Not so long ago, the e-commerce platforms exploded and took the industry by storm, forcing more retailers to initiate their online operations. It seemed as though the wonderful and lucrative days of brick-and-mortar retail stores were numbered. A global shift towards online stores has been dramatic in every sense. It has forced many multinational retail brands to go out of business, raising serious concerns for the entire industry.
E-commerce giants such as Amazon and eBay were a viable threat to physical stores, which is the main reason why so many multinational retail brands such as Walmart and Macy’s began closing physical store locations.
Stats Reveal An Exciting Story
The retail sector has had many ups and downs, especially over the past decade, when e-commerce shook the industry. There is no denying that online stores have captured a significant market share and become a direct competitor to brick-and-mortar stores.
However, you might be surprised that the brick-and-mortar retail business model still leads the retail industry at the front. According to a Harvard Business Review, 92% of total retail sales worldwide are still accumulated through brick-and-mortar store channels. According to the study, with a staggering 14.5% increase from 2016, total retail sales worldwide are estimated to be $26.29 trillion by 2019.
How Can Retention Of Shoppers Be Made Possible?
Despite the significant increase in online shopping, most customers prefer the brick-and-mortar business model. Stats indicate that the doom around the retail industry is temporary and that the brick-and-mortar setting will continue to thrive and prosper in the future. One thing is clear: physical stores must enrich their customers’ buying experience and offer more than just their products to survive.
In the era of unlimited opportunities and buying options, it’s your temperament to deliver the best to your clients that matters—not just a physical store. The truth is that shoppers expect to visit brick-and-mortar retail stores that offer a unique overall experience to them. Retention of shoppers is only possible when you provide them with what they want under the shades of exceptional servicescape and ambiance.
As the retail industry evolves, exciting opportunities are on the horizon for those willing to adapt. To future-proof your store, it’s important to take thoughtful and strategic steps that will ensure your success in the years to come. By following these insightful and detailed steps, you can position your store to thrive in a rapidly changing retail landscape. Let’s work together to create a plan that will enable you to meet the challenges of the future head-on and come out on top.
Create an Experience-Rich Servicescape
Today, the retail world has realized the significance of providing an enriched shopping experience for its customers. Every retail store aims to convert first-timers into regular visitors and turn them into brand loyal. This is the sole motivation behind creating an experience-rich brick-and-mortar store.
Historically, physical stores held inventory and a dumping house for stocking non-essential items. Now, display and theme-based customization of a brick-and-mortar store setting, coupled with providing exceptional shopping experience, has become the retail trade tool.
Suppose you are successful in creating a dynamic and experience-rich shopping culture. In that case, you can grow and expand your business operations in other cities and countries at an incredible pace. If you expect to empower and keep your customers coming back, you must provide them with a unique shopping culture. Attracting shoppers to your store repeatedly requires you to build a healthy relationship with your customers, perhaps by thinking beyond the typical scale.
Bottom Line
I’m thrilled to share that brick-and-mortar stores are as relevant as ever and will undoubtedly remain so in the future! Retail businesses worldwide are taking remarkable strides to ensure their physical stores remain sustainable in the long run. The retail industry is brimming with innovative ideas and unique approaches to selling merchandise, which guarantees the continued success of brick-and-mortar stores. Witnessing the thoughtful and positive steps taken to keep these stores thriving for years to come is exciting!
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