On the Changing Landscape
The world spins faster every day, it seems. A dizzying whirl of change is at the heart of our contemporary retail environment. As a Digital Transformation Expert, I’ve been closely observing this fast-paced evolution, where customer preferences shift like the wind, and technology dictates the rhythm. Today, around 49% of US consumers still choose to visit physical stores instead of shopping online; their motivation? The ability to take items home immediately.
Indeed, the eCommerce trend continues to grow rapidly, and it promises a more tailored customer experience. However, the traditional brick and mortar stores have begun to adapt and integrate digital aspects into their business model. Now, the lines between the digital and physical realms blur, and one complements the other, creating an interconnected shopping ecosystem.
Immersive Functionality: A New Dawn for Brick-and-Mortar Stores
In this fusion of worlds, the first sensory detail you’ll experience when entering a modern-age brick-and-mortar store is likely to be the interactive displays and touchpoints around the shop floor. From interactive advertising displays to artificial intelligent shopping assistants, these technological enhancements aim to offer an immersive experience to customers. The only limit is the sky, they say.
A brilliant example is the initiative by Macy’s— a retail giant in the US. They have transformed 69 of their stores with cutting-edge, immersive features and displays. Using virtual reality (VR) and augmented reality (AR) tools, Macy’s provides a connected shopping experience. Customers can visualize different furniture items in their home environment while in-store! The result? A whopping 60% increase in the total basket size in these tech-enhanced stores compared to regular ones.
The Era of Hyper-connectivity
Today’s retail space is a beacon of hyper-connectivity, where you can access a plethora of valuable in-store information right from your mobile device. After all, around 43% of consumers have used their mobile devices while shopping in a brick and mortar store.
One notable instance is the outdoor brand REI, providing its customers with a fully integrated in-store mobile experience. Through the store’s dedicated shopping app, customers have access to up-to-date product information, current stock levels, exclusive content, and more. It’s like having a personal shopping assistant right in your pocket!
The Emergence of Improved Customer Experience
Let’s face it, folks, 86% of consumers are ready to pay more for a better customer experience. A lesson well learned by successful eCommerce brands using chatbots to enhance their customer service.
Minnesota-based salon Beauty Ecology is one such innovator, using chatbot technology to guide clients towards selecting the perfect style, cut, and beauty products. The same technology is then used in-store to further personalize the customer’s experience.
Likewise, fashion retailer Kohls employs an interactive fitting room, allowing customers to virtually try on clothes or accessories combinations. If they like a particular piece, they can request the actual product to try on.
Brick and Mortar Commerce: Trends and Predictions
My years of experience in the field make me confident about the following trends and predictions:
Reduction in shipping costs: As more customers opt for buying in-store, this trend will likely cut down on shipping costs.
Focus on experiential shopping: Customers value experiences as much as they do products. So expect to see a rise in stores offering experiential shopping.
The rise of in-store marketing: More interactive, customized marketing strategies will gain popularity.
Increased connectivity: Technology will continue to be woven into the fabric of brick-and-mortar stores.
More touch-based interfaces: Touchscreens and interactive displays will be a common sight.
A reduction in lines: With digital payment options and self-checkout kiosks, waiting in line will be a thing of the past.
When I reflect on these changes and look toward the future, I can’t help but marvel at how our old-school brick-and-mortar stores have evolved in the face of digital transformation. The future of shopping promises a seamless blend of the physical and digital realms. A wave of hyper-connectivity, immersive experiences, and personalized customer service awaits us.
So, what’s the catchphrase for this new era? It’s adapt or disappear. A lesson we all must keep in mind as we navigate the ever-changing tides of the digital age. Keep your paddles ready, folks; it’s going to be quite a ride!