3 Lessons from Amazon going brick and mortar

Inside The First Amazon.com Inc. Brick And Mortar Bookstore

Click the link to read the story: http://fortune.com/2017/04/28/5-reasons-amazon-physical-stores/

The big boys are constantly wrestling for market share. According to some reports, Amazon is going to begin dominating the retail apparel industry this year, overtaking Walmart and crushing everybody else. What can brick and mortar retailers learn from Amazon? Here are three takeaways:

  • 90% of retail spending is in physical stores. Even though companies like Amazon are making billions of dollars online, there is still a ton of money on the table. Retailers who set themselves apart can easily grab a slice of the pie.
  • Even customers who routinely buy online still like to handle the physical product. With the slow demise of department stores, this represents an opportunity. Superior knowledge, service, and support may be just the recipe needed to turn browsers into buyers. Retailers could even move some products to online stores and just carry a selection of demo products in their stores and advertise the fact. Everybody has ordered something online and found themselves disappointed when it arrived in the mail.
  • People are gregarious. Creating and fostering a sense of community in your stores gives you an edge that online retailers can’t match. People like to talk to other shoppers about their experiences with the products they are about to buy. Those conversations amount to an in-person testimonial to a product’s quality and, if you’re providing a superior experience, create buzz in your community that will lead to sales.

Amazon and other online retailers have been flirting with physical stores for a few years. Given the market share available offline, the trend is likely to increase. Brick and mortar store owners need to set themselves up as a valuable resource to their customers and provide a superior experience. If they don’t, they’ll go the way of the department store.

To learn more about creating a better customer experience, contact us or buy our book.

 

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