Considering the rapid growth of e-commerce and online shopping becoming more affordable with buy now, pay later services, is it possible for retailers to grow their business in a physical brick and mortar store? The answer is in fact, yes, however, this growth heavily depends on how individual stores are selling the entire customer experience.
Increase income both in store and online
Having a physical store gives customers the security of knowing they can return an item if it’s not correct. Research shows that consumers are far more likely to make a purchase if they have the flexibility to try on, return or exchange an item making them 50% more likely to make a purchase. In saying this, the rate of returns is increasingly low when a purchase is made in store. This also helps boost online sales when consumers are confident in the design, size, style, look, fit or feel of a purchase. Between offering online and in store, retailers are widening their net for sales. With each additional physical outlet, the potential-sales net continues to widen. There is also the satisfaction of having a purchase in your hands immediately rather than waiting for it to arrive in the post.
Having a physical store helps your brand stand out
In 2019 almost every brand has a strong social media presence and expert marketing. Having a store gives an extra layer of depth to brands. Shopping at a physical store gives customers a sensory experience that isn’t available when mindlessly scrolling through products online. Customers can touch and feel fabrics, try different sizes, ask opinions from staff and pair items together to achieve a look or feel for an entire outfit rather than just a single item. This not only saves the customer time but increases sales for the retailer.
Give your brand a face
Having personable staff in a physical store means brands are able to give a ‘face’ to their brand. This gives shoppers a personal experience, helps to gain customer trust, allows staff to meet the individual wants and needs of customers while they’re shopping and can create an ongoing customer relationship. This often leads to increased revenue both in-store and online as the customer becomes invested in the brand. This leaves customers feeling completely satisfied with both their experience and their purchase. A totally satisfied customer contributes almost 3 times as much revenue as a moderately satisfied customer and more than ten times as much revenue as an unhappy customer.
It is important in the age of online shopping and e-commerce that retailers have a stand-out in store experience. A physical, functional store with educated and enthusiastic staff can be the difference between making a purchase or abandoning a cart. Positive brand experience will always be important to the consumer, no matter the medium they are using. A positive in store experience really does give consumers the ‘whole package’.
If your looking to improve your in store experience with knowledgeable, personable staff let us help! Check out some of our clients here.
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