The revolution and growth of technology and the boom of online sales made consumers believe Brick-and-Mortar is on the verge of death. But the fact is far from this concept. The role of retail stores in this digital age is different, but still it has an important space in business sector. ‘Brick-and-Mortar‘ world is in the midst of evolution. In spite of simply remaining a physical store, they are figuring out ways to improve.
Though we chatter about the increase in e-commerce, its only 15% of retail sales we are talking about. In reality, all 85% of sales is occupied by brick-and –mortar stores. The reality is that people still like Brick-and-mortar shopping besides all the facilities offered by the online sites. Other than just getting the products in hands, shopping is a refreshing experience. This refreshment factor cannot be offered buy any of the online shops. Chatbots can never offer the satisfaction of interacting with a salesperson.
In many cases, stores don’t remain stores as it was earlier. The retail stores may get evolved into an optimized logistic machine, optimized showroom or a distribution point. Better shopping experience is the factor that attracts the customers to the stores. And so, stores must take all the effort to attract consumers.
Ways to Survive
Retailers may build technology embedded shopping system. The integration of physical and digital worlds will improve shoppers experience and can keep physical stores relevant for years. The extend and method in which stores access the technology determine the extent of survival of the stores.
Employing the available technology, they should remain an efficient model of the past. Implementation of Radio Frequency Identification techniques helps in keeping shelves stocked. Introduction of computer vision techniques may help in tracking customer density.
Another way of the future is Omni-channel where the experts at merchandising gradually retain their dominance as they offer more compelling online capabilities. Also, a fusion of the online shopping and in store shopping trends called “Click and Mortar” remains a good option. In this, shoppers can be provided with in-store experience, along with a chance to learn, observe and select products through online facilities.