Are Retail Stores going to Die Out?

E-Commerce started as an ancillary channel to retail store sales. Targeting an extended and additional customer base to increase sales and market share.

However, presently online sales are aggressively cannibalising the existing customer base of retail stores. People who used to visit a brick and mortar store are actually enjoying the option to be able to purchase from the comforts of their living room.

And why not-

1. It’s convenient and greatly time saving, no hassles of transport, parking, climate etc.
2. You can see more quality descriptions and specifications of the product
3. you get better discounts
4. and the return policies are usually very good, where one does not need to step out of the house

Retail stores on the other hand are fast becoming untenable because-

1. There are limited options or varieties on display due to space constraint
2. Not much discounts can be offered due to the fixed costs associated with maintaining a store
3. Not always easy to find exactly what you are looking for, as merchandising becomes confusing when too many products are stacked together

Does this mean the retail stores are going to die?

Yes...

...if they do not innovate and make it interesting for people to come visit. 

Why will the customer physically visit a store when they can buy the product online?

Give him Reasons!

Make it More Colourful and Visually Appealing

Customers come to Malls to find enjoyment and to break the monotony in life. So even when they are entering the store, something unique and enjoyable should be greeting them. Happy colours, soothing music and wonderful smells, all play a huge role in making the experience memorable for a customer.

Offer Professional Expertise

When customers shop online, they read the details and are bound to be confused between brands or product variations. Though online they do have the option to look at customer reviews and google product comparisons, more often than not there is a plethora of contradictory information out there which might further confuse the customer.

In the store, if you offer quality suggestions and advise, which the customer might find useful, then he is definitely going to come back, not for the product but for the guidance.

Do Not Incentivise Sales Based On Brand

When you incentivise brands differently, the salesperson will tend to try and sell the product which benefits him the most. However, that might not be to the best interest of the customer. So even if the customer buys it once, he might regret later and that puts an end to repeat business.

Find better alternatives to incentivising what the customer would want. Like more incentives for repeat business, no or low incentives for the first sale etc.

Check Up On Customer Experience

Even when we shop online, we get emails and requests for customer feedback after the purchase. When a customer makes the effort to visit your store and buy something, you should also take the effort to follow up with the customer subsequently, genuinely trying to understand if the customer is happy with the purchase. Here is a great potential for turning mere purchase to customer delight.

Innovate And Entertain

Be creative. Try to find more innovative ways to make the customer enjoy the experience of shopping at your store. Like more book signings, gaming contests, movie or book trivia and quiz events based on what you are selling. For apparel and fashion, possibly organise ramp walks, even customers can participate, set up a Photo Booth in the changing room area, where customers can try on their clothes and take a quick snap to understand how it looks and maybe take the soft copy home, with the store branding, to show to loved ones, or put on social media.

It is time for retail stores to start becoming more engaged and compete more aggressively for the customer base which is rapidly swinging towards e-commerce.

Today, you can buy everything online, and cheap, and stores cannot compete on pricing, hence concentrate on the value ads.

What are your views? Do you think retail stores will die out soon?

Do share your views, and if you enjoyed this article, please like and comment, to show your appreciation.

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