PSFK Report Says That Retailers Need To Reinvent Physical Stores
London, U.K. — With the continuous rise of online sales, physical stores must step up on their game and undergo reinvention so that they could better suit the needs and the behaviors of today’s advanced consumers.
With almost everything now available online, some had begun to question the relevance of physical stores with modern society. In fact, Silicon Valley entrepreneur, Marc Andreessen, went even as far as to say that retailers are going go out of business and that eCommerce will become the leading place where everyone will buy.
It is safe to say that eCommerce had definitely began its slow-paced domination but although not directly proven, many malls are starting to close down because of the decline in traditional shopping. Traditional shopping is quickly losing its relevance in a world that is now all about the Internet. The only exception for this is fashion, where traditional shopping is still the preferred choice and ultimate driver of sales.
Many online stores have now become popular to many consumers since you can practically buy anything on the Internet. All you need to do is type an item’s name and a list will immediately appear for you to choose from. Amazon and eBay have become known to sell various types of products. If one is looking for a certain movie costume, then there is TV Store Online or other online retailers that are in this type of business.
Do not be mistaken though, traditional shopping is still the leading method many consumers use but the pace from which consumers transition to online shopping has become considerable. That is why according to PSFK, a New York-based market intelligent firm, retailers would need to reinvent their physical stores so that they could better accommodate the expectations of the ever changing consumer and remain competitive in the business. They said that the most successful retailers would make use of both methods and how they can be used in unison to generate more sales and profit.
Retailers would also have to consider integrating some features that make online shopping so popular such as one click payment to personalized recommendations.
All there needs to be done is experimentation and not inaction.