Is Retail Dead? No, But Brand Reputation Is Important
I was recently having a conversation with a friend about the future of retail. With so many stores closing their doors, it’s easy to see why many people ask, “Is retail dead?” But I don’t believe that’s the case. Sure, the industry is evolving – but that doesn’t mean there isn’t still a place for brick-and-mortar businesses.
What it does mean, however, is that reputation is more important than ever before.In today’s competitive market, customers are looking for more than just a product or service – they’re looking for an experience that aligns with their values. A company’s reputation can make or break its ability to attract and retain business. That’s why it’s so important for businesses to focus on building and maintaining a strong brand reputation.
Is Retail Dead?
The rise of e-commerce has led many to believe that retail is dying. However, while brick-and-mortar stores are struggling, retail is not dead.
E-commerce makes up a small fraction of total retail sales, and even though it is growing rapidly, it is not growing fast enough to offset the decline of brick-and-mortar stores.
In addition, many people still prefer to shop in person, and as long as there are people who want to shop in physical stores, there will be a need for retail.
How Your Retail Store Can Outsell Any Online Retailer
If you agree that customers want to feel connected, then I have to ask you:
Why aren’t you training your salespeople appropriately?
There’s no magical way to stop online businesses from taking over retail stores. Resistance is futile.
A five-star customer experience is the result of many small changes that create a lasting impact. By making even a few simple changes, you can vastly improve your customer’s experience and turn them into lifelong fans.
If your retail store already provided the best service, you wouldn’t be closing down.
Shopping habits are changing, so focus on your customers in a humane manner.
You won’t find success by giving up on your retail store. Instead, focus on creating connections with your customers. This way, you’ll come out ahead in the retail shakeout.
Sign up for my 5 part email marketing series to learn how to out-sell any online competitor.
The Customer Experience:
At NRF 2021, a key presentation was “Re-Mapping the Consumer Experience: A Re-invention Project.”.
The COVID-19 outbreak has been challenging for retail businesses, but several have managed to stay open by implementing new strategies. This discussion outlined the challenges faced by brick-and-mortar stores, as well as the innovative strategies that some savvy merchants have implemented in order to stay operational. By doing so, these brands have been able to continue to serve customers during the crisis.
During the height of the COVID-19 crisis, the customer service team at Verizon Wireless found a way to keep their company running. They reinvented their customer service experience, and were able to keep their customers happy.
Despite COVID-19, Verizon Wireless found a way to keep their customers happy. They were able to continue to provide the excellent customer service that they are known and loved for.
When COVID-19 first became a threat, we saw many people rush to make sure they had enough technology to stay connected. Many people came in to make sure that they had enough Internet to their home or smartphone.
Verizon was fully operational from day one of the coronavirus outbreak. We have the advantage of having multiple distribution partners and were able to reduce our fleet of company cars by 30%. We had to make tough decisions on what to do with our workers.
But we had partners that allowed us to continue serving our customers. For instance, we set up in-person meetings, and moved towards contactless and cashless payments.
At Verizon Wireless, we’ve given 1.4 million customers their scheduled appointments so far this year.
This was not part of our original plans, but it turned out to be a great decision.
The coronavirus outbreak highlighted the importance of pickup as a delivery method, as consumers were reluctant to leave their homes. Similarly, the surge in mobile payments during the crisis was due to the limited availability of cash.
According to Chris, 90% of sales in their company’s fleet of vehicles are now done without the customer having to sign anything or share their device. He said that customers can simply come in, make their purchase, and sign their contract all without touching any pens or devices.
Dealing With Demand Shift
Consumers are now making purchases differently, not just what they’re purchasing.
“We were totally unprepared for the disruptions we saw to our sales,” says CEO, Fokke de Jong, of suit supply, an online retailer of menswear. “We had all our sales channels impacted, from social to retail.”.
People don’t have to physically go to interviews or jobs, and that’s a huge opportunity for companies like ours.
We know that events, such as weddings and Bar Mitzvah’s, were disrupted by the pandemic. To combat this, we’ve engaged our social media followers and online audience with a virtual styling service.
