For those following the retail space, it is no news that many big retail businesses are either shrinking operations or shutting their doors across the globe. For others, it may be a surprise that their favourite stores – such as Guess Inc, Abercrombie & Fitch Co, J.C.Penney Co, BCBG MAx Azaria Global holdings, American Apparel, The Limited, Sears Holdings Corp, Macy, hhgregg and Crocs – have closed over 1200 stores within the last few months.
Yet, retail businesses like Amazon and Alibaba,are waxing stronger and expanding their networks.
Why ? Is it that they have more capital? or could it be dedicated staff?
The reality is that the retail space is evolving along with the emergence of digital technologies and its influence on consumer behaviour. Today, an increasing number of retail consumers want their needs met in their comfort zone. The marketplace has gone online!
So, what do you need to do?
- Join an Online market place: With just a click, consumers can almost buy everything they need online – from groceries to household appliances and equipment. They can also, have in-store pick up following online sales.
- Have a Mobile-friendly website: Gone are the days when consumers can only access internet on PCs or desktops. With a smartphone, potential and returning customers can buy and make payment from anywhere in the world.
- Consider a Mobile App: With an app, a consumer has access to timely updates on a store’s activities as it relates to its product/service offerings. Also, the customer’s experience can be customized based on the search history.
Don’t get left behind…it is time step up to the tides as retail moves on.