There has been an elephant in the room as it relates to online shopping versus the Brick and Mortar store, online being the elephant. Let’s just say it, Brick and Mortar is and will always be in our lives for the foreseeable future. Why do I say this? Isn’t online shopping happening at an increasing level everyday? Yes, it is but home base is your shopper’s local area store that they trust and have grown to count on day in and day out. Remember that third place between work and home, a Community place that centers your clients and conjures up a simpler time in their lives when they were young and all was a bit simpler. Sounds romantic and to a certain degree it is. Retailers can count on these romantic feelings and leverage them but they need to set the stage correctly.
How do you set the stage you say? We have stated this but it is so very relevant…
- Fine-tune your Brand Platform. What are you saying to your clients?
- Tell your Story. If you have history leverage this and do it in a contemporary fashion.
- Understand your Format. What exactly are you offering to your clients so there is no confusion
- Fixture Plan the store where it supports what your clients want day in and day out in an efficient manner.
Now, to the online. What Retailers need to consider is bringing a level of Online to the Brick and Mortar so that the best of both worlds are achievedShopping habits show that your clients buy consistently fewer than 10 items per shopping trip. Your shoppers are habitual doing and relying on similar patterns every time they shop. When they shop they have an internal clock that tells them – this is how much time I have, do not exceed this, time to go! If you make it more convenient for them to buy what they buy every day and they get what they need faster they then have the needed seconds to buy more, impulse and the treasure hunt. It’s a simple concept but oh so true. Time is inelastic so efficiency in a retail setting equals MORE TIME, which means more $$$ rings per basket and per customer because they have more time to buy within the time their internal clock has allowed. I know we are getting pretty deep here but this has been proven and we can leverage this concept, this Customer Habit. A staggering statistic but think what it would mean to your bottom line revenue if you increased your shoppers purchases per shopping trip by one item. Let’s say that equals maybe 15,000 purchases per week at an increase of $5.00 per customer for the extra item which equals 10 million, 100 milllion or upwards of 500 million extra per year depending on the size of the retailer. AMAZING!!
Now what does all of this have to do with an Online offering? Consider developing a store format that has fewer SKU’s within the store but then you supply the digital Online feature amongst the selected items giving the client what they want NOW along with the high level of selection they have come to expect. Interesting Concept? Could this equal increased purchases for your clients every shopping trip? It’s time to explore the options.
Time to talk? I think it is.
Want to learn more about the how the computer interactive is changing the brick and mortar store as well as the habits of your clients? Check out our blogs for more information here: