A one-stop shop is a business that offers multiple services or sells products from different categories. The term one-stop shop became popular in the ‘20 because people had to go to the butcher for meat, the fresh market for fruits and vegetables, and so on. That is how the one-stop shop appeared.
Over the years, the one-stop shop trend expanded to other businesses, not just stores. Some businesses that expanded their services include banks and real estate agencies.
Pros and cons of one-stop shop
Like any other business model, one-stop shops also come with advantages and disadvantages. The biggest advantage, of course, is the convenience, both for the store and the customers. Shoppers know that when they enter your shop they will find everything they need.
Do you know the saying Jack of all trades, master of none? People might believe that when they enter your store. Having too many types of products or offering too many services, might not be what customers want. Some might go to a niche store to find the best products from a single category.