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 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 a 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 their 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 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 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 will be able to grow and expand your business operations in other cities and countries at an incredible 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.
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 to ensure the longevity of their brick-and-mortar store.