According to marketwatch.com, over 90% of consumer purchases still happen in a store. This seems contrary to the common misconception over the Amazon effect and the death of retail. This is due to the fact that digital online shopping and smartphones have drastically changed the retail landscape over the past 5 years and those who have invested heavily in their digital presence have thrived. A company’s digital presence will still be a major investment for the retail industry, however, there are two sides to a coin. The importance of traditional brick-and-mortar stores cannot be understated. In fact, the same companies that have forever changed the retail landscape have started investing heavily in their brick-and-mortar presence. The “halo effect” is forever changing the retail landscape. The digital and physical worlds will continue to evolve and the convergence of these two worlds will create huge opportunities. Those who create a unique shopping experience in every form of retail should thrive.
- In the news