The Store of the Future
The Store of the Future
Changing customer behavior and increasing competition today puts huge pressure on retail firms and brands. At the same time as the growth online is increasing explosively, growth in physical stores decline. This begs the question: is the physical store still relevant? And why should one even bother about anything but the online store?
Studies have shown that only 3 % of customers make their initial purchase online, and in 10 years at least 67 % of all trade will take place in physical stores. Continuously, customers actually increase their purchase frequency in physical stores and as millennials are even more willing to make a purchase in a physical store than older customers. Why? Younger customer segments are unwilling to wait – a purchase in a physical store simply imply the avoidance of extra delivery days and the customer can start using the product only a few seconds after the purchase. The physical store will not die. It will however need to go through major changes, and that quickly, to secure its future.
In order to understand how the store actually will change, one needs to understand its customers. We know that shopping motivations in physical stores are emotional and that online stores are dominated by rational shopping motivations. But what does that really mean for you and your store? With our broad competence in retail and marketing, we will help you understand your customers and help your business to prepared for tomorrow. Share
Studies have shown that only 3 % of customers make their initial purchase online, and in 10 years at least 67 % of all trade will take place in physical stores. Continuously, customers actually increase their purchase frequency in physical stores and as millennials are even more willing to make a purchase in a physical store than older customers. Why? Younger customer segments are unwilling to wait – a purchase in a physical store simply imply the avoidance of extra delivery days and the customer can start using the product only a few seconds after the purchase. The physical store will not die. It will however need to go through major changes, and that quickly, to secure its future.
In order to understand how the store actually will change, one needs to understand its customers. We know that shopping motivations in physical stores are emotional and that online stores are dominated by rational shopping motivations. But what does that really mean for you and your store? With our broad competence in retail and marketing, we will help you understand your customers and help your business to prepared for tomorrow. Share