Wikipedia says that evolution is the change in heritable characteristics of biological populations over successive generations. As we hear never ending noise about store closings in the retail world, many are quick to panic. But researchers at ComQi.com are saying it’s all about evolution and the outlook is very positive. That in face of continued growth in digital commerce, the physical store will continue to be the largest revenue-producing channel until at least 2026.
And did you know that stores are more profitable than e-commerce? According to Forbes, most of the top 10 retailers have an e-commerce presence, but the physical store is the backbone of their business. Physical stores have higher conversion rates (the percent of store/site visitors who make a purchase – than clicks). Also, according to Forbes, a store purchase is more profitable than an e-commerce order due to shipping / handling charges and the cost associated with returns.
The most eye-opening fact to support retail is alive and well is the statistic that Millennials and Generation Z both prefer in-store to digital shopping according to CBRE. 70% of Millennials and 77% of Generation Z consumers prefer brick-and-mortar retail stores. Millennials and Generation Z are the future of retail! And that is why online players such as Warby Parker and Amazon have been scrambling to open physical stores.
So, the next time you hear gossip at the water cooler about how retail is dying, I hope you share your thoughts that the physical store is here to stay! And we are part of the evolution of retail shopping.
And for those responsible for creating the customer in-store experience, Stylmark is here to help! From fitting rooms & fitting room mirrors to showcases and LED light boxes, Stylmark offers a wide range of products. If you need something custom, work with Stylmark’s design engineering team to create a one-of-a-kind fixture to enhance an instore experience for your shopper