We are progressing further and further into a digital era and the retail industry is no exception. As many popular internet brands have made the shift from online to offline, some have noticed the positive impact it has had on their audience.
That being said, even if the brands don’t want to permanently open to the public, acknowledging the expansion of their retail strategy allows them to remain competitive. Especially brands such as Gymshark that were predominantly an online retailer, but began to make the shift to an IRL experience by opening stores in London. With the positive reaction from customers, it poses the question whether including a physical store with a previously digital strategy is worth the risk?
No matter how far the shopping world continues to evolve we understand that when bringing it back to basics there’s nothing better than being able to physically “try” an item before purchasing. The saying “try before you buy” is forever applicable across the majority of retail. Some may argue that is why there’s an increased popularity of buy now pay later schemes that can be the first choice of payment method for some consumers when considering an item not only online but now also in our stores. Klarna has become a notorious method in the ever changing world that is arguably the first choice “payment” over all else rather than your personal cash flow taking a hit. Even Frasers Group has decided to introduce the buy now and pay later into their stores as a payment method for their customers to their stores. So brands are catching on that this is a great opportunity for them to be part of the use of a popular payment tool.
Brick and mortar has been all many have known for a long time. Whilst the digital world has damaged the footfall and physical sales in shops, we have to continue to incorporate external factors such as the pandemic that pushed online spending to an all time high. However, the rise in pop up stores has enabled online brands to have a physical presence. This can scope the basic understanding of what their customers need and whether they would like to be able to see their products in real life, or if they see online shopping as more of a luxury and convenience. Pop up shops enable brands to expand their target demographic from those that prefer online shopping to those who prefer to shop on the local high streets. Giving them facetime with potential customers that otherwise would have maybe never heard of the brand.
Other retailers that believed in pop up stores and trying their presence from online to offline, were DEPOP. They launched a store that highlighted and informed about circular fashion, showing that second hand can be the preferred choice trying to make this in favour of fast fashion.
As consumers we most definitely appreciate that the online shopping world may not be for everyone. Studies have shown that despite 4 out of 5 UK consumers shopping online, there are still a percentage that prefer to buy in person. Leaving 20% of the population not targeted if only based within the digital world. Interestingly it is predicted that by 2025, 90% of UK consumers will be buying online , so this coming year it will be curious to see who will join the world of physical shopping in local stores and who are happy where they are.
Question is, would you join them in the change?
Retail PR