The Real Reason Why “Retail Is Dying” – Find Out From The Data

April 9, 2019

Ever since the existence of the internet and online shopping and the conveniences of it all, traditional bricks and mortar shops have been at risk.  

Often because people find it more convenient to buy things online for many reasons. Too busy, too far, cheaper online and don’t need to deal with anyone in the store.  There are also those who cannot go outside for medical or disability reasons and that is why online shopping is often perceived as the way people shop most – online only!

 

For years, we have heard that retail is dying because of online, but it might not be the case in fact.  

 

They say because of everyone shops online, but recent studies have shown that online shopping accounts for around 17% of all retailing in Great Britain, according to estimates from the Office for National Statistics (ONS).  17% of sales do not account for all the shopping done. There are still billions being spent in store in bricks and mortar retail outlets.  

 

Did you know that Upwise can visualize your data and research, to help you make better decisions for your company?

 

 

So what is killing offline shopping and retail? It’s the lack of innovation and connection to the customer.  The lack of digital transformation that is being introduced to the retail experience that is making it all that bit stale for customers.  Clothes and shopping are exciting for consumers but they want more.

 

Some suggestions based on some data collected are to add the ability for customers to receive deals and coupons from their mobile in store.  Perhaps allow customers to pay for their purchases with a mobile wallet? Or allow quick ordering and pickups from in-store kiosks. Even adding in the ability to integrate VR into stores can do wonder to the users’ experience.  Why can’t customers try on clothes in the shop floor using technologies like AR?

 

A major survey of 11,000 consumers across nine countries recently by Mood Media, saw 50% (and 67% of younger US consumers) want to receive immediately redeemable discounts pushed to their smartphones when in-store.

 

Some of these reasons are why retails seems to be dying.  But there isn’t a significant amount of people shopping online only, to say that the internet is the reason.  The lack of innovation is the reason.

 

What is happening to your customers?  Are they shopping online, causing you to lose money on the bricks and mortar method of retail, are they going elsewhere to other brands, or are they simply wanting more but don’t know how to get it?  It’s time to focus on digital transformation and innovation for your 2019 strategy and beyond. It’s not too late to get on board. Explore the startup ecosystem and see what they are creating. Is it right for you and your customers?

 

Are you using the right tools for you? Explore what Upwise has to offer and make sure that your strategy for innovation is done in the right way, with the right information to make data-driven decisions.