Is the expansion of specialty retailers surprising? Ultimately, physical stores remain vital for consumer interaction and brand loyalty.
In this episode of 'What's in Store', Chris Ressa and Karly Iacono explore the reasons behind the success of physical stores in an increasingly digital world, emphasizing the importance of customer experience, pricing strategies, and the discovery element in retail. The conversation highlights how various sectors, including cell phones, fashion, and home improvement, continue to thrive in physical retail despite the convenience of online shopping.
Takeaways:
- Batteries Plus is expanding despite being a commodity item.
- Physical stores drive traffic and offer better pricing for many items.
- Customer experience and service are crucial in retail success.
- Retailers are using stores for fulfillment and distribution.
- The gap between online and in-store prices is widening.
- Consumers prefer the immediacy of physical stores for urgent needs.
- Discovery of new products is easier in-store than online.
- Retailers benefit from having a physical presence in a market.
- Physical retail is more valuable now than pre-COVID.
- The relationship built in-store cannot be replicated online.
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