The actual retail space is in a intense duration of flux, with many questioning its future as e-commerce behemoths like Instagram-focused, fast-fashion company Fashion Nova take center stage. The challenges are a roll call of complex problems with no simple answers: consumer behavior has shifted significantly and permanently; labor is becoming higher priced and harder to staff and train; and “silver bullet” technology solutions pile up the anxiety and business impact with often little or no leads to show for it.
On the one hand, Amazon Prime Day, held this coming year in July, is, pardon the pun, a leading example of this mindset. The annual discount day for Amazon members has reached the heights of Black Friday and Cyber Monday, additionally driving Prime subscriptions to double in just 4 years.
This can be putting additional pressure on traditional retailers, with a few, including JCPenny, Nordstrom, Bed Bath & Beyond, and Target, even promising to fit less expensive costs available on Amazon. Not surprising considering that during 2017’s Prime Day retailers saw an estimated drop of nearly 1 percent foot-traffic at electronic stores and a few 3 percent at department shops.
With the much success within the digital space, best shops near me raised some eyebrows with its acquisition of physical Whole Foods, and also the launch of the personal physical retail space and of course, the launch of Amazon Books.
But Amazon knows full-well that physical retail is significantly from dead. In fact, in accordance with Scott Clarke, Chief Digital Officer at Cognizant, “America’s top retail chains reported a net increase of 4,000 new store openings in 2017 and therefore are projecting another net increase of over 5,500 new stores in 2018.” That along with recent government policies voting in favour of brick and mortar, or rather in support of a much more robust sales tax within the digital space, Amazon’s “money moves” begin looking less dubious and rather speak more of a remarkable read on the market. Afterall, 90 percent of sales still take place in physical stores.
Who else remembers the infamous quote offered by Marc Andreessen in 2013 citing the death of brick and mortar? Andreessen was dead wrong about his declare that 100 % in our transactions will go digital, but he was dead on about software playing an enormous role in the future of retail. Consumers are digital creatures – they are competent in convenience and customization and expect the identical within their physical interactions. Let your software transform your retail experience as opposed to annex it i.e., use your data thoughtfully.
Customer experience is essential when winning the hearts and loyalty of consumers. Think convenience, consistency, customization, and make contact with. Nike by Melrose is actually a prime demonstration of a brandname really taking this lesson to heart, making a local, digitized, customized, humanized and socialized experience for Nike fans and people in Nike Plus.
Based on InMarket, a micro trip is actually a shopping trip that can take less than 5 minutes as well as a behavior which is becoming increasingly common as grocery stores add programs that let customers order online and pick-up face-to-face. Though traditionally retailers have been partial to longer shopping trips, micro trips allow brick and mortars the benefit of more efficient store formats and improved targeted marketing.
Exactly how do you develop a microtrip-friendly environment? It’s information on merging your eCommerce platform using the physical interaction. The pick-up type of company is becoming increasingly important to consumers. Brands like Home Depot and Walmart take lessons from Amazon and Nike by installing lockers in stores so that shoppers can physically get online orders. Whole Food locations with Amazon lockers saw an increase of 11% in terms of micro-visits and chainwide microtrips to Whole-foods are up 8.7 percent.
Why would you would like to pick-up an internet order, you might ask. Paradoxically, it’s about convenience. Deliveries have their own set of complications, including scheduling and traffic delays or the shipment of damaged products. And at the conclusion of your day, there is nothing more immediate than an experience in a physical retailer. “Just like jngzsv is to get – one-day delivery, sometimes one-hour delivery – that still can’t contest with usually the one-second immediacy of being in store and picking up that avocado … because I figured regarding it in that moment,” said Todd Dipaola, InMarket CEO and founder.
The buyer journey can look very different in five years as retail’s transformations embrace tech that continues to evolve, deepening our knowledge of consumer preferences and shopping habits. If you provide the right combination of experiences and environment, you can create a unique dynamic involving the brand and your consumer. At the end of the day, your audience, your brand family, can be your currency. In a post-digital world, you should approach all of them with a 360 TLC mentality.