Online retailers Birchbox and Frank & Oak have opened offline stores, and even Amazon, which has been insisting on online retail, has recently opened a physical store. For online retailers, the benefits of opening a physical store are threefold: including multiple sensory consumer experiences, better Logistics and consumer services, strong and lasting brand relationships.
Today, industry analysts have been questioning the future of physical stores in the context of new technologies and growing online retailers. What are online retailers doing to ensure growth and gain market share? Opening a physical store has become an increasingly popular way.
With the rise of the omni-channel retail strategy, the mobile and PC-side experience has gradually become a complement to the in-store customer experience rather than competition. Retailers need to maintain their original competitiveness and find ways to provide a seamless user experience across all sales channels. Birchbox and Frank & Oak are two of them.
According to the latest consumer survey, 78% of consumers prefer to shop in physical stores, and the number of physical stores is more than six times that of online shopping. This reflects the fact that most major sales behaviors still occur in physical stores. In 2013, the US Census Bureau reported that 94% of retail sales were conducted in physical stores, and only 6% of online transactions were concluded.
So for online retailers, the benefits of opening a physical store can be summarized into three parts: including multiple sensory consumer experiences, better logistics and consumer services, and strong and lasting brand relationships.
Multiple sensory consumer experience
There is nothing more than a direct sense of the product on the hand, the perception of subtle and more sense, and these tactile feelings are absolutely impossible for online stores. We found that 73% of consumers would like to feel the texture of the material and try on it before buying the product, and the physical store provides such a place. Customers can also put a series of products together and compare them so that they can make better purchasing decisions.
In addition, the physical store has been improving the store space to make the in-store customer experience more thoughtful. At the same time, physical stores have effectively eliminated the guesswork that online stores will face – is size and tailoring appropriate? Which color do I prefer or fit outside? - These are issues that must be solved in a physical store.
Bauble Bar, an online retailer focused on clothing and jewellery, like other online retailers who invest in offline stores, understands the unique experience of direct contact with products and discovers the importance of customer experience in physical stores. After several trials of physical stores, Bauble Bar opened a fixed-site retail store and plans to continue to increase. The experience of these physical stores can not only translate into more sales and reduce the amount of returns, but also easily increase repeat customers.
Better logistics and consumer services
Usually, online retailers will use a physical store as a product display space at the beginning, as well as a storage and transportation center to support online business and complete online orders. Because of the existence of entities, it also reduces the time and cost of transportation, which is beneficial to both consumers and businesses.
Just this month, Amazon announced the opening of a physical store in downtown New York as a 20-year-old online retail giant, which is a breakthrough. The store will be located in Herald Square, close to the famous Macy's department store and the Empire State Building, one of the most trafficked places in New York. Amazon also emphasized the importance of a comprehensive strategy in the statement, which may of course have a significant positive impact on the real estate retail business.
A physical store study found that physical stores provide convenient and fast pick-up and return can drive sales growth. Online transactions, remote returns, merchants can expect net sales of 77%; while online sales of physical store returns, will promote an additional 18% of sales, is expected to lead to 95% of net sales.
Strong and lasting brand relationship
When we move from a transaction-based retail era to a relationship-based retail era, American consumers are looking to buy more than just the product itself. They are more likely to establish a harmonious relationship with the company's brand culture through transactions. Long-term relationship. This demand is not an easy task for online retailers because their primary interaction is still through a computer screen or smartphone. That's why online retailers are looking for physical stores as a way to attract customers and build stronger, trusting and lasting relationships.
Warby Parker is an online optical retailer that successfully integrates offline stores into online stores to better maintain the customer's complete experience. In this beautiful and stylish physical space, customers can freely try on a variety of glasses, can do eye exams, and can also wear glasses to look like a photo. Warby Parker gives consumers a complete and interesting experience space, while at the same time gradually increasing the long-term trust relationship with customers.
So how should the retail industry continue in the future?
We've seen people shop more often in stores that are full-featured, 3.5 times more than other types of shopping. I believe that retail will continue on this road we see. Today's consumers want shopping to be free and unconstrained, and to shop in any way they want. PCs and mobile channels have been identified as effectively enhancing the experience of physical stores, and physical stores will continue to grow and continue to consolidate their superior retail channels.
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