Online shopping is dominating the shift landscape of retail purchases. It is taking more of the overall market share and consumer attention. To compete, online and local bricks and mortar retailers need to pivot to survive. ‘Innovate or die’.
Innovation includes how the shoppers can access their purchases in the most convenient and fastest way possible. The data shows this:
Most giants, including WalMart and Amazon have existing bricks and mortar to leverage. While most of the smaller online retailers do not. So, how are they responding. Amazon is leading the way with Prime, but that has a number of major issues, the biggest being the impacts on the environment for rush shipping.
While many online retailers scramble to find a solution that allows them to continue to compete with the bricks and mortar and online giants, they are struggling to stay relevant. One of the biggest opportunities they have is to deliver their products as close to the customer, but without incurring the costs of residential delivery and package theft. Local outlets are becoming more appealing to these online retailers as a secure location to conveniently provide the shopper with.
The local outlet acts as a convenient delivery location and provides a competitive advantage for the online retailer. For the local retailer, the benefits are also there. Increased traffic, appeal to draw in a younger crowd, and increased sales without spending any money on major marketing initiatives.
Now, there is a conflict for the local retailer by supporting an e-commerce solution. Does it hurt them more than it helps them? The reality is that e-commerce is here and COVID-19 has shown us that it is growing at an exponential rate.
Working together, we can help keep a competitive playing field for the online retailers.