Retail is facing a potentially monumental problem that no one seems to want to talk about. The profitability of in store retailers is collapsing under it's own weight and is almost unsustainable.
Part of the problem comes from the increased popularity of the online shopping experience.
Is this the end of the shopping experience as we know it?
How can retailers continue to buy products in mass quantity, ship them, accept them in through man power, merchandise them, train their staff on them, manage them and attempt to sell them, when the consumer has a growing option of shopping options, just to buy the exact same product in a far more convenient manor. How many of today's retailers will simply stand by and watch an ever increasing percentage of their sales fall off to online competitors, including their own company's website?
It does seem inevitable that retailers will have to define a new model, better suited to the sparse market they find themselves in.
This doesn't mean an end to physical retail stores as there will always be those shoppers that simply prefer to see and touch the product in order to make their buying choice. However it does mean a re purposing of stores. Let's not forget that stores have the power to tell their brands story, excite consumers about the product, and deliver a truly unique and sensory experience that a website could never provide.
With all this in mind we predict the future of retail will continue but will develop into a new breed of store where shelving and product are removed to create a more gallery like experience and will incorporate media for an interactive experience. Staff will be trained to use tablets and show customers product reviews and comparisons of detail between similar products in order for them to make a highly informed decision.
As technology continues to advance we think you can never beat a good old fashioned smile and friendly in store shopping experience. As the weather is currently still against us though, sit back and take advantage of the convenience of online shopping and view top designer clothing, footwear, and accessories here.
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