Not so long ago, the e-commerce platforms exploded and took the industry by storm, forcing more retailers to initiate online operations. It seemed as though the excellent and lucrative days of brick-and-mortar retail stores were numbered. A global shift towards online stores has been dramatic in every sense.
However, it has forced many multinational retail brands to leave, raising serious concerns for the entire industry. E-commerce giants such as Amazon and eBay were a viable threat to physical stores, which is 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 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.
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. Retaining shoppers is only possible when you provide them with what they want under the shades of exceptional servicescape and ambiance. It’s safe to say that the future of traditional brick-and-mortar retail stores is safe, predictable, and secure. Here is what you can do to future-proof your brick-and-mortar store.
Create an Experience-Rich Servicescape
Today, the retail world has realized the significance of providing an enriched shopping experience to 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. In older times, physical stores were more or less used to hold 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 an exceptional shopping experience, has become the tools of the retail trade.
Suppose you successfully create a dynamic and experience-rich shopping culture. In that case, you can grow and expand your business operations in other cities and countries incredibly. You must provide a unique shopping culture to empower and keep your customers returning. 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
In the ever-evolving retail landscape, resilient statistics and strategic adaptations have challenged the narrative of brick-and-mortar stores facing extinction. While e-commerce has undoubtedly altered the retail paradigm, the enduring appeal of physical stores remains evident. Retailers now recognize the imperative to cultivate immersive shopping experiences, leveraging the tangible advantages of brick-and-mortar spaces. Traditional retailers can survive and thrive in an increasingly digital world by embracing innovation and prioritizing customer engagement.
As the retail industry continues to evolve, the future of brick-and-mortar stores appears promising, grounded in the enduring appeal of personalized service and experiential shopping environments. Brick-and-mortar stores are here to stay. Retail businesses around the globe are investing significantly to future-proof their businesses. It’s time for the retail industry to do something unique and develop ways to sell things differently to ensure the longevity of brick-and-mortar stores.
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