Retail: Why Bricks-and-Mortars are Still Relevant
Our Vidhya Krishnaswamy shares four strategies and recommendations to help businesses create a seamless customer experience via Financial Express.
Over the past few years, the retail industry has witnessed unprecedented digital growth with increased investments from retailers on digital assets than ever before. So how are bricks-and-mortar stores performing? In fact, as per a CNN Money report, “2017 just set an all-time record for store closings”. This retail apocalypse has triggered a basic question in everyone’s mind — are physical stores really dying? A recent survey by Retail Dive on the buying behaviour of US consumers highlighted the importance of store visits. Amongst them, the top reason for visiting stores was ‘try before you buy’ followed by instant gratification, ability to return the product more easily and the enjoyable retail experience.
While approximately 90% of all retail sales still take place in stores, sales from e-commerce are expected to reach 17.5% by 2021. However, contrary to this, a recent PwC research on preference to buy online versus in-store purchases shows that the need for in-store experience still exists. In fact, bricks-and-mortars are more relevant now than ever before. Since the line between channels are blurring, retailers need to focus on creating a seamless experience across online and offline in order to attract today’s consumers, and gain a competitive edge in the market.
Here are four strategies and recommendations to help businesses achieve this:
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