We have all heard about massive retail stores closing in 2017…
but the retail industry is far from dying, learn here why.
It is clear that the media exaggerates the news because is their key strategy to make their content viral, but the death of malls is far from being true.
Check out these facts:
Brick-and-mortar retail sales are by far exponentially higher than online sales, many big retail chains like Best Buy are still opening stores, and the biggest online e-commerce company, Amazon is entering the retail market to compete with Walmart.
If you are aware of the retail news in the last few months, you might’ve heard that thousand retail stores are expected to close in 2017, putting in risk the well-being of shopping centers, but in order to understand the true reality you must be able to see the big picture.
As history proves to repeat itself: Public relations and the interaction between brands and consumers in the retail markets is changing.
It is true that online sales have been growing quickly over the last 10 years, but this phenomenon has not come to kill physical sales but to complement it, consumers are shopping, comparing prices and product information online.
But for most consumers it has always been best to physically try what they are buying.
Consumers are recurring to the brick and mortar stores to prove, try, fit and touch the product to make their last decision.
Therefore brick-and-mortar stores still account for about 90 percent of U.S. retail sales according to the International Council of Shopping Centers.
On the other side, it’s the best tool to search, compare and analyze products and services.
Brands have been investing in e-commerce platforms to compete more effectively, also stores online sales have been constantly increasing, thus changing the game of the industry.
Millennials account today for almost 30% of the average world population, they are entering their 30s, there’re forming their adult lives, buying goods and services, forming families.
Technology is just a tool that helps them make more aware and conscious decisions,
but the retail industry is and will always be the physical showroom to present and display what they have to offer.
Depending on the product or the type of service , there is always will be a lower or higher rate of necessity to literally touch what you are buying or to make your last decision…
And there will always be a specific inclination in the way people will be acquiring a specific kind of good to the retail or e-commerce industry.
That’s the key… As long as our civilization keeps existing, the retail industry will never die.
It will just change to a more efficient way of reaching their target market.
Expect our next publications to enter details about how the retail industry will be shaped in the following years.
Would you buy a new car without trying and driving it?
Would you buy a flat screen without physically watching it first? Would you ever buy a mattress without laying down on it? Please share and tell us what you think…
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