There are all sorts of retail stores globally, and each one has its unique quirks and characteristics. For example, some stores are geared towards a general audience, while others specialize in a particular type of product.
No matter what your needs or interests may be, there’s sure to be a retail store that caters to them. If you’re looking for a one-stop-shop where you can find everything you need, then a general merchandise store is probably your best bet. But if you’re after something specific, like clothes or electronics, you’ll want to check out a specialty store.
The great thing about retail stores is that they offer an escape from everyday life. Whether you’re looking to do some serious shopping or browse the latest trends, a trip to the mall is always a fun activity. Plus, with so many different stores to choose from, you’re sure to find exactly what you’re looking for. However, with the rise of e-commerce, retail stores are changing how they do things to survive.
E-commerce is becoming an industry giant, and it has done it in just a couple of years. E-commerce sales have grown rapidly, with online shopping becoming increasingly popular.
In 2017, global e-commerce sales reached $2.3 trillion, and they are expected to grow to $4.9 trillion by 2021. This growth is being driven by several factors, including the increasing use of mobile devices, the rising popularity of social media, and the convenience of online shopping.
Retail stores are left scared and devastated because of this. But many are sure that these stores won’t give up without a fight.
Retail stores are adapting
Many retail stores adapt to this new industry by offering unique experiences that can’t be found online. These unique experiences come in in-store events, interactive displays, and more. In addition, department stores also offer exclusive products that can only be found in their physical locations.
Some are aggressive enough to give discounts to people willing to purchase products inside their stores. While other stores are even going as far as to create their e-commerce platforms, which allows them to compete with the big boys.
Shifting Perspectives
However, some retailers looked into the future of their businesses and have decided to make a drastic shift in what they do. Rather than competing with e-commerce, they are now trying to work with it.
These stores now use their physical locations as warehouses and shipping hubs for online orders. This allows them to offer quick and convenient delivery times that many e-commerce platforms can’t match. And it also means that these stores don’t have to worry about losing customers to the online world.
Other retailers have decided to shift into real estate. They’re partially into the industry anyways. Some that have closed down their store have decided to offer them as a cheap startup office for budding entrepreneurs. They can get their projected sales for the month in the form of rent.
Smarter marketing campaigns
Retailers are also making more innovative marketing campaigns than ever. Utilizing data analytics, they can better understand their customers’ wants and needs. They’re also using targeted ads to reach out to their target demographics.
And lastly, they’re using social media platforms to create engaging content that will keep consumers interested in their products. They are aggressive enough to give certain consumers exclusive coupons in their e-mail addresses, with some offering exclusive deals for in-store purchases.
The Over-exaggeration of E-commerce
Ultimately, the over-exaggeration of e-commerce and many marketers claiming that its the future of business is making a false impression that it’s taking over everything. It’s important to understand that e-commerce is just a tool, and like any tool, it has its own advantages and disadvantages.
Some disadvantages that e-commerce has included the fact that not everything is available online, you can’t try clothes on before you buy them, and you can’t get customer service assistance. You also have to wait days or even weeks for products that are found on the other side of the world.
Retail stores offer their own unique advantages that can’t be found online, such as the ability to touch and feel products, try on clothes, and get help from knowledgeable staff. And while e-commerce may be growing rapidly, it still only accounts for a small fraction of total retail sales. In 2019, e-commerce sales made up just 14% of total retail sales worldwide.
So while e-commerce is growing and changing the retail landscape, it’s not time to panic quite yet. Retail stores still have a fighting chance if they can offer unique experiences and use their physical locations to their advantage. They aren’t going to be extinct anytime soon, and many experts believe that physical stores are going to find a new spot for themselves in the world of business.