What Is the Future of Retail?

When’s the last time you shopped in a store? When’s the last time you made a purchase online? Is it more common or easier for you to shop in store or online? Perhaps, you enjoy both. But statistics are suggesting that retail is having a hard to time with staying in the battle of getting customers to come through their doors.

There are so many companies filing for bankruptcy or closing their doors. Think about Toys R Us or Sears. These two companies have completely shut down their global operations due to not being able to compete in the marketplace. Other companies have begun shutting down some of their stores. Stores like Best Buy and Victoria’s Secret are closing a few select stores. Both bankruptcies and store closings suggest that retail is having its toughest times remaining relevant in the digital age we are currently living in.

The internet has transformed the way people shop. People can order a product from almost anywhere in the world and within a reasonable period of time receive what they have ordered. Stores and customers are connecting from all parts of the world. That is a great benefit to having the internet. Almost anything can be ordered online. Clothing, food, pet supplies, furniture even any type of, Flood Barrier, equipment and pretty much anything else that comes to mind.

Being a store online affords you more access to customers and thus more access to funds. Many entrepreneurs are able to make a full-time income from e-commerce. Many shoppers enjoy the perks of being able to order online. Shopping online is more convenient. Companies around the world are working diligently to make online shopping even more convenient by cutting down on shipping and delivery times.

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Delivery time may just completely knock out the majority of retail. Retail giant Amazon is working to cut down the delivery time to a matter of a few hours after an order. If delivery times increase to a whipping few hours, then there may not be much of a need to travel to a store. This threatened the livelihood of retail stores more so than they already do now.

Retail stores are able to still try to fight for their customers. Introducing technology to their stores, hiring staff that is more engaging with customers and offering in-store only promotions is a fantastic way for retail stores to get the attention of customers. For retail stores that do have a digital presence, then they should play on that. Connect customers who are online with the many perks the store offers. Hopefully, customers will be influenced to spend more time in the retail store.

Retail is rapidly changing like never before. Stores that have withstood the test of time are rapidly disappearing before our very own eyes. Some retail giants are still hanging in there. Some are being forced to close the doors to their stores. Before long, there just may be a few retail store brands with most stores completely running from a digital marketplace.