Bricks & Mortar Retailers - Survival of the Fittest

Bricks & Mortar RetailerS Survival of the Fittest 國 OPEN The New Path of the Buying Consumer Person with short attention span Discusses possible purchases at dinner table with friends or family More in-depth search on laptop or tablet later Looks at item in-store Quick Google of the item on Smartphone All before making a purchasing decision! People Want to Buy In-Store! In 2014, 80% of sales took place in stores, and e-commerce represented only 6% of the $4.5 trillion spent in the U.S. alone. 1/2 of these e-commerce sales took place in a brick-and-mortar shop, for example, through emailed offers collected by shoppers in-store. By 2017, the popularity of looking at items online only to buy them at a physical location-will result in $1.8 trillion in retail sales by 2017. Meanwhile, online sales are predicted to reach only $370 billion in the same time frame. Making Your Store Accessible! Turn Your Store in to a Hub 1E CREAM T Retailers need to offer more than just a place to buy goods, but rather a space to transact in culture, experiences and relationships. COFFEE People will than wait for delivery at home. go to stores for social interaction, rather Optimize Your Web Presence J 79% of Smartphone owners and 81% of tablet owners use their devices to search for information on local businesses. 80% of those mobile searches result in the purchase of a product or service, and 75% brought the customer into the physical store. www 50% are frustrated that the websites were not optimized for mobile. The smaller screen of mobile devices means that it's critical for businesses to prioritize the content that searchers want most. Optimize your Wifi in-store - Offering free Wifi in retail environments results in 61% of customers staying in-store longer with 50% spending more money. 71% of shoppers indicate that their mobile device is integral to their in-store experience. Optimize Your Loyalty Programs Consumers on average are enrolled in 7.4 loyalty programs. However, each year 53% of these members stop participating in at least one loyalty program a year, citing irrelevant reward offerings (68%) and slow reward accumulation (50%) as top barriers. Adding a personalized touch to your loyalty program with tailored rewards is vital. Run an Omnichannel Store The modern retailer needs to find a way to connect with customers across a variety of channels. Nike customer service responds quickly and often across a wide range of channels. 55% of the time Nike's Twitter is able to respond within 30 minutes, and an additional 13% of responses are made within the hour. Nike shows commitment to customer service by ensuring nearly all responses are made within 24 hours of the initial reply. Quotes from the Experts Matthew Hudson, founder of Rick Segel & Associates "The retailers that survive will be the ones that understand customer "experiences" are more important than customer service. Retailers who embrace experiential will thrive. Retailers who embrace efficiency (cost savings) will dive." Tobi Schneidler, CEO at Bouncepad "While technology has carved the way for experience-led store designs, the future will be defined by new types of service interaction, from path to purchase through to transactions and driving brand loyalty. " Sir Philip Green, businessman and the Chairman of the Arcadia Group "People are always going to go shopping. A lot of our effort is just: 'How do we make the retail experience a great one?" *These experts are in no way affiliated with SMS Store Traffic. References psfk.com/2014//retail-2015-be-the-hub.html qz.com/217962/brick-and-mortar-retailers-need-to-make-customers-feel-theyre-walking-into-a-website retaildive.com/news/l-perspectives-on-the-future-of-brick-and-mortar-retail-stores/39136 thinkwithgoogle.com/research-studies/mobile-path-to-purchase-5-key-findings.html adweek.com/news/advertising-branding/study-shows-prevalence-consumer-webrooming-157576 simplymeasured.com/blog/2012/12//Messons-from-nikesupports-twitter-customer-service-metrics/#i.enwn8pylqdgiyn streetfightmag.com/20H/04/09/study-80-of-mobile-searches-result-in-a-purchase news.officedepot.com/press-release/products-and-services-news/office-depots-new-rewards-program -offers-members-flexibilit econsultancy.com/blog/48-should-retailers-offer-in-store-wi-fi marketingweekly.com/crm/news/2013/01/give-customers-an-experience-they-wont-soon-forget wavespot.net/2015/O2/2/3-ways-optimize-retail-store-mobile-marketing SMS storetraffic.com storetraffic.com