Having retail space is great. But, did you know that you could multiply your sales and raise brand awareness by selling online?

Here are the benefits of expanding online:

Open 24 hours a day. Online stores don’t have concrete hours. Consumers are able to go online at their leisure and buy what they want. They don’t have to rush, wait until the weekend or pray that their item is in stock. Using an online forum cuts the stress for consumers and gives them more autonomy in their purchases. And, they can do it from the comfort and safety of their own home.

Cost effective. Paying for a website is a fraction of the cost of leasing or buying a piece of property outright. You don’t have to worry about taxes, rent or utilities. In essence, it’s an expansion of your business without paying for another storefront.

Easy social networking. With your business established online, all it takes is a click of the mouse to share your website, specific products and to raise brand awareness. This way, they aren’t just given a coupon, but they’re taken to the site from which they can buy merchandise. They’ll see discounts, deals and products in real time.

Easier to monitor. Most websites have a monitoring system. You can see which products are selling and which aren’t, how your products compare to others in the same market, who and how potential consumers are viewing your website (web ads, emails, etc.), and what those customers are buying quickly and easily. Also, you can set up follow-up surveys and reviews for the product and customer service.

Eco friendly. A lot of businesses are using more digital advertising rather than print. Going electronic means cutting down on the costs of paper, print and ink, and is far better for the environment.

Expansion doesn’t always mean buying another retail space or spending thousands of dollars. Expansion could be starting up a website, with minimal expense and plenty of social networking. With technology on an upward trend, this is a great way to maximize profit, spread brand awareness and save a little in the long run.