The growing trend of brick-and-mortar retail stores making a shift into the digital arena has got retailers wondering whether the future of retail lies online.
It cannot be denied that the world is propelling towards digitisation. In the world of retail, there are still many reasons to believe that physical retail stores are not leaving the scene just yet.
In order to maintain a competitive edge, a compelling strategy being widely employed by many physical stores is binge acquisition: the buying out of small online retail stores with poor competing potential.
Although this discounts brick-and-mortar retail stores from the market altogether, others believe in combining offline and online retail stores. Retail stores that offer the option of purchasing products online and pick-up of products offline, reap the benefit of cross-selling.
For instance, most Telco companies enable consumers to purchase their phones online and pick up the product from their physical stores. At the physical store, the customer can be encouraged by the salesperson to make complementary purchases such as a phone plan, insurance, and a phone casing for a more comprehensive purchase experience.
Most physical retailers typically assume the combination of online and offline retail stores to be the key to maintaining a thriving business against digitisation. However, it may not necessarily be the case.
In fact, here are three ways, how physical retail store owners can win, despite e-commerce.
1. Maximise Footfall
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