Views From A Retail Entrepreneur
The environment for retailers has never been more complex till today. With online shopping continuing to grow at the expense of store visits, the future will be on creating unique experiences. A retail entrepreneur must know the in’s and out’s of the market.
Today, the mobile is rapidly becoming a crucial shopping agent as shoppers are demanding more personalization. Although social media is still in its infancy, its bottom-line is effecting retail. Data suggests that social media’s impact on retail may evolve along two tracks. One social media is becoming more part of the daily fabric of shopping. Two, social media continues to be more of a communications tool rather than a shopping tool.
The purchase journey is still at the center on the store. One major challenge of the physical store is that technology. Empowered consumers simply don’t need to browse as much at the store. That loss of foot traffic means fewer opportunities for impulse buys. Digital has really disrupted this business tremendously as shoppers are more purposeful than ever. Gone are the days of window shopping discovery that resulted in impulse buys.
Retail formats are changing, the mix of tenants is changing. Retail stores are becoming an experiential venue for both online and non-online purchase.