In the last few years, the rise of e-commerce has put a great deal of pressure on traditional brick-and-mortar retailers.
You’ve probably read about the rise of e-commerce and how it has put tremendous pressure on traditional brick-and-mortar retailers. In the last few years, online sales have grown exponentially. Many physical stores are struggling, and some experts think that bricks and mortar are on their way out. Others say it’s not that simple and that the future of retail is unclear at this point.
Many Analysts Predict that Online Sales will Continue to Grow Exponentially Over the Next Decade
The growth in online sales has been remarkable. Online sales are projected to continue to grow exponentially over the next decade. Some analysts predict that by 2025 physical retail will be dead, thanks to online shopping.
Does this mean that brick-and-mortar retail is on its way out? Not exactly. The fact that online shopping is growing does not mean that it will replace in-person shopping any time soon. Many people enjoy the experience of going to a physical store and seeing the products in person before making a purchase decision. While there are some general trends we can see from these data; for example, people shop more online during the holidays. It’s important not to make assumptions about individual consumers based solely on their shopping habits or demographics.
There are several reasons why online shopping will continue to grow, and it’s not a threat to brick-and-mortar retail.
First, there’s the fact that online shopping is convenient. The internet allows you to browse products from anywhere in the world, 24/7, all day long; you don’t have to leave your house or even get out of bed if you can’t be bothered. And if something doesn’t fit properly, returns are easy: send it back!
Also, with so many options available at such low prices, it’s more complicated than ever for businesses with physical locations to compete against digital retailers. In an age where consumers have access to almost any product imaginable at their fingertips for much less than they would pay at a store like Walmart or Target, people may decide that buying from e-tailers makes more sense than trekking across town.
Physical stores play an important role in brand presence. There’s no doubt that eCommerce is big business. Still, some people believe that physical stores offer an invaluable opportunity for brands to connect with customers in ways that digital can’t match. “A brick-and-mortar store has value beyond just being a place to shop,” says David Reibstein, professor of marketing at the Wharton School at the University of Pennsylvania. “
Both Sides of the Debate have Arguments in their Favor
There are disadvantages to e-commerce and advantages to brick-and-mortar retail. However, it’s important to note that not all products or industries are identical. For example, eCommerce is more famous for clothing because of its convenience. You can get clothes delivered right to your doorstep without leaving home! But other types of products may not be as appropriate for delivery by mail because they require handling by the customer before use or installation. In these cases, people might prefer going into a physical store where they can examine a product up close and interact with employees who can answer questions about it.
With the rise of e-commerce, many brick-and-mortar businesses have struggled to turn a profit in their physical locations. Some have even closed shop altogether, while others are downsizing or moving to smaller locations. Companies that have decided to stay put in their existing buildings are changing their business models by offering more services or classes, such as yoga studios providing healthy meals to your class.
The best way for companies to thrive during this transition is through local marketing initiatives that connect them with consumers who are still shopping at brick & mortar locations.
Additionally, research has shown that people like shopping in person with other people: it’s not just about the product or brand; it’s also about the experience of going out and spending time with those we love. People like to shop socially as well: whether you go alone or with friends, shopping is an activity that lends itself well to sharing stories and laughs over coffee or lunch breaks. Many retailers have also taken advantage of this by offering patrons more than just merchandise, like entertainment options such as live music performances to make their stores feel less like mere places where goods are bought and sold and more like community gathering spaces where people can connect over shared interests.
Social Media is a Great Way to Reach Your Customers
Social media can help you learn what your customers want and how they use your products.
So, what does this mean for brick-and-mortar retail? If you’re a store owner looking for an answer from these examples, it’s simple: use social media! You can use it to connect with existing customers in person or online; share photos of new products or sales; find out what people are saying about your brand in their communities; even get feedback on ideas for future products and services—the possibilities are endless!
Most businesses are likely to end up somewhere in between, mixing digital and physical elements strategically to maximize efficiency and reach a broad audience.
While the future of brick-and-mortar retail remains unclear, traditional retail is not necessarily doomed. It’s impossible to predict where the industry is headed or what solutions will ultimately prove successful. But one thing is sure: businesses will need to be able to adapt quickly to maintain relevance in an ever-changing marketplace. Companies will need to be flexible and adaptable to survive.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 platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO 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.