- January 26, 2018
- Posted by: radical
- Category: Radical Thoughts & Insights
Retail isn’t dead. It’s not dying, it’s just changing. I’m bored of everyone saying that Retail is dead or dying. Nine times out of ten what they mean is Brick & Mortar retail is dying but even that isn’t true. Retail sales are up! What percentage do you think of total retail is Online versus In-store? 9%! Somewhere between 9-11% of retail spend is online, yes Amazon sells billions of dollars a year – and I love my Amazon Prime membership – and while they may double or triple in size in the next decade do you really think they can grow 9X? Online sales are great, the number of soft or replaceable goods bought online will increase. They’ll increase because it’s easier. It’s easier to buy another toothbrush online then it is to go to the store, but your clothes, you probably need to try those on the first time.
Physical retail is changing, it’s less about the transaction – buying the pants – and more about the experience – buying the pants that fit and look good. If you’re not providing that then why would I or other consumers come to your store when we could buy online – or from a store that does.
Also published on Medium.