Five Strategies to Combat ‘Retail Apocalypse’
The threat facing retailers is real: Despite a significantly stronger economy, store closures are at levels last seen during the 2008 recession. Data from Fung Global Retail & Technology shows 6,121 stores have closed in the United States in 2017, up 203 percent year-over-year. By comparison, a little more than 6,000 stores shuttered their doors during all of 2008. At the same, however, store openings are up 54 percent year-over-year (3,470). Alarmists have signaled the beginning of a “retail apocalypse” but if these numbers are any indication, it’s not all doom and gloom.
Instead, retail marketers have an opportunity to embrace their physical and digital storefronts and experiences to engage consumers online and in store. According to a study of 46,000 shoppers, “conducting prior online research on the retailer’s own site or sites of other retailers led to 13% greater in-store spending among omnichannel shoppers.”
Here is how you can fuse data, technology, content and media to increase store traffic with your online shoppers.
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