Since 2010, e-commerce has put hundreds of brick and mortar stores out of business, including retail giants like the 125-year-old department store Sears. Just last year, more than 12,000 retail locations were predicted to close.
Such reports have led many to believe e-commerce is the destructive force obliterating storefronts one at a time. However, as sensationalist headlines declare that the store is doomed, the data tells a different story.
A guide on retail data, trends, and predictions
Did you know that in 2019, only 14.1% of global retail sales were made online, while more than 85% happened at physical stores? The numbers are almost identical as in the years before.
While the impact of e-commerce on physical retail has been greatly exaggerated, it is undeniable that the retail landscape is evolving.
In a world fueled by technological advancements, products, services, and experiences are rapidly evolving. This march of progress brought unprecedented changes, with new competitors emerging daily and consumer expectations reaching ever new heights.
To help retailers navigate the challenges of digital transformation, Infinum published the book “Transforming the Purchasing Experience.”
In the book, we explored several compelling digital transformation success stories of brands that have skillfully tapped into digital transformation and asked experts from L’Oreal Luxe, Volvo Cars, A1 Telecom, Cylindo, and Repsly to offer insight into the importance of digital transformation in retail and focus shift towards consumer experience.
Consumers shop across all channels
Speaking of consumer experience, the way people seek information, communicate, and formulate buying decisions has changed dramatically in the digital age. Today’s self-educated consumers have a wealth of information at their fingertips and often prefer to do product research on their own.
The path to purchase today takes place across countless channels and screens: Physical stores, showrooms, websites, mobile apps, social media, television, call centers, and more.
Consumers are scattered across all channels, and their novel behavior challenges retailers’ old ways.
Businesses must find a way to adapt to the modern retail model or risk getting outpaced by competitors. By utilizing software and technology, retailers can combine various channels into one path to purchase, making the overall purchasing experience more consumer-centric and convenient.
Now’s the time for digital transformation in retail
Implementing technology requires strategic initiative and is a significant investment—but the cost pales in comparison to the cost of losing customers.
Creating immersive experiences is key to remaining relevant in retail.
For further reading on trends and predictions in retail, grab your guide through digital transformation in retail and learn how any retail business can leverage technology to reach the modern consumer at every stage of the purchasing experience.
