The myriad innovations that have emerged over the past decades, from smartphones to electric cars to AI, and the breakneck pace at which technology is evolving these days have set the stage for the development of a digital-centric world. This means that many of our day-to-day activities have transitioned online, and that includes shopping. E-commerce has brought convenience, speed, accessibility, and a much wider range of options within one click’s distance, so buying items online has become the new normal.
It sometimes feels like online retail has completely taken over the high street. Or has it? For better or for worse, we still live in the real world and despite the increasing use of digital tools and the rising popularity of e-commerce, physical stores are still very much a part of the retail landscape and a part of people’s lives. In fact, many still prefer the in-store experience over the online alternative for a variety of reasons.
But the times are undoubtedly changing and physical stores have to change with them if they want to keep their customers and stay afloat. This begs the question: how does the future look for brick-and-mortar stores and what can retailers do to adapt and meet the demands of a tech-savvy customer base? The strategies and solutions that forward-thinking brands are starting to embrace give us a glimpse into the physical stores of tomorrow.
The omnichannel transformation
It was once believed that the rise of digital storefronts with all the perks they provide would eventually cause the demise of physical stores, but it appears we were looking at things the wrong way. According to data from the National Retail Federation, in-store shopping still accounts for over 80% of all retail. At the same time, more e-commerce businesses that have only ever operated in the online space are now opening physical locations.
Therefore, we’re not witnessing a battle between online retailers and their land-based counterparts at the end of which there could only be one victor. Instead, the lines between offline and online retail experiences are getting blurrier, showing that these two types of retail can coexist and even support each other’s development.
That can be achieved by creating omnichannel capabilities. More precisely, retailers are pushing towards a unified experience across all their sales and media channels, so they can offer a seamless journey for their customers, no matter where and how they choose to interact with their brand. So, physical stores may require an online presence (and the other way around), but most importantly retailers have to focus all their efforts on merging the offline and online realms and give consumers the opportunity to enjoy the best of both worlds.
Implementing an omnichannel strategy implies a series of steps, from conducting thorough customer research and identifying existing channels to selecting the right fulfilment services and investing in cutting-edge tech solutions that can support this transformation. In the end, achieving synchronicity between channels is the only way for retailers to cover all their bases and cater to a wider audience.
The unique advantages of in-store shopping
Online stores have many things going for them which makes them rather attractive for modern-day consumers who are more inclined to appreciate the many perks they offer. However, this doesn’t mean physical establishments don’t hold any value. On the contrary, there are many things about brick-and-mortar stores that people love and that can’t be replicated by online platforms.
Therefore, a smart approach for offline retailers is to highlight those aspects valued by customers that are exclusive to physical stores. We’re talking about sensorial experiences like touch and smell that can’t be transferred into the virtual space. By stepping into a physical store, customers have the opportunity to get up close and personal with the items they’re interested in and test them out. This makes it easier for them to make informed decisions and reduces the risk of disappointment.
Personalization is another area where physical stores excel. Although many online retailers are trying to bring this approach to their digital storefronts, they still can’t provide the same level of personalization that a physical store offers. That’s why it’s more important than ever for brands to adopt a customer-centric approach by investing in hyper-personalization and offering the best customer service experience possible.
Let’s not forget the social aspect that plays a key role in the enduring appeal of in-store shopping. This social dimension is now being enhanced by stores that also serve as leisure spots where they can meet up with friends and enjoy a variety of experiences, apart from purchasing the items they require.
Adding value to the in-store experience
For physical stores to maintain a competitive edge in a world that’s slowly shifting towards digital-based solutions, they might have to emulate what’s happening in the online world. So, if online retailers are choosing to team up with fulfilment experts like Monta to ensure timely delivery of their products, land-based businesses can focus on introducing in-store fulfilment that allows customers to purchase products online and then pick them up in-store.
Integrating emerging technologies in physical locations is also something that can increase the appeal of in-store shopping. For example, brands can use apps and augmented reality (AR) to provide details about their products and enhance the in-store experience.
There’s no denying that physical stores need a bit of a makeover to remain relevant in the digital age. So, as long as retailers are willing to put in the effort to keep up with consumer demands and leverage different technologies, physical stores still have a bright future ahead of them.
