We’re living in a consumer’s market. When shifts occur in the retail sector, they’re usually driven by a combination of forces, but right now it’s the consumer who’s determining who succeeds and who doesn’t.
The rise of online retail has presented traditional retailers with a profound challenge. But here’s the thing – they’re meeting that challenge with bold innovation and consumer-facing efforts which are revolutionizing the sector.
Brick-and-mortar stores aren’t fading away. They’re transforming by providing immersive consumer experiences which are highly personalized and driven by the shoppers who visit their stores.
Tailor-made retail.
Part of the transformation of traditional retail resides in its embrace of the same channel that’s occasioned the disruption to begin with – the internet. Brick-and-mortar stores are learning to create the same personalization, but in a 3D way, that the online retailers do for their visitors.
Consumers are demanding a retail experience which speaks directly to them and what they want from their shopping experiences. And for those who claim that price point is everything, they should know that consumers will spend more for an experience that caters to them.
40% of shoppers say they’ve paid more for an item because they received highly-personalized service in the store they bought it from. A slightly higher percentage of consumers say they return to stores which offer them this.
Online shopping gives consumers an element of control which is guided by vendors, but driven by the buyer. Traditional retail can follow that lead, by adding amenities and features which give their shoppers the sense that it’s all about them.
Finally, omnichannel marketing means that customers can shop online, come into the store to pick up their purchase and shop, while they’re at it. But the pros in brick-and-mortar are going even further.
Innovation is transformation.
The major players in retail are some of the most innovative in terms of ensuring they don’t fade away. Department store giant, Nordstrom, has introduced new outlets which feature no product.
That’s right. No product.
Instead, Nordstrom’s invites customers to come in for a styling session, with a personal fashion advisor. Following a consultation, clothes are ordered and brought in, while the customer enjoys a drink. It’s this type of transformative innovation which is keeping brick-and-mortars in the game, by putting consumers in the driver’s seat.
American Eagle has changed its strategy by making its stores student-friendly spaces which allow them to come in and wash their clothes, study and hang out. They might not buy anything that minute, but while they’re there, you know they’re making a wish list.
As you can see, brick-and-mortar stores aren’t fading away. They’re transforming to put the customer at the center of the retail experience in a way that’s innovative and intelligent. They’re answering the challenge from online channels in ways which are re-shaping the future of traditional retail and its continuing health in the market.
To survive, we’ve always had to adapt. Brick-and-mortar stores are doing just that – adapting and transforming.
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