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brick and mortar retail - Complete Controller

Suppose the retailers have been paying attention to business headlines. In that case, they might have heard that traditional retailing of brick and mortar vanishes. In the past couple of years, a heap of retailers witnessed the closing down of stores across many regions. The evolution of online retail shopping seems to have finally put the in-store retail facility out of business. 

According to the data released by the National Retail Foundation, several physical retail stores in the US have grown at a rate of 3.2 new stores per store that previously closed. Also, online retail sales out of total sales have evolved over the last couple of years, increasing from 4.6% in 2014 to 7.4% in the third quarter of 2016, according to the Census Bureau report.  Check out America's Best Bookkeepers

Suppose the online shopping is the relentless wave of the future. Why are several online retailers like Amazon, Rent, and Runway and others conducive to open brick and mortar stores? Transformations in retail shopping have been a witness before.

There are two main types of shopping, i.e., chore and cherish. The former is shopping for essential items. For instance, each household has a tariff on things to buy every month. Customers are willing to get chore shopping as quickly as possible. Thus, many of them have turned towards online retail shopping that is both hassle-free and quality-driven. Online retailers offer quick and easy options for recurring purchases. Online services like same-day delivery service or voice-assisted ordering facility for buying grocery, electronic, bookkeeping, or other products make the online process more convenient for customers. This convenience is especially so for those who are reluctant to leave their homes and cross miles to buy a handful of items.

Besides, another type of shopping, namely ‘cherish,’ takes place when customers spend time looking for high-quality products and cherishing the process of browsing through online platforms to buy goods. Consumers do not necessarily need those items but still content with buying, such as stylish furniture or designer clothing, leading to cherish shopping. These experiences in shopping are difficult to replicate online. Even buying clothes through online retail websites are a skeptical process. Consumers do not feel sure about the color, size, or quality of the product they buy online. Consumers cannot handle the fabric or compare two clothing items when shopping online. E-commerce stores have appeared to fall short on delivering cherish shopping experiences. Here the brick and mortar stores perform most reliably. Check out America's Best Bookkeepers

Every aspect of in-store shopping cannot be replaced by online shopping, at least not to the date. Market observers have recommended that small retail stores need to put their focus on offering affordable cherish shopping experience to remain at the forefront of market competition.

Physical Stores Play a Role of Brand Ambassadors

Just like movies use a trailer to attract movie-goers towards the cinemas, retail stores attract customers with their aesthetic structure and ability to establish a sensorial experience. Remember that display always makes products look more desirable to purchase.

Despite the enhancement of more online retail shopping, the human touch still appears to be good for the business. Pepperfry, one of the Indian online furniture retailers, reported that almost 25% of online purchases came from customer experience with the offline store. The key benefit of such a store is that buying products can be curated.

A Unique Experience Check out America's Best Bookkeepers

Several retail stores are innovating to transform themselves into go-to-destinations, in an assiduity to draw consumers into the store. Personalization continues to be a wild goose chase in retail-consumers expect highly personalized experiences. Automating personalized experience for in-store benefits retailers as well as consumers.

For those consumers who are unable to handle the monumental burden of entering a store and buying a product despite being reluctant, Amazon and other online retail websites have covered consumers with their new pickups. However, such online retail sites sometimes become compelled to resort to the physical presence of the store, keeping in view the growing susceptibility in customers. One of China’s largest online retailers, Alibaba, bought two physical retail shops in 2017. On the other hand, Walmart, located in China, has invested in JD.com to profit its products. Such a change in retailers’ mindset makes the fact evident that the physical presence of a retail store is indispensable to sustain the credibility of long-lasting customers.

Therefore, the future of shopping will remain to be at both ends, online and in person. However, the latter will remain a credible and perpetual platform for purchasing goods, owing to its more acceptability. 

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

Customers and staff in a busy clothes shop
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 good and lucrative days of brick and mortar retail stores were numbered. A global shift towards online stores has been dramatic in each and 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

There have been many ups and downs in the retail sector, especially over the past decade when e-commerce shook the industry. There is certainly no denying the fact that online stores have captured a significant market share and have become a direct competitor to brick and mortar stores. However, you might be surprised to know 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 Make 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 will need to enrich the buying experience of their customers and offer more than just their products in order 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, 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 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 store 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 their customers. The aim of every retail store is 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 mortars store. In older times, physical stores were more or less used as a place for holding 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 tools of the retail trade.

If you are successful in creating a dynamic and experience-rich shopping culture, you will be able to grow and expand your business operations in other cities and countries at an unimaginable pace. If you expect to empower and keep your customers coming back, you need to provide them with a unique shopping culture. Attracting shoppers to your store again and again requires you to build a healthy relationship with your customers, perhaps by thinking beyond the typical scale.

Bottom Line

Brick and mortar stores are here to stay. Retail businesses around the globe are investing significantly to future-proof their retail businesses. It’s time for the retail industry to do something unique and come up with ways to sell things differently in to ensure the longevity of their brick and mortar store.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.