What’s in store for retail?

DC Adams morgan retail streetscapeMcKenzie reports that by 2020 1/3 of the worlds markets will be emerging. Retail stores will need to be leaner, denser and more in touch with their digital channels.  When it’s so easy to shop online, it’s obviously affected the brick and mortar stores.  Did you know 44% of those surveyed actually do product research while shopping in the store?  They pull out their mobile device and look for lower prices, customer satisfaction ratings, and product reviews.  If they can find it somewhere else, for less and with great customer satisfaction ratings, and all else is equal – why would they shop in your store? The answer is – they won’t.

How can you be different?  Product lines that no one close carries, specially sourced items, exclusive designer lines are just a few of the items you could offer.  Or what if you changed up your space – I mean really changed it up – and made offerings denser, more attractive and in line with your digital space.  That is, if you have one.  If you don’t, you’ll be left in the dust.  Your market is no longer your geographic community, they are shopping in other places too.  You have to find your customer  – they are not looking for you.  With the advent of digital marketing, researching online and comparison shopping done easily in the palm of your hand – things have changed.  You need to stand out.  And you need to shine the spotlight on yourself.

Are you taking advantage of the simple things?  Is your business listed in Google places?  Do you have an active Facebook business page?  Are you paying attention to your twitter account and your competitors accounts?  Are you blogging and establishing yourself as an expert in your field?  Do you collect emails from customers and send them a monthly electronic newsletter?  I hear you say “I don’t have time for that.”

Well guess what, soon enough you’ll have plenty of time – because no one will be shopping your store.