How To Think About The Future Of Retail
Many believe that “retail is dead.” Now that you can order an avocado off Amazon and online shopping is far more convenient than hitting the local mall, people look at brick and mortar stores as a thing of the past. But how true is this statement, really?
According to the U.S. Census Department, U.S. retail sales grew by 0.2 percent last year, and online sales grew by 11.5 percent. This is to be expected, simply because of the ease in ordering with the click of a computer mouse and the wide availability of options available. And, more deeply, with so many hours logged on social media and the rise of targeted ads, it’s easier to find what you didn’t even know you were looking for.
But before we can proclaim that retail is really, truly dead, there are many brick and mortar stores that are rethinking their business plan so they can stay afloat. It’s hard to conceptualize a future that is solely digital, and knowing this, stores are brainstorming new and improved strategies to stay relevant. Here are some ways to think this through.
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