Web-only retailers are moving in on brick and mortar stores. Things have been shaking up in retail but physical stores are far from dead. It’s eat or be eaten. Adapting to the new retail landscape and consumer behavior is the key to succeeding as the rules change for traditional retailers. Brands that don’t adapt are dropping like flies, and those that use technology and data to enhance their shopping experience are doing better than ever.
Brands that started as web-only and found huge success online are starting to move in on the brick and mortar scene. Real Estate still sells and as much as people want to bemoan the doom and gloom of the brick and mortar retailer, stores aren’t going anywhere.
Real stores help brands establish a deeper relationship with its customers and taps into the bulk of the market which is still shoppers visiting physical storefronts. It’s still difficult to convert shoppers online, so physical store fronts can bring in a valuable customer base.
Web-based brands and retailers have a strong advantage because they have the data and technology to back up their move to physical stores. Omnichannel is their top priority since customers now expect the convenience it adds to their shopping experience.
Opening small scale stores that don’t have inventory is also another option for taking advantage of shoppers who prefer to visit real stores. They build brand awareness for online retailers and also make customers feel comfortable about buying one of their products online. Being able to physically see and feel clothes and furniture is a big hurdle for online retailers and these types of guide stores can help them overcome those issues.
“It isn’t surprising to see digitally native brands open stores” says the vice president of research development and industry analysis at the National Retail Federation, Mark Mathews. “If a retailer is only active in one channel, it’s missing on tremendous growth opportunities because there are still plenty of people who like to shop in stores.”
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