According to a report by The Atlantic, hundreds of shops and malls are closing their doors, while several massive retail chains have already gone bankrupt, as e-commerce sites take over the consumer shopping industry. With brick-and-mortar locations becoming a thing of the past, it makes sense that more businesses will fall victim to bankruptcy, store closings and decreasing revenues.
As a business that chooses to continue to operate out of a physical location, you need to consider what your options are online. Reaching consumers online is the future of retail, and your company needs to take an aggressive approach to meet their demands for e-commerce.
Twelve members of Forbes Communications Council share what marketers with both online and offline retail brands should take away from the recent “retail apocalypse.” Here’s what they recommend:
Members give their best advice on how to market during a retail “apocalypse.”Photos courtesy of the individual members.
1. Focus On Big-Picture Customer Experience
It’s about customer experience — Toys ‘R’ Us often didn’t have competitive prices, needed to lower online shipping costs and made it difficult to return items in store, while sales associates hassled customers, only gave store credit, etc. Brands that will survive and thrive, whether in-store or online, need to provide a good product at a good price with good customer experience. Word gets around. – Amanda Ponzar, Community Health Charities
2. Offer Ease And Convenience
Marketers should understand that ease and convenience are always present in the minds of customers, and modern marketing has made online and offline retail easier than ever before. Our means of production, shopping and acquisition are getting faster every day. And customers have developed a taste for anything quicker or easier than conventional shopping methods. – Jeff Grover, Best Company
3. Embrace Explorers
When a customer walks into your store they are in exploratory mode. Position products that are best experienced through personal interaction. Embrace try-me stations in your retail design. Empower your staff to encourage customers to try out products. This will help consumers create a personal connection with your business, grow brand loyalty and improve sales, while boosting social mentions. – Alysia Gradney, Vision Source
4. Diversify Quickly
Some retailers have found successful solutions that incorporate their physical and online stores. For example, Best Buy Canada is a strong retailer and baby products are a fast-growing vertical, even though they are historically known for consumer electronics. They diversified to stay relevant, and services like ‘buy online, pick up in store’ help integrate their retail stores with e-commerce. – Tony Holbrook, Ingram Micro Commerce & Lifecycle Services
5. Commit To In-Store Innovations
In the wake of the ‘retail apocalypse,’ successful specialty outdoor retail partners of ours are rallying in inspiring and creative ways to offer value-added experiences only brick and mortar can deliver. Examples include in-store coffee shops and/or bars, live music and educational events with outdoor influencers, and yoga or fitness classes. These efforts are a great way to position stores as a community hub to lure customers in on a regular basis. – Janine Robertson, Insect Shield Repellent Technology
6. Show Customers You Value Them
I love the new concept that Nordstrom is debuting, Nordstrom Local — upscale shops just for online shopping. You can comfortably shop online or hang out. You can also pick up online purchases and try on. There are even tailors available if your purchase does not fit perfectly. It’s about building that, ‘I value you’ experience that seems to be missing in traditional stores. Smart marketing! – Denise Joyner West, Technology Concepts Group International
7. Use The Store As A Stage
One of the unique benefits of brick and mortar is the ability to use the space as a stage. Retail marketers have the unique opportunity to create compelling experiences that can attract customers into the store and solidify the brand relationship. All things equal (and even if price is slightly higher), entertainment and education win. Give your audience something they can’t get online. – Scott Schoeneberger, bluewatertech.com
8. Unify Content And Commerce Across All Channels
With the convenience of online shopping, customers expect a seamless experience between digital channels and brick and mortar. Retailers need to differentiate themselves by providing inspirational and engaging experiences for their shoppers. Bringing in experiential marketing (e.g., using virtual reality headsets, free beauty classes, interactive showrooms, etc.) will drive engagement and loyalty. – Morgan Kelleher, Amplience
9. Offer More Than Just Convenience
Convenience is no longer enough reason for shoppers to go to brick-and-mortar store locations. Stores need to think creatively to offer more to their customers because you’re not going to undercut Amazon and other massive online shopping sites. Offer expert service on products, make personal connections with customers, accept returns with issues; in short, offer amazing customer service. – Stephan Baldwin, franchisegator.com
10. Adapt To The Expectations Of A New Generation
Physical and digital presence should give exactly the same experience because the new generation is digitally native. Brick-and-mortar stores should be able to provide the same experience online that the customer gets in store. In my opinion, this is not a ‘retail apocalypse,’ but rather the fact that there are different expectations from a generation that is looking for the same experience both online and offline. – Anshu Agarwal, Stealth start-up
11. Implement An Omnichannel Solution
Try to figure out how to implement an omnichannel solution. Move the customer from the shops to the internet and vice versa. Take advantage of new technologies. Observe the emerging startups. Every year, many modern omnichannel solutions are introduced to the retail market, especially in the area of advertising personalization and user identification. – Pawel Kijko, TimeCamp
12. Give Customers A Good Reason To Go
It’s not so much that consumers don’t ever go to physical stores, but there has to be an overarching reason to go. Sometimes, convenience happens because there is a physical store nearby and sometimes it happens because I can buy something online. The real issue is that brands need to keep up with where and how their consumers want to buy and then find ways to meet that demand. – Kat Krieger, Joyride