Conventional wisdom might tell us that online sales are eroding in-store revenues. No doubt, many U.S. consumers are heading online to make their purchases. Individuals spent an average of $1,542 per year in the virtual retail space back in 2015 and this e-commerce spending is expected to increase to $2,109 by 2021. It comes as no surprise that the uptick of online sales is impacting the traditional retail establishments. In 2016 alone, more than 6,000 stores were forced to close their doors for good.
However, despite these numbers, brick and mortar stores still hold an important place in the hearts and minds of consumers. In fact, surveys show that 85 percent of retail buyers prefer to shop at physical stores. Retailers just need to give them a reason to do so.
So how do retailers reconcile the love of shopping in person with the allure of online purchasing? The answer: Cater to tech-savvy consumer expectations and deliver a retail experience that is revolutionized by technology.
Sophisticated retailers are giving customers what they want by making their digital transformation a priority and it all starts with the enabling technologies that make exciting applications possible. Here’s how a retail transformation starts:
To create this new environment, Black Box collaborates with retailers to implement a dynamic digital plan that produces an Intelligent Retail Space, which is a new, noticeable and consistent shopping experience.
The upside to making this transformation is abundant and immediately clear. It allows for:
Brick-and-mortar stores can compete with online competitors – and it’s easier than you might be led to believe. It just requires the right guidance from the right people with access to the right technology. To learn more about how Black Box can assist in integrating the digital into the physical retail world, visit here or download the Black Box Retail eBook here.