New ideas and innovative technology are allowing brick-and-mortar stores to compete with major online retailers.
With the rise of Amazon and other major online retailers, physical retail stores have taken a hit. However, many brick-and-mortar retailers are fighting back with new business ideas, and by leveraging the power of new technologies. Here are some of the changes that physical retail stores have been making to stay competitive.
One thing that many retailers are doing is repurposing how they use their space. Rather than static displays and stuffy checkout counters, many stores are using their physical locations more as showrooms than actual stores. They use their space to set up interactive displays and allow customers to test out products before meeting with a store representative or going online to make purchases. Businesses are finding that this new use of their space is a brilliant and profitable way to combine an online and in-person shopping experience.
Expanding Customer Demographics
Another way that brick-and-mortar businesses are competing with online retailers is by trying to appeal to a broader range of shoppers. For instance, middle-class and affluent shoppers previously looked down upon dollar stores and extreme discount stores. However, as these types of retailers are diversifying their range of products and increasing in physical size, they attract a wider range of shoppers. Now, these chain stores continue to appeal to their historical demographic (young and low-income shoppers) while increasing their influence with other target audiences.
Offering Online Buying Options
Finally, more and more retailers are putting their goods online. This ease of access allows customers to easily browse through a retailer’s inventory. Additionally, offering online purchasing capabilities also enables brick-and-mortar retailers to reach a larger pool of consumers. This, of course, increases sales and brand recognition.
These are some of the ways that brick-and-mortar stores are evolving to compete with major online retailers. Are you looking for the perfect space to set up shop for your business? If so, contact the experts at California Commercial Realty Advisors, Inc. Our dedicated team is ready to assist you with all your industrial and commercial real estate needs today.