The “virtual consultation” provided by suit supply let users try out any clothing item they had selected in a store dressing room. This made the shopping experience more engaging and efficient.
“We’re always looking for ways to improve the customer experience, and our fitting room innovations are just one example of how we’re doing that,” De Jong said. “We know that customers appreciate being able to try on clothes in a fitting room before they make a purchase, and our goal is to make that experience as efficient and enjoyable as possible.”.
Suitsupply’s Difficulties Ahead, But Also Opportunities
The success of suit supplier, SuitSupply, in adapting to the evolving retail market is an example of how 2018’s NRF conference was focused on innovation and resilience. Many attendees were optimistic about the opportunities that lay ahead.
The upcoming year will be tough, but by using innovation and determination, some retail experts predict more sales and revenue.
As online shopping became more popular, many brick-and-mortar stores expanded their online capabilities, integrating them with their physical store locations. In many cases, these projects were completed in just a few months, whereas they would have normally taken several years.
sellers.As we enter a new year, retailers face both challenges and opportunities. Consumer preferences have shifted dramatically in recent months, and retailers must adapt their strategies to keep up. However, if they can maintain the increased pace of deployment seen in 2020, 2021 could be a landmark year for many U.S. sellers.
Traditional Retail Is Not Dead – It’s Leveling Up>
The rise of online shopping has been well-documented. However, as more and more consumers turn to the internet for their shopping needs, many retailers are closing their brick and mortar locations.
While it’s true that some big brands are having a tough time, this also provides an opportunity to change with the times and adapt to what consumers want.
Physical stores are not dead. They just need to be more innovative in their approach. With the proper strategy, they can not only stay afloat, but thrive.
Despite the rise of online shopping, customers still value the experience of shopping at brick-and-mortar stores. It is now up to retail businesses to provide this experience.
Some businesses will flourish, and others will flounder. The competition is fiercer than ever.
We’ve put together a list of things that retailers should keep in mind when giving their customers a great customer experience.
Innovative Solutions for Retailers
To stay competitive, brick-and-mortar businesses should invest in digital solutions. Digital technology can help make in-store shopping more efficient and effective.
Using interactive elements like location based notification, instore navigational apps and video displays, a retailer can create a more personalised shopping experience for its customers. This can increase customer loyalty and lead to more purchases.
One of the best things you can do to improve your retail store is by installing a Wi-Fi network. By setting your Wi-Fi connection to your company’s website, your customers will be much more likely to visit your site. If there’s an area where customers can sit down, they’ll be even more inclined to stay and browse your products.
All these innovations in retail technology are designed to make customer service better and to strengthen relationships with customers.
Data Is the New Bacon
With technology advancing every day, it has never been easier to collect data about customers. This makes it possible to gain accurate insights into your customer behavior and business operations.
Having customer data at your fingertips allows you to make smarter decisions about your store’s layout, staff, inventory, and more. This ultimately leads to a better experience for your customer.
Your data is really the new bacon and you should take advantage of it.
Top-Notch Customer Service
Providing customers with great customer service is an important part of the retail business. While customers may initially purchase a product from you, the way you treat them throughout the sales process and after they’ve made a sale can make or break their experience with your company. By providing excellent customer service, you can ensure that your customers have a positive overall experience and will keep returning to your business.
Training your customer service reps has a number of benefits. Your customers will be happier, and your company will look more professional.
By offering stellar customer service and training your representatives, you can differentiate yourself from the competition.
Although price is an important factor in purchasing decisions, there are still many customers who prefer an enjoyable experience over saving a few dollars.
If you deliver a great customer experience by remembering these three points, people will spread the word.
Using word-of-mouth marketing is a great way to improve your reputation. Make sure you advertise your great customer service on social media, too.
Though the retail industry is evolving, that doesn’t mean it’s dead. In fact, reputation is more important than ever before. Businesses need to focus on building and maintaining a strong brand reputation in order to attract and retain customers.