For years, the notion that brick-and-mortar stores were on the way out and online-based sales were stealing the show has been atop news articles. However, it’s clear that thought is unfounded, according to Terry Duddy, non-executive director of Debenhams and former CEO of Home Retail Group, when he spoke at RBTE 2016.
In his speech, Duddy explains that, although online sales doubled from 2009 to 2014, the rate of growth is predicted to decrease significantly through 2019. And even with this growth, brick-and-mortar stores are predicted to remain the focus of more than 87 percent of transactions.
These numbers are a far cry from what many retailers and consumers may think of for the future of retail.
What does this mean for those retailers and consumers that have been planning for the online retail revolution and demise of brick-and-mortar for years now? After all, even Amazon – the reigning king of online retail – is opening brick-and-mortar outlets.
The key for continued growth and success for brick-and-mortar retailers falls on the shoulders of the customer experience. It is imperative for retailers to provide consumers with the most seamless shopping experience possible. And Irisys’ people counting technology is an irreplaceable component to that model of success.
By implementing Irisys’ thermal people counters – like the recently upgraded Gazelle 2 – retailers are enabled to optimize business operations and revenue opportunities based upon accurate, measurable and real-time data. These decisions not only allow retailers to measure conversion ratios and compare store performances, but also maximize the customer experience by ensuring layout and staffing are meeting customers’ needs through the analysis of footfall patterns.
For retailers who hope to be among the 87 percent come 2020, implementing strategies that enhance the customer experience and encourage repeat business must begin now.