What Forbes says about Physical Retail: Definitely different, far from dead.


Posted by Polly Barnfield, OBE on July 28, 2017   |  Digital High Street


There is no question that E-commerce is important.

HOWEVER - there is a an elephant in the room that is frequently over looked; digital-first retail is more important.  This is an excerpt from a Forbes article that really articulates  how the retailers need to adapt. 

It highlights how many retailers need to  transform the customer experience fundamentally - to do this they need to take bold and decisive action to stay relevant and remarkable in a very different and constantly evolving world. 

Retail is now a customer first channel and that is not how it is configured today. T question is whether retailers  will act while they still have time. 

Here's what Steve Dennis had to say on Forbes: The rise of e-commerce is having a dramatic effect on shopping behavior but it is not the most disruptive factor in retail. What's far more transformative is the fact that most customer journeys for transactions that ultimately occur in a brick & mortar location start in a digital channel--and increasingly that means on a mobile device. In fact, digitally-influenced physical stores sales are far greater than all of e-commerce. Many brands' failure to understand this reality caused them to waste a lot of time and money building strong online capabilities at the expense of keeping their stores and the overall shopping experience relevant and remarkable.

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Physical and digital work in concert. A retail brand's strong digital presence drives brick & mortar sales and vice versa. When different media and transactional channels work in harmony, the brand is more relevant. When any aspect is unremarkable or creates friction, the brand suffers. Too often, traditional retailers treat digital and physical retail as two distinct entities when most customers are, as some like to say, "phygital."  Moreover, with the exception of products that can literally be delivered digitally (books, games, music), there is rarely any inherent reason why the rise of e-commerce should make a substantial number of physical stores completely irrelevant. Retailers that are closing a lot of stores most often have a business model problem, not a "too many stores" problem.

Read the full article here