4 reasons the retail industry is declining - earphone online shop
This is no longer a secret, the retail industry has seen-
Store sales in the past few years.
On 2015, Sears Holding, the parent company of Sears and Kmart, closed more than 230 stores nationwide.
As a fashion industry professional with more than 20 years of experience, I have been exploring why physical retail is falling.
This issue is not just from issues like below standard customer service but from 180-
The degree of change in customer habits.
Here are the four criminals who led to the widespread decline of bricks. and-mortar sales. 1.
The biggest shift in conscious customer retail is not from-
From shops to online shopping, it is a change in the way customers buy goods.
The fashion script was turned over. -
Customers are no longer obedient consumers, but savvy consumers.
They compare prices and buy goods through multiple platforms including bricksand-
In a matter of seconds, mortar stores as well as department store online stores, boutiques, designer websites and third-party sellers.
This unique way of access creates educated customers who understand how and when to buy clothing and accessories for the best deal. 2.
In the past few years, online sales at fitting room retailers have grown rapidly.
2015, large electronics
Tailer Amazon sales rose 97% year on yearover-year.
What does this mean except for the obvious?
While the huge growth in online shopping has helped to keep the retail sector stable, it is also eroding brick's revenue --and-mortar stores. The one-
By clicking on the online shopping experience, customers can easily purchase brand new wardrobes.
Online shopping also means not having to walk out of the comfort zone (literally)
For some, this is more valuable than any physical retail experience. 3.
In response to the continued decline in sales, retailers have shifted their focus to a large number of promotional sales.
This fast solution may bring customers into the store, but it will reduce the value of brands and products over time.
Pricing directly reflects the quality of products and brands.
When retailers discount their products, they are also demeaning their brand.
Don't get me wrong. I like buying and selling.
However, when the retailer puts all the eggs in the 40% discount basket, the customer always expects the discount and is less inclined to buy in full
Price of goods.
Retailers should use promotion as one of their tools in their sales kit
Not the only one. 4.
As more and more customers turn to online shopping, physical retailers need to assess what makes customers migrate online.
Without a walking-traffic store, retailers need to make shopping an experience, not a chore.
If customers, especially millennials, are spending their time in physical stores, they need to feel stimulated and invested.
Taking risks and allocating budgets in experience marketing and technology will allow people to get off the couch and into the fitting room.
In order to create a digital retail experience, retailers should consider a full range
Shop Channel shopping efforts.
Including kiosks or handheld mobile devices, customers can purchase additional products from online and other physical stores while-
The store is a way for retailers to stay ahead of the changing and demanding customers.
In fact, the bricks and mortar are not going anywhere.
In the end, there is nothing more attractive or intoxicating than walking into the store, greeted by familiar smells and smiling faces.
At the Liberty fair, we create an experience that allows customers to have a different view of fashion.
We hope our vision will inspire them to go beyond the shopping experience of our customers.
What do you think about the current climate of brickand-mortar shop?