Today world is running behind online service and telling that store services becoming down day by day. Actually, the truth is that the retail stores are not dead yet, but they are changing by promoting store based technology in their shop to increase sales and attract customers. Here we discuss few ways to revive retail stores with various trending strategies.
Most of the customer still like to prefer touching and feeling products before their purchase. This mentality of shoppers boost the retailers to stay alive and work hard for their existence.
Store Closure-A Trend Analysis
This year alone, more than 8,600 stores could close, according to industry estimates, many of them the brand-name anchor outlets that real estate developers. Now the American Malls facing a hard time. There are still about 1,100 malls in the U.S. today, but a quarter of them are at risk of closing over the next five years.
By 2022, analysts estimate that 1 out of every 4 malls in the U.S. could be out of business, victims of changing tastes, a widening wealth gap and the embrace of online shopping for everything from socks to swing sets. Fact shows the reason behind the store closure is certainly not because of shoppers are spending less. Since 2010, U.S. consumer spending big amount about $10 trillion to nearly $12 trillion for their shopping. The real truth of store closure is the malls haven’t kept up with technology.
Retailers start to include new technological methods in their marketing strategy to survive in this online world. They use store based technology as their weapon in the war against them.
Costco, an American multinational wholesale corporation is expanding its home delivery services as food becomes an increasingly competitive front in the e-commerce battle. Costco launched Costco Grocery by offering two-day delivery of shelf-stable food from its own website. As a result E-commerce sales increased 42.1 %.
Hence CostcoGrocery expanded a fresh fruit delivery partnership with Instacart to include more locations. Many company’s e-commerce growths depend on Costco.com and CostcoGrocery sales. In addition, Costco sells products with 58% cheaper and it badly affects the pricing strategy of online service. Like this, by using different marketing method, the Costco continue its war against online to show the strength of its store-focused model in the Amazon age.
Ways to revive retail stores
In this online sphere, still, the retailer has plenty of reasons to be optimistic and many opportunities to survive. Some in-store technologies that will help the retailers to survive in the online sphere are
The omnichannel strategy which entails marketing store products through multiple channels where customers can reach products through physical stores, desktop or mobile website/app and social media channels. Today young millennials are taking over the consumer market and they are one who spends more on social media. So, this is the time for retailers to conclude omnichannel stores are must for millennials and also for his survival.
-Open your Online Store in addition to Physical Retail
Make the consumers know your presence offline and online so that users can buy directly from your platform and you ship the purchased product from in-store inventory to the online buyers. Retailers should develop and set up their own online ecommerce store as soon as possible in addition to physical retail.
Retail Store Needs a Mobile App so that the customers can access to your retail store at their fingertips, whenever and wherever. This will surely enhance brand awareness as the well overall customer base
At the same time, the question will mobile commerce crosses e-commerce by 2021 is also becoming more relevant.
-Partnership with E-commerce Giants
It’s a great opportunity for retail stores to partner with e-commerce giants such as Amazon and adopts their platform in addition to their own physical stores. These eCommerce companies already have huge brand equity, saving you the effort and capital to market yourself
-Invest in technology as efficiency & cost-cutting measures
Investing in technology can improve the efficiency of a store to a large extent like cost saving, less dependent on manual labor, reducing the probability of errors and wastage and enhance the business output and reliability.
-Proactive Customer Service & Support
As a physical store, try to match and improve the customer service standards comparable to online counterparts. Strive for 100% satisfaction of all customers ensuring long-term brand loyalty.