Please read this article to see how brick and mortar retailers plan to complete with online retailers.
The Economist Intelligence Unit surveyed 256 retail executives in the U.S., the U.K., France, Germany and Japan to discover their strategies against online-only competitors, as well as the tactics they plan to adopt in the near future. Here are the top 10 strategies, based on percentage of responses.
1. Refresh brand to appear more contemporary and digital
2. Offer space for in-store demonstrations and events
3. Sublet in-store space to other retailers
4. Introduce price-matching by default
5. Merge online and offline channels
6. Redesign display windows/storefront
7. Move to secondary locations
8. Shift focus onto higher-value consumers
9. Augment in-store assortment with online catalog
10. Introduce bespoke/customizable products
The rise of online-only competitors has left its scars on traditional retailers: six out of ten respondent companies have closed stores in the past three years. But as this report reveals, there now exists a playbook of strategies that retailers can use to turn the tables.