We know e-commerce has led to fewer people coming to our physical stores. So, what can we do to turn this trend around and increase foot traffic?
All too often we hear about retailers telling us about the commercial and legacy constraints for competing in today's dynamic multi-channel world.
Is this something new, or is it a 'red flag' symptom of a fixed mindset that can't seem to find a way out of the current retail dilemmas?
"To ensure customers visit retail establishments in the future–and that’s measured in months for some, years not decades for others – the retail experience must be structured around the human component".
The first step is to get back to the basics of delivering on the customer’s wants and needs, building trust, and demonstrating that our appreciation of the individual shopper goes beyond the sum and substance of her transactions.
As environmental factors and fast, convenient e-commerce increasingly keep consumers in their seats, it’s essential we view each person who walks into our shop as golden.
Why are e-commerce merchants opening so many physical stores and pop-ups?
They recognize the need to reach out and touch the customer.
Retail has always had to work hard at getting people through the doors, this is equally true for all online retailers. In particular with the rise of 'social commerce' which is diverting traffic that would at one time have gone to your website, or that 'marketplace' you chose to sell your good through.
Today's digitally savvy and not so loyal consumer are firmly in the driving seat, it's they who get to choose when, where, and how they interact with us.
So if you're stuck in a mindset that is saying 'let's incrementally improve' then your simply kicking the can down the road.
It's a 'holistic' world for consumers, so all companies have to think 'holistically' or die.
Retail stock prices forecast the future. The predictions for 2020 are dim. In 2019, global trade tensions, economic uncertainty and the growing dominance of Amazon and a handful of other e-commerce giants shrunk the pie for most of us. Retail executives need to develop strategies to fight for new customers and innovate to keep the ones they have. The retail trends highlighted here suggest a slew of winning initiatives for those wise enough to act now. Waiting is not an option–carpe diem!