Trends

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Trending Retail News: E-Commerce Brands Are Opening Physical Stores

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This is a trend all readers need to know about and follow.
"We believe that ‘pure play’ retail is going away, that e-commerce companies are either going to open stores or go out of business. And retailers need to be either excellent at retail, or they will go out of business. I also believe that Amazon cannot survive as a pure play retailer." Scott Galloway, NYU Professor.

The business takeaway is this: a brand cannot survive on e-commerce sales alone. While e-commerce continues to grow rapidly, multiple data points indicate that it will never overtake the market share of in-store sales. Physical store sales will always represent the lion-share of total retail sales. And brands who stick to solely e-commerce sales will see their sales growth plateau. 

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Report Findings: Mobile and Social Media Are Key Influences of Purchase.

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Your Action To Be Taken:
Send this study to your retail buyers to showcase your expertise and add value to your relationship. Include in your email a synopsis of what your brand is doing to help retailers "win", specifically how your social media is helping to drive traffic and purchases in their stores.

Report Summary:
Ever since the dawn of online shopping and shoppers' ability to compare store prices on mobile phones, omnichannel has been a vital focus for brick and mortar retailers. For brands like yours, this meant having to reassure retailers you would manage your online channels to prevent "showrooming".

But now that we understand how consumers really purchase (which is, using online for product research, than buying in person), retailers are now revisiting the omnichannel concept.

For those who aren't familiar, omnichannel is about connecting different channels to give shoppers the ability to keep shopping, whether in-store, online, or on mobile. But a new report from Deloitte suggests that omnichannel may be an antiquated way of thinking. Instead, retailers need to adjust their mindset and start thinking of their business as one entity.