How Brick and Mortar Retail Can Adapt to New Shopping Patterns
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The brick-and-mortar retail industry has gone through drastic changes, particularly since COVID-19. More and more people are shopping online, which has left many brick-and-mortar retail stores struggling to adapt. Learn some strategies that brick-and-mortar retail stores can use to compete against online retailers instead of selling their business.
Why Are More People Shopping Online?
The main reason people are starting to shop more online and less at brick-and-mortar retail stores is convenience. Consumers can shop on the go from their phones or computers. Additionally, eCommerce sites like Amazon and eBay have invested billions of dollars to improving user experience.
However, there are still benefits to shopping in-person that brick-and-mortar retailers can leverage.
How Brick-and-Mortar Retailers Can Adapt to New Shopping Patterns
Use Your Physical Location to Your Advantage
While online shopping has become a convenient solution for many consumers, there’s still tremendous value in being able to touch, feel, and see a product in person. Consumers want to know what they’re buying, and the best way to do that is by visiting a physical location.
If brick-and-mortar retail stores can use their real estate effectively, then they can create experiences that can’t be replicated online. Obviously, retailers should do everything they can to make those experiences as safe as possible. Offering hand sanitizer and enforcing six-feet guidelines will make customers feel comfortable as they shop.
Take a Hybrid Approach to Retail
Expanding to an online platform can help your business. As mentioned above, selling your merchandise online won’t replace the benefits of shopping in person. However, it creates another option for consumers.
The idea isn’t that you’ll fully transition into an online retailer. In fact, a website for your brick-and-mortar retail store can engage consumers online so that they eventually come into your store.
Use Technology Effectively in Brick-and-Mortar Stores
Technology has revolutionized many industries, including the shopping industry. In fact, brick-and-mortar retailers can use technology to their advantage in many ways.
Many brick-and-mortar stores are using cashless systems because they offer several benefits that will help increase sales and protect customers at the same time. If your business accepts Apple or Google Pay, customers will only need their cell phones to process payments.
What If I Need to Sell My Brick-and-Mortar Retail Store?
There’s no denying that online shopping has had a tremendous impact on brick-and-mortar retail stores over the past decade or so. While the future of online shopping isn’t certain, there are ways that brick-and-mortar retail businesses can thrive in this environment. Still, as a business owner, it’s vital to keep all of your options open.
Whether you’re considering expanding, selling, or buying a business, call Murphy Business and Financial Services LLC today at 850-374-8884 and see how our advisory services can benefit you and your business.