Re-Inventing Retail

From the Co-Founders of The Retail Owners Institute.
Tips | Tactics | Insights on the Business of Retailing.

Where Shoppers Prefer to Shop

On February 24, 2017 in From The Co-Founders by The ROI

Most shoppers prefer to shop in stores, not online.

But – gulp! – there's a catch!

Despite the ease and convenience of online shopping, “the majority of American consumers still choose brick-and-mortar stores over e-commerce.”

Why? According to Retail Dive’s Consumer Survey* of 1,425 U.S. consumers, there are three main reasons:

“To see, touch, feel and try out items” is the top reason
Shoppers also want it now and want it fast; they want “to take items home immediately.”
One in five consumers cites easy returns

Refreshing, isn't it? Shoppers want a shopping experience, in a real store. And it confirms that Amazon is nowhere close to being the only game in retailing. (If only everyone would quit hyperventilating.)

But, there is a far more sobering message here about today's very demanding shoppers.

Retailers are expected to deliver on ALL fundamentals of retailing (the "right product", "right price", etc), ALL the time!

Assuring customers that "we can get that for you in just a couple days" won't satisfy. (After all, they have the web for that!)

You must be in stock, with exactly what the customer is looking for, whenever she comes into your store.

And oh yes, be sure it is offered in a compelling shopping experience!

Yikes! Some may call these expectations crazy. Or call the shoppers entitled.

We call it the New Normal.

And like it or not, relish the challenge – or close the doors.

Time to be nimble and quick.

Have much better inventory control.

Raise turns.

Be smart about markdowns.

Make all your stores compelling places to be.

And above all else, keep having fun!

However, who better to meet that challenge than independent retailers?

*Retail Dive's Consumer Survey, sponsored by IQmetrix

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Tagged With: online shopping, in-store shopping, shopper study

About The Co-Founders

Pat Johnson and Dick Outcalt, The Co-Founders of The Retail Owners Institute^®, have been called "The Zen masters of retail finance!"

Since 1999, they have been assembling their proprietary content into a unique self-help website. The Retail Owners Institute is an unmatched resource that assists retailers worldwide with basic financial training, assistance and easy-to-use tools.

Their engaging and empowering how-to resources about the financial levers in retailing are informative, fun(!), and retailer-friendly. Their promise: "Everyone will 'get it'!"

Pat and Dick are recognized experts in strategic retailing. Working only as a team – Outcalt & Johnson: Retail Strategists, LLC – they have been consulting, publishing, and speaking professionally throughout North America since 1990.

They focus exclusively on retail, or wherever retail is involved. They work with CEOs, CFOs, boards and owners of retail operations, as well as manufacturers or wholesalers expanding into retail. And they also are Retail Turnaround Experts.

Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"