Is the retail industry going to change over time?
Some predict that retail will change more in the next five years than it has over the past century and that the extinction of brick-and-mortar stores isn’t far off. Our view is less dramatic, but we do believe that big changes are inevitable and that retailers must act now to win in the long term.
Why is retail a big opportunity for retailers?
Consumers have dedicated more time and more money to looking after themselves and this has created a big opportunity for retailers. With an increased focus on wellbeing comes a healthy new world of opportunity. 6. Last year we said that we believed that purpose was the new digital.
Which is better online shopping or in store?
Online shopping gives you a much better variety than in-store, there’s a worldwide selection of a specific product than you might want. Also most times many things you find online might not be available in stores.
Is it possible for retailers to keep up with consumers?
Yet history also offers incumbent retailers some hope: industry shifts have actually tended to unfold slowly—over decades, in most cases—providing time to react. While it is true that powerful forces are at work in retail today, we believe their full impact won’t be felt for years.
Why are people switching from retailer to retailer?
The amount of choice people enjoy today has also led to a waning of brand loyalty, with customers switching between retailers and online/in-store channels from purchase to purchase, depending which best serves their needs at the time.
Why do people prefer to shop in store instead of online?
The reason consumers prefer to shop in-store. It’s also useful for retailers to consider the drivers for offline purchases since this suggests how online merchandising techniques like interactive product shots, VR and AR can help with the need to see/touch/try the product. It also shows the importance of the trust factor
How are Shoppers Stop changed its strategy to lure customers?
One of them is our First Citizen customer which accounts for 80% of our sales. The second ones is our personal shopper service, from where 15% of our sales are coming. That shopping experience is not available anywhere else in India. We also have to focus on two product pillars.
How are luxury retailers affected by the recession?
Luxury retailers are not immune to this trend either, as even wealthy customers now tend to shop around for the best option. This decline in brand loyalty customers presents a unique retailing problem, as retailers try to find new and innovative way to appeal to buyers – both existing and potential.
