According to our recent situation me Shamayun Miah think that, In the wake of the deadly pandemic, bricks-and-mortar retailers are having a rough time. COVID-19, a pandemic wide-spread disease, has been particularly cruel to the retail industry, putting enormous strain on the whole business and forcing smaller online merchants and department stores to close.
Retail, in general, has been in decline in recent years. Consumers have been moving away from physical stores to online channels globally. They recognize they have choice and price advantages online, where they can browse from the comfort of their home and compare the best prices from global suppliers and have it delivered the next day.
The consequences of a pandemic to retailers have been enormous. For example, in the United States, the pandemic caused the closure of more than half of the major department stores. That has put further strain on traditional retail, which was already struggling to compete in a world of e-commerce.
As Covid-19 strikes, every industry was affected. Personally I’m Shamayun Miah and we all saw that the businesses were collapsing. Profits were collapsing, store closures were up, and the self-proclaimed death of retail was on the horizon.
As part of the fallout from the Covid-19 pandemic, bricks-and-mortar retailers across the globe are feeling the pinch. Their business models – one-time sales, repeat sales, and service – are increasingly difficult to maintain in the face of online sales. Simply speaking, their business model is no longer relevant.
Therefore, Bricks-and-mortar retailers need to devise creative survival strategies that balance in-store and online experiences. And if retailers hope to succeed, time will be tight. To succeed in this new world, merchants need a new business model and integrated strategy to accomplish two objectives: responding to changing customer behavior and leveraging the physical and online experience continuum.
Simply moving a traditional store online will have a minimum influence on sales. Since there is already much online competition, the retailers need to understand the customers and provide a streamlined and compelling shopping experience. They need to have marketing and operation strategies that offer a delightful in-store experience.
Physical retail operations must constantly adjust to meet government healthcare guidelines while focusing on client loyalty, excellent customer service, and a consistent brand experience irrespective of the physical store, mobile, or web channels. Each retail brand needs to create a compelling and delightful reason for their customers to come to their stores. And once the customer is in the store, the customer experience has to be truly differentiated.
It is not an easy path, but it is the one that retailers are taking to stay relevant in the digital age. Traditionally, the digital experience is provided and promoted by websites and apps. To create a reliable and rewarding digital experience in bricks-and-mortar stores, they must consider every aspect of the customer in that store at that moment.
‘’We need to first understand that today’s consumers represent a complex and unique set of personal preferences, shaping how consumers want to engage — and be engaged. It’s these needs and expectations that are catapulting new and unlikely entrants into the forefront of retail, forcing traditional players to reimagine their business models’’ Digital Survivors – Death of the Retail Culture – Shamayun Miah
Uniqlo, a Japanese store, has debuted its first neuroscience fashion ad in Australia. It aims to present the idea of recommending garments to customers depending on their moods.
Charlotte Tilbury is a fierce, recognizable name in the beauty industry, but its newest project is beyond what one expects from a make-up artist. They launched a modern take on how photo booths work to produce GIFs for customers. They will soon have the functionality of generating an endless number of personalized digital GIFs for their customers. With their window installations, customers can also see their GIFs live.
General Pants is reinventing retail with its new interactive kiosks. Other clothing stores are also installing interactive kiosks where customers can browse high-quality catalogs that show off the entire store selection.
Kohl’s fitting room is another example. The fitting room features a virtual mirror and four panels with different camera angles. It also includes a monitor that pops up when customers tap the mirror to reveal a mirror selfie and associate themselves with a digital avatar.
Last year, the 7NOW app from the convenience store chain 7-Eleven unveiled an unexpected ground-breaking offering. The 7NOW Pins delivery service allows customers to order various items from within the store. Who would have seen this coming? Experience the future of convenience at every corner.
Alepa, a leading provider of fresh and packaged products and services to the retail and foodservice markets, is introducing Artificial Intelligence and Machine Learning to create a life-changing conversation with customers. The company has rolled out a chatbot powered by Facebook Messenger – which – for the first time – customers can place orders for specific items to be stocked at their local Alepa store. The items get there within 24 hours of being requested.
Moreover, People love taking measurements and customizing their clothes to be perfect for them. However, as self-confident as we might be, we inevitably still rely on someone else to help us with our measurements. Alton Lane is a small tailor in the US that offers a high-end made-to-measure service. Body scanners and tailor fits are now available in-store, an essential element of the company operation (especially given the proliferation of online shopping).
Today is the beginning of the revolution. With an increasingly limited attention span, retailers are finding success by providing fun, engaging, and interactive experiences inside their stores. The experience matters, but the Internet-savvy customer expects an increasingly personalized online experience. And so, retailers have to have both experiences, online and in-store, to flourish. Retailers need to focus on disruptive technology to bring a truly differentiated experience in-store and online.
The retail industry needs to change as a result of the change in consumer buying behavior. If the physical retail industry is to survive, it has to take a proactive, progressive approach to digital transformation and disrupt its current business models.
Retailers have the opportunity to adopt a more proactive and progressive approach. That is the only way they can survive in the disruptive market. The retail industry is undergoing a sea change, and if retailers do not invest in technology, innovation and Omnichannel strategies, they risk losing customers and employees. ‘’To drive innovation, businesses, competitors, and industries will need to work together.’’ From Science Fiction to Science Driven – Shamayun Miah
The recent study by Retail Evolution found that retailers, who provide differentiation and take advantage of technology such as Wi-Fi, apps, and digital signage, develop loyalty and double the revenue of their competitors. To take advantage of these findings, retailers need to get creative with their store renovation, new business models, improved technology, and improved customer service.