Brick-and-mortar retailers who believe their days are numbered are perhaps jumping the gun. By all accounts, despite the closure of numerous stores by major retailers like Macy’s, traditional retail is alive and well.
The Harvard Business Review reveals that 2016 saw the lion’s share of purchases being made in brick-and-mortars, with only a fraction being made online – 92% to 8%.
And that dramatic rejection of real-world stores by consumers you’ve been fearing?
It isn’t happening. The fact is that the shift to online buying represents just under 1% of the retail market. That’s not a number which should have anyone panicking, certainly.
But savvy retailers are changing the way they do business to answer the demands of the new consumer. They’re protecting themselves against a future in which they’re competing with a larger market, with new goodies for their share of it.
Is your brick-and-mortar store protected against the future? Let’s review and find out.
Are you personalizing the consumer journey?
With the consumer in the driver’s seat, a key demand being made of retailers is to personalize the consumer journey. Your shoppers want to know you understand their needs and preferences. Online retailers have made personalization an imperative for traditional retail, due to the high degree of personalization inherent in a data-driven shopping experience.
The Bonobos clothing brand is one of the masters of protecting their stores against the future. But here’s the plot twist – they’re an online brand who only entered the traditional market in 2007. By using what are known as Guide Shops, their target market can come in, try on clothes, then walk out and carry on with their day. When they’re ready, they order their selections online.
This is a highly personalized approach which answers a specific demographic’s demand – that they leave the store without a bunch of bags to wrestle.
Are you creating an in-store experience?
Brick-and-mortar retailers are no longer just in the business of moving inventory. Their shoppers want to experience something at traditional outlets. Online retailers can’t do this, so shopper experience is becoming a major support to 3D retailers looking to set themselves apart.
Whatever niche you inhabit, there’s something your shoppers desire which goes beyond the merchandise. Athleticwear giant, Lululemon, saw the need to appeal to a total experience for their shoppers, so they began offering Yoga and fitness classes at their locations.
Workshops, demonstrations and special events are all ways to enhance your in-store experience and offer your customers something no other retailer does.
Is tech part of your sales strategy?
Retailers are discovering that the omnichannel strategy (uniting the brick-and-mortar store with technology) is a winning strategy to protect their stores against the future. It’s the best of both worlds.
With location-smart tech like Beacon appearing in more outlets, shoppers can now be alerted on their mobiles when passing an item which is on sale, or new. Apps, your website and social media also support the brick-and-mortar model.
Clip Strip Corp. is a leader in innovative retail POP display supports. Contact us.