expressed opinion entrepreneur Contributors are themselves.
It’s been an unprecedented few years for brick-and-mortar retailers, but in 2022 brick-and-mortar stores are starting to bounce back. Foot traffic rises at malls nationwide in October more than 18% from two years ago.Meanwhile, 54% of consumers Prefer physical retail to any other channel, showing that people still prefer to go to brick-and-mortar stores.
There are bright spots for retailers, but it’s worth noting that while in-store shopping has surged, the industry has evolved since the pre-pandemic era. Recent consumer habits and preferences that emerged during the pandemic appear to be here to stay.
Let’s explore these in more detail.
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Many retail journeys start online but end in-store
according to googlesearches for “doors open near me now” jumped 400% year-on-year, showing that even people who prefer to shop offline rely on digital tools to point them in the right direction.
That’s why it’s essential to have a solid online presence in search engines and improve your business’s discoverability by optimizing your listings in business directories and review platforms. To make the most of this opportunity, you should ensure your business details are complete, add a photo of your location and update your details if required.
Social platforms help drive offline traffic
Social platforms like TikTok and Reels for Instagram and Facebook have thrived during the pandemic and continue to be popular today. This is great news for retailers, as you can leverage these platforms to drive brand awareness and foot traffic.
Social apps and platforms are excellent product discovery tools—even for brick-and-mortar retailers because 81% of shoppers Made an in-store purchase after seeing a product on social media. To stay relevant, you need to meet shoppers where they are, and for many of them that means on TikTok, Instagram and YouTube.
Related: Why Social Media Platforms Are Embracing Ecommerce as a Saving Grace
Product and order fulfillment expectations are higher than ever
The rise of e-commerce, “buy online, pay in store” (BOPIS) and same-day delivery has raised shoppers’ expectations about when and how they will receive their orders. Research and Market The BOPIS market is forecast to reach $703.18 billion by 2027—a six-year CAGR of 19.3%.
In-store (and curbside) pickup is here to stay; if you haven’t already, now is the time to implement them.
That said, it’s important to remember that the success of your order fulfillment efforts also depends on how well you forecast and manage your inventory.Customers don’t have much patience for “out of stock” because 50% of consumers report When faced with shortages, they switch products, brands or retailers.
This is why mastering inventory management is crucial. Invest in powerful inventory and reporting tools that allow you to identify trends and make smarter ordering decisions.
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Gaining true customer loyalty is more challenging
The pandemic has shaken brand loyalty, with shoppers switching brands at an unprecedented rate.superior average, american shopper Belongs to 17 loyalty programs; but engagement is low, with less than 50% being active loyalty members.
Winning the loyalty game is a challenge, but not impossible. The key to increasing shopper loyalty is making sure your brand aligns with your customers’ needs and values.
Doing this starts with getting the right customer insights. Understanding where your customers come from, why they buy from you, and their shopping preferences will allow you to take actions that are relevant to them.
Omnichannel is table stakes now
It is no longer enough to be present on different channels (e.g. online, in-store, social). You must seamlessly connect these channels to win and satisfy today’s shoppers, no matter where they are.
For that, you need a solid commerce platform with omnichannel capabilities. Investing in a point-of-sale solution with built-in e-commerce capabilities enables you to sell and manage multiple channels from one system.
Another option is to choose a retail management platform that can integrate with other solutions. If you already have an existing POS system, look to an ecommerce platform that can integrate with your current tools. Whichever way you go, see sales, orders, and inventory data flow smoothly from one channel to the next.
The current retail landscape presents many challenges; the good news is that there are many opportunities for savvy retailers to thrive. Equipping yourself with the right data and tools will put you in the best position to compete—now and in the future.
