wjr business beat

WJR Business Beat with Jeff Sloan: How Brick-and-Mortar Retail Remains Relevant (Episode 293)

On today’s Business Beat, Jeff discusses the findings of a report on the state of brick-and-mortar retailers.

Tune in to the Business Beat, below, to learn more about how brick-and-mortar stores can remain relevant:

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Good morning, Paul!

In this post-pandemic period, how and where shoppers are buying is still really fluid and ever-changing. As we know, online is hot, but what about brick-and-mortar retailers? Well, a new national study conducted by Reflect Systems, a leader in place-based digital experiences, provides some valuable insight into just that.

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The report known as the in-store shopping hiccups and hangups of 2021 report examines, consumer perceptions and preferences on both online and in-person shopping. Surveying more than 1,600 Americans in August, the report revealed that the majority of respondents, as many as 60%, say they prefer to do more than half of their shopping online.

Despite this majority, the findings also highlight a significant interest in seeing in-store technology improvements in order to enhance the in-person shopping experience, revealing how retailers can use tailored technology to draw customers back into stores. A key finding: 67% of respondents said that what they miss most about in-person shopping is interacting with the products they’re interested in and knowing what they’re getting before they make the purchase

Lee Summers, CEO at Reflect, had this to say: “What we’re seeing to no one’s surprise is that the factors driving people to shop online are the ease and breadth of options online offers as a shopping expert. But consumers are clearly missing key elements of the in-person shopping experience that online retailers simply can’t provide.”

Summers goes on to say shoppers still want to physically interact with products. And if brick-and mortar-retailers can deliver on that expectation, they will continue to play a meaningful role in the retail. Our bottom line? Well, look, brick and mortar still has a meaningful place in retail, but must focus more than ever on what brick and mortar can best offer shoppers versus what online shopping offers them, including supreme in-store experiences and direct product interactions in order to remain relevant and in business.

I’m Jeff Sloan, founder and CEO of startupnation.com and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.

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