Store 3.0 is already here. And retailers who are leveraging all channels and technologies are in a prime position to grab those essential sales from the highly-connected and savvy consumer.
Let’s take a step back. What is Store 3.0? The initial retail experience, or Store 1.0 for our uses, is a traditional visit to brick-and-mortar retail stores. Include your mobile phone or tablet to your in-store experience and you’ve reached Store 2.0. Store 3.0 brings the store to the consumer through a mobile device and can be achieved through a variety of channels and media.
Store 1.0: I visit my local Anthropologie to find the perfect dress for an event.
Store 2.0: I visit my local Anthropologie to find the perfect dress for an event, and then use ShopStyle.com to search for similar dresses at a lower price point.
Store 3.0: While surfing my iPad, I view a photo of a celebrity wearing the perfect dress for my upcoming event, so I search for the product, find it online and perhaps purchase, while simultaneously viewing for availability in-store or searching for similar products within my budget.
Using the above example, how can traditional brick-and-mortar retailers stay relevant in the changing retail space?
In the Tuesday morning opening Super Session at Retail’s BIG Show, Alison Kenney Paul, Vice Chairman and U.S. Retail and Distribution leader at Deloitte, shared two interesting stats from a recent study: Over the next few years, shares of brick-and-mortar retailers are expected to decline 28 percent, while online is expected to triple. That said, 79 percent of retail executives said the brick-and-mortar store is still central to shopping experience.
Bottom line: Brick-and-mortar stores are not going anywhere. They just need to evolve to meet the changing consumer. And as William Gibson recently said, “The future is here – it’s just not very evenly distributed.”
To achieve your 3.0 store, Paul suggested, think critically about how to alter your core brand elements by refreshing your strategy, elevating your customer experience and reviving your talent management. Hold these three ideas close to create a fresh vision and presentation of your brand. Retailers who continue to adapt with technological innovations will stay ahead of the pack in the coming years and beyond.