When I saw the report from Nielsen entitled “Retail USA: What’s in Store 2016” it seemed like something to check out from a general marketing perspective because the nature of retail is changing so rapidly that it feels like it is not just evolving but almost being re-invented. This chart shows why (click image to enlarge).
The retail experience, regardless of the sector or industry is being transformed through the online space. We know that just by how we manage our own shopping habits. These CAGR (compound annual growth rate) numbers are interesting in that the growth for ecommerce so far outpaces everything else it should be an encouragement to keep moving our efforts even more to the online space. Point of purchase decision making has forever been changed due to mobile devices. It’s not uncommon that a person goes to a store to try on something or to see it, touch it, feel it etc to help cement their buying decision then goes online to get the product in the right size AND for a better price. It’s scary to be in retail these days because the education level of the customer is exponentially higher at the time of purchase than it has been at any other time in history.
What are you doing to capitalize on this continued move to ecommerce in your business? Have you sat back and said that your efforts are sufficient? Have you determined that your strength is the person coming into your establishment and being so blown away by the experience that they would only buy from you regardless of their options. Let me offer you a bucket of water to was off with after you pull your head out of the sand.
Times have changed. Has your business changed with them?