interactive experience.
- Increased Brand Visibility: A brick-and-mortar presence can boost brand awareness and credibility among customers who may not be familiar with the brand through online channels.
- Diversified Sales Channels: Adding physical retail locations can help spread risk and increase revenue streams, allowing businesses to reach a wider audience.
- Opportunities for In-Store Events: Retail locations can host product launches, educational sessions, and promotional events, enhancing customer engagement and fostering brand loyalty.
Challenges and Considerations:
- High Setup and Operating Costs: Physical stores require significant investments in real estate, inventory, store design, and staffing.
- Competition with Established Retailers: Breaking into physical retail may involve competing with well-known, established supplement retailers.
- Balancing E-commerce and Brick-and-Mortar Strategies: Companies must adapt their marketing, inventory management, and customer service approaches to cater to both online and in-store customers.
Omni Global Labs' Approach to Adding Retail Sales:
To successfully integrate brick-and-mortar retail into our existing e-commerce business, Omni Global Labs plans to:
- Conduct thorough market research to identify suitable locations, target demographics, and potential competition.
- Develop a unique in-store experience that reflects our brand identity and showcases the benefits of our topical patch products and upcoming non-topical patch supplements.
- Collaborate with established supplement retailers or health and wellness stores to introduce our products in their physical locations, leveraging their existing customer base and reputation.
- Implement a seamless omni-channel strategy, ensuring consistency in product offerings, pricing, promotions, and customer service across online and offline channels.
- Begin the transition to brick-and-mortar retail in Q3 to Q4 of 2024, allowing for ample time to prepare and strategize for a successful expansion.
