Consumer Dollars Are Up for Grabs—If Retailers Can Master the Basics
Courtesy of Clark Street Mercantile.
For the past few years, the narrative of retail apocalypse has been triumphant, as legacy brands have seen their bottom lines disrupted by the efficiency of digital-native counterparts and e-commerce power players.
On the contrary, a new report by facilities management platform ServiceChannel suggests that the 85% of retail dollars spent offline are for the taking—if brick-and-mortar chains can provide efficient and agreeable shopping experiences.
A survey of over 1,500 U.S. shoppers found that digital tricks are dispensable. It’s not necessarily the most sophisticated retail tech that makes a successful brand but rather top-notch execution on the basics, such as store organization and cleanliness.
To maintain the business of today’s consumers, consistency is key. Just under 70% of respondents said they’re less likely to return to a store after just one subpar experience. As for what earns a shopper’s approval, only 19% of consumers said they seek out food or entertainment from stores. More important are fundamental technical capabilities like mobile app integration and access to WiFi. Two thirds of shoppers even said retailers are too focused on experimental tech and should pay more attention to the building blocks of good retail strategy.