The State of Retail
June 30, 2017
There’s something going on with retail. Since online shopping became a world phenomenon, retailers have been struggling to attract foot traffic needed to keep their doors open. Smart stick-and-brick stores will undergo massive makeovers to keep up with retail’s changing landscape. The conscious merchants will use omnichannel strategies by utilizing technology and leveraging their space in new, compelling ways.
Big names like Macy’s, Sears, J.C. Penny, and more have all announced store closures and have seen stocks at an all-time low. Ecommerce giant, Amazon held supreme reign since 2010 with $80 billion in sales last year. In fact, In 2016, their growth alone accounted for over half of all online sales.
It no longer works for retailers to carry on with the same tired strategies. Companies must prove to their customers that they are relevant and relatable. Personalization is key to stand apart from competition and reminding your customers that they still want to walk through your doors and engage in an experience with you.
Physical stores must take advantage of engaging real-life experiences, something the internet doesn’t offer. We call it omnichannel retail because it is online and in person. A balance between what people want most: options and great experiences.
Wal-Mart, takes initiative by upgrading physical stores and expanding omnichannel horizons with online delivery initiatives and grocery pickup plans. In addition to store reinvention and omnichannel analytics, we’re predicting AR/VR technology will release some big news for omnichannel retail in the next year.
If you’re thinking of implementing omnichannel tactics into your stick-and-brick store, here are a few simple ways to jump-start your initiative:
- Use personalization to speak directly to customers
- Try a small footprint for convenience and accessibility
- Incorporate apps, third party services, and other technology to stay competitive
- And finally, provide unique, relevant in-store experiences
People desire to experience products hands-on and in-person, so physical retail won’t disappear anytime soon. But will it change? Most definitely. The real question is, who’s going to change with it?