At this point we all know, we’ve all read the headlines, and to say this again would be like beating a dead horse – for lack of a better phrase.
Nevertheless, I’m going to say it anyway – the reports of the death of brick and mortar stores have been greatly exaggerated.
In actuality, stores matter now more than ever – despite the fact that online shopping is on the rise.
Since January, retailers have increased the number of stores scheduled to open this year by more than 2.5% to 41,918 new locations. And over the next two years, retailers plan to increase the number of new stores by 2.8%, to 78,647 locations.
However, just because those numbers are good, doesn’t mean that brick and mortar retailers don’t have their work cut out for them; much innovation needs to happen moving forward.
Consumers drive today’s retail market – meaning that retailers must adapt their business models to meet the needs of the constantly changing consumer and retail landscape.
To maintain relevance and win sales, retailers need to:
- Focus on customers and invest in brick and mortar innovation – simply, invest in the customer experience.
You create and control the customer experience in a physical store. You need to determine how you want your customers to engage with your brand and only you can truly tell your brand story.
As a retailer, this becomes your greatest opportunity and responsibility.
- Recognize that customer data is THE competitive advantage – these days customer data is running the business world.
If harnessed the right way, it can allow retailers to understand their customers, understand how their best customers want to interact with their brand and products and build a marketing ecosystem of connected data that puts the customer first.
It allows retailers to deliver an experience that meets their customers’ expectations and simply, makes their customers happy.
With the explosion in the amount of data available, being able to properly analyze large data sets has become a key basis of competition while setting the stage for productivity, growth and innovation.
The Bottom Line:
Even though times are changing, brick and mortar stores are here to stay. The shopping experience, however, must be personalized to who your customers are.
A one-size-fits-all strategy simply won’t do.
Customer data and insight are essential when shaping your brick and mortar growth strategies, business goals and marketing activity. And with the proper analytic solution, it’s possible to achieve the type of understanding needed to successfully bring your brand to new heights.
If you’re looking to explore new growth strategies, let’s discuss how customer analytics are being used to help retailers like you mitigate the threats and exploit the opportunities the shifting retail landscape provides.