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Insights

The latest news and events at Maples Teesdale

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High street retail needs e-commerce...and online shopping benefits from physical stores

Too many commentators are quick to proclaim an end to high street retail and a doom for physical stores - they look at slipping turnover figures and store closures as evidence the retail sector can only survive in the e-commerce world...but that is just a superficial analysis of the situation.

It is refreshing to read articles and research that consider the situation more thoroughly - we need to embrace the idea that the retail sector needs to improve it's physical store offering (not diminish it) in order to both support and benefit from e-commerce.

Consumers, especially millennials, are vastly different today than in the past - the online world has made them better informed and given them a wider choice. Also, convenience and immediate availability/delivery of products is a must. Therefore, bringing digital concepts into a physical store is the direction retail needs to head towards

For retailers, the key to keeping the consumer entertained is to integrate physical and digital experiences to provide an interactive and all-inclusive in-store experience, combined with excellent service. Today's consumers need a reason to come to the store, beyond merely making a transaction, because a transaction can take place anywhere.