Showrooming is not a fait accompli … or the death of bricks and mortar
The term "showrooming" is the new buzzword in the dictionary of retail. It refers to the act of consumers literally shopping on their smartphones while in the aisle of a retailer. Consumers using mobile devices to shop in aisle has been noted as particularly impacting consumer electronics retailers like Best Buy. In fact, it has been portrayed that bricks and mortar retailers have become "helpless has beens". But, Best Buy and others are fighting back. There are 5 ways that retailers can beat showrooming by changing the consumer experience.
When you are in charge … it's all about personalization for "me"
It's the "Age of the Consumer". That's not new news. The lead articles on retail are chocked full stories about how consumers are now empowered through their mobile devices and online shopping. Consumers have indeed changed their behaviors, and more importantly their expectations. With the ability to shop any time anywhere, consumers have come to expect new levels of personalized service. This age of retail has truly become all about what you can do for me. What does this new level of personalization mean for retailers?
Amazon is a classic case study of how to excel at both simultaneously
The term "consumer-centric" has been bandied about in retail a lot recently. What does it really mean to be a consumer centric retailer? Obviously, it means to be focused on a consumer's point of view and their interests. Yet, retail has historically focused on merchandising and selling products when consumers come to the store or website. To survive, retailers must profitably sell products. But today, omni-channel is the new retail normal. It’s not a question of either or. To be successful long term retailers must essentially become schizophrenic and master the art and science of both consumer and product centricity.
Are traditional retail stores dead … or being invented in the lab?
You only need to peruse the headlines to see the stats on the phenomenal growth of online retailers, while retail stores are flat lined or declining. Indeed, some are predicting the traditional retail store will be dead in 20 years as consumers go ecommerce.
To paraphrase Mark Twain: "predictions of death of the retail store might be premature". Some of the largest and well known retail brands have purchased or created innovation labs. What are retailers cooking up in those labs that will get us, as consumers, back in store?
