Retail CIO Outlook Weekly Brief
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In the U.S., retail sales grew by 0.2 percent last year, while online sales grew by 11.5 percent. But before we conclude that retails is dead, many brick-and-mortar stores are changing their business plans and brainstorming new and improved strategies to stay relevant
FREMONT, CA: Today, online shopping has become more convenient for people than going to a local store. It provides a wide assortment of products and options which can easily be purchased with the click of a button. The rise of targeted ads on social media also adds to its advantage.
Emphasize on Experiential Aspect
Customers want new and thrilling experiences; hence stores that offer their customers an authentic experience will create an attraction. Incorporating experiential elements with a combination of products will significantly increase foot traffic and retail sales.
Incite People to Get out of their Homes
Convenience has made it easy for customers to order products from their own space. However, some people would want to go out rather than stay inside their houses all day. The need to have something exciting and impressive about the retail store and location plays a huge part in drawing in these customers. Knowing that customers want entertainment and creating a captivating experience that would make them get out of their houses is a key element in leveraging business.
Provide Consumers Control over what they Buy
It is essential to note that there are items customers would want to see and feel before purchasing. Many would prefer to pick their food items at a local grocery store or try out clothes rather than order online. Customers with specific preferences will always need the in-person, retail experience. Hence, retail will still be up and running as long as customers have a degree of control over what they purchase, and as long as retail stores incorporate experiential aspects to keep them interested.
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