Posted on December 09, 2022
By James Boatwright
The retail industry has been in a state of flux for the past few years. With the advent of online shopping, many brick and mortar stores have been struggling to keep up. In recent years, we've seen a number of high-profile store closings, as well as an increase in "ghost towns" - retail areas that are eerily devoid of shoppers. So, what does the future hold for retail? Is there still a place for brick and mortar stores, or are they destined to become a thing of the past?
There's no denying that online shopping has had a major impact on the retail industry. In 2018, e-commerce sales totaled $2.8 trillion worldwide, and they're expected to reach $4.8 trillion by 2021. That's a lot of business that's moving away from brick and mortar stores! So, it's no wonder that many people are predicting the demise of retail as we know it.
However, I believe that there's still a place for brick and mortar stores - especially if they can find a way to embrace technology and offer shoppers an experience that they can't get online. In order to survive, brick and mortar stores need to become more than just places to buy things. They need to become destinations where people can shop, socialise, and be entertained. They need to offer an experience that is worth leaving the house for!
Fortunately, we're already seeing some retailers embrace this concept. For example, Amazon has opened a number of physical bookstores and grocery stores in recent years. And while these stores may not be exactly what you envision when you think of the future of retail, they're certainly a step in the right direction.
Only time will tell what the future holds for retail. However, I believe that there is still a place for brick and mortar stores - especially if they can find a way to offer shoppers an experience that they can't get online. It's our job to help stores create that experience they can’t get behind a phone or computer screen - there’s nothing quite like having the physical product in front you, and we’ll engage the customer to pick it up and buy in-store.