INSIGHTS FROM THE ONGOING RETAIL REVOLUTION
We are living through the throes of a great retail revolution. Gone are the days when retailers could choose to be strictly brick-and-mortar or a pureplay eCommerce site. Today, the dividing lines are much less distinct. Click-and-collect, curbside pickup, and other innovations have forced more brick-and-mortar retailers to focus on their omnichannel strategy. At the same time, eCommerce retailers are beginning to expand into the physical space by acquiring or opening stores.
In this blog post, John Adams, Senior Account Executive & Client Business Manager, shares some of his insights on the current retail landscape.
IN-STORE RETAIL HAS CHANGED FAST
The pandemic forced many retailers to change how they conducted business. Amid lockdowns and general uncertainty, retailers had to focus on maintaining inventory and supplier chains. Once inventory levels were secured, however, retailers had to then figure out how to ensure their consumers could shop safely. As a result, retailers were divided between those who recognized eCommerce as a have-to-have strategy and those who had previously avoided the omnichannel.
While some retailers were able to build up their online presence relatively easily, those who had neglected the omnichannel rushed to add eCommerce, curbside pick-up, and buy online/pick-up in-store options. Unfortunately, in the time it took to implement these changes, retailers lost consumers, especially younger, more digitally-savvy Gen Z consumers. As the country begins to open again, many retailers are trying to make up for lost time and win back these consumers.
EXPERIMENTATION, EDUCATION AND DATA ARE OPPORTUNITIES
To do that, retailers are experimenting. Many of the retailer accounts Compass Marketing works with are now trying new products and new placements. This is especially true in the health and wellness category. Retailers are more receptive to adding these products to their assortment and are more willing to experiment with placements throughout their stores. Also, many are now selling or plan to sell products through their omnichannel options they would never sell in-store.
