A recent article, 5 Retail Myths and Realities You Should be Aware of, by Rieva Lesonky, discusses widespread impressions about the present condition of brick and mortar retail companies. Here are some truths you should know to hush the hearsays.
- Customers do all Their Shopping Online
Online shopping is on the rise; however, 94% of retail purchases still take place in brick-and-mortar stores.
- Customers do all Their Product Research Online
53% of shoppers surveyed choose to research their products in-store. Among the youngest (18 to 24) age group, the preference is even greater, at 57%. Only the 50-to-65 age group does more of their research in-store (60% prefer this way).
The study surmises that younger and older shoppers typically have fewer time commitments (like demanding jobs or young children), so they’re more open to leisurely browsing. Shoppers 25 to 49, however, want to get in and out of stores quickly.
- Traditional Marketing is Extinct
Online marketing is powerful and popular — but so are traditional methods. Generally, key factors in a buying decision are promotions/discounts cited by 81% of respondents from staffed flexible offices.
However, 56% say packaging is important to their decisions, 54% say advertising is, 53% cite product demonstrations, and 50% say in-store displays affect their decisions to buy.
- In-Store Mobile Price Comparisons Means Cheaper Options Sought
Okay, that’s not exactly a myth. Price inquiry is the number one use of mobile devices in-store. However, customers from day offices also use mobile devices for looking at their shopping lists, taking and sharing product photos, and accessing coupons and discounts.
In other words, they also take actions likely to lead to buying something in-store. The report recommends making sure your store has good Wi-Fi so consumers on mobile don’t get discouraged.
Traditional brick and mortar stores largely contribute to the huge success of online shopping. YourOffice offers you a wide choice of office and workspace solutions: flexible office space, team/conferencing/meeting spaces and virtual office packages. You’ll have access to a complete array of office support and concierge services as well as state-of-the-art business technology.