3 Changes Coming to Retail

As the technological age moves into full swing, there are increasing interactions accomplished online that once was limited only to personal contact. Because of this, there has been much discussion about the future of brick and mortar retail stores. It seems that the trend toward online shopping are consistently on the rise and many are left wondering exactly what the future of shopping will be. How will traditional retail stores evolve to meet the advancing needs of the tech-savvy buyer? Here are 3 major changes currently facing traditional retail stores.

Online Digital Retail

Online digital retail is seeing a steep rise in purchases. Despite this, many people still have the desire for the face-to-face interaction that shopping in-store brings; the need is just not as pronounced as it was in times past. As a result, many retail stores are failing to meet their projected sales goals. Retail stores are seeing only a slight increase in sales, less than a 3%, while online digital retail is seeing up to 15% increases in sales. It is clear to see the future of customer shopping. Omnichannel Retailing has found a wonderful way to link the in-house sales interactions of the past with the convenience and efficiency of online digital shopping by allowing the customer to browse their selection on their computer, price match with multiple retailers and then visit the retail to store to finish up their purchase. This form of shopping links the customer to the comfort and ease of online shopping to the ability to try out the product and have instant ownership that can only be experienced at an actual store location.

Smaller Showroom Stores

Due to customers having the ability to find their desired products online before going into the retail store, there will not be a need to stock as much merchandise on showroom floors. This allows the retail company to save money on purchasing inventory that they may not be able to sale at full retail price and subsequently having to mark it down. The customer will be able to go to one designated in-store location, like the customer service desk, to pick up the items that they have already chosen online adding efficiency to their shopping experience. Another benefit to a smaller inventory of merchandise is the reduced time needed for employees to manage the product. Also, with less inventory, there is money saved by the company through purchasing smaller real estate.

Experiential Marketing

Since there is a comfort that can only be found in the customer’s own home, retailers will need to use other means to entice their customers out of their homes to visit the actual storefront. Retail stores that have been able to provide their clients with a unique and memorable experience have found popularity amidst the changes in the shopping landscape. This allure includes bistro and wine bars inside of retail locations. Shopping centers with promenades that entice the customer to socialize while enjoying beautiful weather. Also, there are the eye-catching artistic storefronts that are so breathtaking that clients are inspired to share their experiences on social media platforms like Instagram. Innovative ideas for creating authentic experiences will find their ways into everyday retail stores to give customers another incentive for visiting the actual store and staying awhile.

As society evolves and advances toward technological efficiency, retail stores are discovering ways to offer their customers newer experiences in shopping to keep up with online digital retail. There will always be a need for walking or driving from your home to shop at your local retail stores, even if only for the sociability. Yet as the digital age advances, brick and mortar stores will need to step their game up to see consistent increase in sales. This competition and cooperation with online retail will only serve to create a more satisfied customer in the future.