Defy the Retail Ongoing Apocalypse: Keep Customers in Your Stores with Experiential Retailing
Brick-and-mortar retailers are the foundation of the retail economy. However, if they are to thrive in the online shopping era, they need to offer shoppers more than great products. They need to offer a unique shopping experience.
The Retail Apocalypse. Sounds ominous, doesn’t it? It should. It’s the best way to describe what is happening to the retail sector thanks to the COVID-19 pandemic and meteoric growth of online shopping. A decade ago, online shopping was a trend. Since then, there has been an evolutionary shift toward online shopping and away from brick-and-mortar stores. This can be attributed to seismic global events and generational shopping preferences.
This brings us to the Retail Apocalypse. The intense competition for price-sensitive discretionary dollars means that some retailers will lose, and lose big. With well-known brands such as Toys R Us, Bed, Bath & Beyond, Foot Locker, CVS, and even Walmart shuttering stores, no retailer seems to be immune.
There is no question that retail will survive. However, all retailers will not.
Still, all hope is not lost. There is one powerful tactic you can use to avoid the apocalypse. That is experiential retailing.