Business Insider just released their latest slideshare. The Future of Retail 2014 paints quite the bleak picture for retailers as e-commerce continues to take over market value and large retail chains lose footing. BI Intelligence continues to walk us through statistics that show hundreds of retail store closings, plummeting sales numbers, and slipping market values. As a brick and mortar retailer, this can be a very discouraging report. But one thing the data does say about offline retail, and the silver lining, is that offline purchases still make up a major majority of the retail industry.
What this means for retailers and marketers alike, is that unless brick and mortars start embracing the digital revolution, they'll fall by the waist side. What studies show is that consumers are looking for a convenience and consistency between their online and offline shopping experiences. Consumers want to know product availability, access to customer loyalty points in-store, mobile payment options, and personalized services. It's obvious that traditional brick and mortar practices are no longer going to cut it. This is especially true with big players like Amazon, Ebay, PayPal, Wayfair, and Zappos offering competitive prices, convenient payment, and consistent shopper experiences.
How can retailers adapt to the rise of E-Commerce?
Embrace the new way people are shopping now. Companies like Starbucks have very successfully integrated their mobile app in-stores by providing customers the ability to find locations, access loyalty points, pay, and even tip their favorite baristas. Paypal has announced that it will be offering location based customer analytics for purchases and activity that give marketers the ability to push relevant, real-time mobile offers to customers in-store. Even huge location based retailers like Walmart are investing heavily in social and mobile technologies. As a retailer, the most important focus should be using mobile and social customer analytics to help improve in-store experiences by offering customers a truly personalized visit through custom ads, offers, and content. Check out the full Business Insider Intelligence slideshare here.
A big 'Thanks' to Kirsten Knipp of Bigcommerce for sharing the original article from BI.
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