The Need for a Next Generation Store The current media reporting on the state of retail stores paints a doom and gloom picture. Almost every day there are headlines of bankruptcy filings and store closures suggesting that the retail apocalypse is here. It’s clear that the retail industry is going through a transformational period that has many scaling back physical operations, but despite the news, people still want to—and still do—shop in stores. According to the U.S. Census Bureau, in a $5 trillion US retail economy, ecommerce sales only make up some eight percent of that annual revenue. Digital commerce continues to disrupt retailing like nothing has before, but as the studies show a majority of retail transactions still occur in brick-and-mortar stores.
Now is an unprecedented time to capitalize on this opportunity to shift the expectation of the physical store. To protect and maximize this revenue stream, retailers need to invest in technologies that blend the physical and digital shopping experiences. Merchants also need to develop strategies to help innovate and future- proof their stores to stay competitive in today’s marketplace. Creating a next generation store isn’t something you can put off for another year—it needs to happen now.
What is a Next Generation Store?
In today’s world, every consumer is an omnichannel consumer. Shoppers are influenced by your brand in a multitude of ways and often engage with your business through many channels. That’s why it’s important for retailers to start thinking like consumers who don’t view separate channels. It’s time to focus on the big picture, which is giving the consumer a friction-free experience no matter how they interact with your brand.