Retail Store Revival in the Digital Age

Launching and maintaining the success of a physical retail store can often be tougher than it looks, especially in the face of online giants such as Amazon and Rakuten. That said, there are some innovative ways that retail stores can evolve for the better, embrace change, and get a bigger piece of the pie; improving footfall and increasing sales in the digital age.

Bricks & Mortar Store Revival

Source: Pixabay

Walk down the commercial centre of any town or city and every week, it seems like more and more retail units are struggling to survive. When big brand stores such as TopShop, Kimberleys, and Pumpkin Patch have closed their doors in recent years, it hardly gives small independent store owners much confidence, especially in the face of online competition and the changing face of the retail industry. That said, interesting data has emerged showing that brick-and-mortar stores are not only still relevant, but also enjoying a revival period.

When international auditing firm KPMG published an analysis of global retail trends in 2018, they highlighted that, throughout 2019, around 90% of all retail business will still be carried out in physical stores. This would suggest that it’s not necessarily the online competition that’s causing retail store closures, but rather a lack of innovation from the stores themselves. Those embracing technology and using it effectively to leverage opportunities, being creative and enhancing the customer experience; these are the stores that are not only surviving, but thriving.

Free Gifts & Purchase Bonuses

Source: Pixabay

One of the most tried and tested methods for encouraging purchases and gaining repeat business is rewarding customers, while these days it can help create an online buzz around a store, giving both new and existing customers a great reason to visit. Of course, just giving stuff away isn’t great business sense or good for the bottom line, which means free gifts and additional bonuses are best deployed when tied to purchases.

From the ‘buy one, get one free’ approach frequently deployed by leading supermarkets and department stores, to NZ betting sites offering free bets and sign-up bonuses encouraging new customers, or even the Airpoints scheme used by credit card companies and numerous retailers throughout New Zealand. Each approach has a different appeal depending on the target audience of clientele, yet they have all proven to be successful ways to keep people interested.

Using AR & VR to Enhance Presentation

Source: Pixabay

Referred to as Augmented Reality (AR) and Virtual Reality (VR), product visualisation apps are already proving highly successful for the retail industry. So much that Apple now provides an AR kit for the new iOS11 operating system, while Google has launched AR Core for Android smartphones. Rather than just being a trend, AR and VR-enabled devices are fast becoming an integral part of mobile technology, making them something that retailers should adopt with the same enthusiasm and sense of necessity their customers already have.

Given that practically everyone has a smartphone or mobile device. Not only are they useful for customers when shopping around, they’re also great tools retailers can use to enhance the customer experience. Swedish furniture giant IKEA offers an AR mobile app that helps users visualise how their furniture might look in their home, while auto dealers such as Audi and Toyota offer virtual reality apps, showcasing their vehicles.

Creativity is Key

There’s obviously no one size fits all approach to making a physical retail store successful, although absorbing some of the ideas mentioned could go a long way towards changing your retail store outlook for the better. What’s more, it doesn’t matter if you’re a small, medium, or large retailer. There are trends and technologies that will suit every scenario, if you do a little research.