In 2018, brick and mortar retailers have to rebalance their split focus between bricks and online.
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Despite the tumultuous change happening in the retail industry, there are plenty of shoppers and they are buying.
Brick and mortar retailers should focus on what’s going on at the shelf. While taking a macro view and exceeding projections in the coming year is important, getting into the nitty-gritty details at the shelf will make that possible.
Mom and pop shops, specialty retailers and boutiques have served as cornerstones of American communities for over a century. Shoppers like supporting businesses with people they know and trust.
One of the greatest challenges all retailers face is the rising expectations of customers.
“Stop waiting for something to bring shoppers back to your store and start innovating. Taking advantage of the creativity and entrepreneurial roots that prompted an independent retailer to launch their business has once again become a necessity.
“Workforce is affecting everyone. There are more jobs than qualified applicants.
For independent retailers, subscription boxes and clubs are a great way to increase revenues and build customer loyalty.
From my perspective, reducing their physical footprint is a challenge many retailers are facing in the New Year.
Subscription services were a hot topic in 2017. The apparel startup Stitch Fix® exploded with success, Amazon is beta testing a similar product called Amazon Prime Wardrobe, and Under Armour® and Gap® also jumped in on the idea.