Brick and mortar retailers have heard it before– doomsday predictions about their industry and strip malls becoming ghost towns, for example. But the truth is that the sector has responded well to the challenges brought about by the e-commerce boom. According to PwC, there is a steady growth in the revenue of traditional retail stores over the last three years. This report suggests that retailers have adapted to the challenges.
The following are examples of compelling innovations that the sector has implemented:
Brick and mortar retailers invest in staff development
Although online retail is convenient, there’s one thing it lacks that brick and mortar retailers can offer– personalized and expert assistance from the staff. Studies have shown that 78% of buyers want to interact with store personnel who have a deep knowledge of the products being sold.
Brick and mortar retailers have invested in staff development to ensure that they can deliver the expert knowledge and assistance to their customers.
Brick and mortar retailers have rolled out in-store technology upgrades
Traditional retailers have also invested in digital stores to make the customer experience equal, if not better, than online shopping. One example is Burberry which recently rolled out technologies in their flagship store. It included a beauty box that allows shoppers to choose a makeup brand and see how it’d look on them.
Other examples of innovations that brick and mortar retailers have introduced include RFID systems to make it easier to find products and tablets that give staff customer profiles which would help them in assisting clients.
Brick and mortar retailers have strengthened their loyalty programs
Studies have shown that 3 out of 4 consumers perceive loyalty programs as an important consideration when considering a brand. Retailers have harnessed this by offering rewards like credit vouchers and unique rewards that customers can experience in person.