Retail provides value through versatility

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As Cyber Week comes to a close and the holiday shopping season continues, retailers trying to out-sell competitors are not only engaging consumers online with limited, customized discounts, but also enhancing their in-person shopping experience to help build brand awareness and create lasting customer connections. This integrated sales approach is known as omnichannel and is proving to be a success by providing more value to customers and growing retail revenue. However, it requires retailers to be extremely versatile both digitally and physically.

A recent JLL retail report Bagged or Boxed? The Future of 13 retail Categories shows how retailers who strive to create a seamless online-offline experience dominate. But why? What’s the secret ingredient? We found there’s no one recipe – the type of product, the length of delivery time, the customer’s personal shopping style and the price- all play important roles in the shopper’s choice between clicking vs. driving to the nearest store. But in this digital age, above are just the main ingredients. Below is a deeper dive into how shoppers value time, touch and money in the retail industry.

The lists above confirms how versatile and flexible retailers need to be to succeed. To learn more about how providing value and unique experiences are leading retail’s success, check out our Q3 2017 Retail Outlook. To continue exploring the evolution of the omnichannel shopper, don’t miss experiencing ICSC New York 2017 – National Deal Making event next week at New York City’s Jacob K. Javits Convention Center on Dec. 5-7.

So what can retailers do in the near future to keep the momentum of the holidays?

  • Online-only companies will continue to open more physical spaces to connect with consumers on a human level and start using physical locations as distributions centers.
  • Traditional brick and mortar retailers are engaging customers technologically during their in-store visit to encourage people to buy online in the future.
  • Once omnichannel shopping becomes comfortable for shoppers, retailers will need to expand their marketing and brand to ensure customer loyalty. As is the case with retailers such as Shinola, West Elm and Restoration Hardware who all have announced plans to open hotels.