Is Physical Retail Dying? How Brick-And-Mortar is Changing in a Post-COVID World
The death of physical retail seemed inevitable to many with the meteoric rise of e-commerce and immense pressures from COVID-19 over the past few years. Popular brands like Esprit, Topshop and Naiise winded up many of their retail stores during the height of COVID lockdown - ringing the death knell for retail. Additionally, rising new retail trends like the metaverse and cryptocurrencies pose new threats to physical retail. Is the future of physical retail a bleak one?
In this article, we explore the trends and challenges that brick-and-mortar retail is facing post-COVID and dive into how merchants can chart their future in the exciting physical retail landscape.?
What Has Changed in Physical Retail?
Physical retail dying is far from the truth with the figures showing otherwise - as of 2022, physical stores accounted for 80.3% of sales globally. Since the reopening of physical stores post-COVID, brick-and-mortar retail has transformed to become an important part of an omnichannel strategy that is experiential and digitally-driven. Here are some key trends that are powering the brick-and-mortar rebound:
Convenience becomes a vital reason for physical shopping
Popular e-commerce trends like 1-day delivery mean that physical retail stores need to have efficiency and convenience that can beat what consumers have come to expect from their online experiences. Customers usually visit stores to buy when they have an item that they want to get immediately. Options like in-store pickup of products bought online and curbside delivery are thus becoming increasingly popular amongst customers seeking effortless in-person shopping that harmonises with their lifestyles.?
Customers are becoming more digitally-savvy in their in-person activities
The rising adoption of mobile phones has made smart technologies ubiquitous among shoppers - even for older generations like Baby Boomers. Technologies like QR codes have become part and parcel of daily life with implementations at cashier checkout counters for payments and membership systems. In this way, technology in retail has moved from being a niche for younger audiences to a powerful solution for all types of customers looking for easier and more efficient shopping.?
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Experiential retail rises to the forefront
Despite the popularity of e-commerce stores, customers crave for immersive retail experiences that online stores are unable to replicate. The key advantage of physical stores over online shopping is the ability for customers to touch and interact with products. Additionally, face-to-face customer service remains paramount as a compelling reason for customers to come down to physical stores for in-person consultation and recommendations. Some brands are even taking this a step further with “retailtainment” experiences such as in-store workshops and pop-up events.??
How Can Brands Succeed in Physical Retail?
Brick-and-mortar brands looking to thrive in a post-covid world need to embrace a digital-first approach for a retail shopping experience that is engaging, cohesive and experiential. To do so, brands need to double-down on their retail shopping experience across offline and online channels with regards to ordering, inventory, customer service and fulfilment.??
SHOPLINE POS is the ideal platform for brands looking to sell offline in a way that is unified with their e-commerce store, marketplace and social commerce strategy. As an affordable and comprehensive cloud connected system, merchants can manage their staff schedules, get their inventory updated across stores and manage their vendors - all in one system.?
With SHOPLINE, brands can get access to centralised inventory and product management, payments and logistics options as well as data and analytics, all powered by compact tablet or terminal hardware.?
Looking to grow in brick-and-mortar with a solution that is ready for the future of retail? Book a consultation to see how SHOPLINE POS can support your physical retail strategy.?