Every day I get an email from RetailWire.com, a daily publication that is read by thousands of people in the retail industry. It’s the number one forum for discussions about hundreds of important issues in the industry. Now, before we go further, even though RetailWire.com focuses on the retail industry, what I’m about to share […]
Every day I get an email from RetailWire.com, a daily publication that is read by thousands of people in the retail industry. It’s the number one forum for discussions about hundreds of important issues in the industry. Now, before we go further, even though RetailWire.com focuses on the retail industry, what I’m about to share is relevant to every business in every industry.
A recent article in RetailWire posed a question about virtual reality and if it will make brick-and-mortar stores less relevant. By the way, if you haven’t experienced virtual reality, you must. It’s incredible. You put on what looks like goggles and you see the most amazing three dimensional images and videos. Okay, back to answering the question. My response was that virtual reality and augmented reality are just enhanced ways of viewing and experiencing products online. Yes, it will change the way people shop online, but it’s still “virtual.” It’s not real! You can’t touch the material to determine the quality of the suit or dress you’re looking at through a virtual reality headset. You can’t try it on either. So, how could this technology make physical stores less relevant?
The discussion of physical stores becoming irrelevant has been a topic of conversation for years. The first online purchase was made in 1994. According to a video produced by Shopify, an online shopping software program, the first online transaction was on August 11, 1994, through Dan Kohn’s online startup company when a friend bought a Sting CD over the internet. People said this kind of business would never work. People would never buy online. Well, never say never. Shortly after that Amazon came into the picture. And, here we are today.
Adobe’s research claimed last year’s Black Friday online sales were over $3 billion. And Cyber Monday’s sales, just three days later were also over $3 billion. Forrester predicts that by the year 2020, just three years from now, online sales will exceed $523 billion!
So, should retailers be scared? Maybe… because some retailers aren’t willing to change. And there are companies in virtually any industry that aren’t willing to change either. So, here is the lesson:
Maybe the consumer is migrating to do more shopping online. It may make a physical store a little less “relevant” – but it doesn’t make the retailer less relevant! A retailer, as anyone or any company in business, must adjust and change. What makes a retailer less relevant won’t be because sales are moving from in-store to online. It will be because the retailer doesn’t adapt to the way their customer’s buying habits. And, it’s the same for any business. Your customer’s buying habits are changing. Adapt or watch your business die a slow and painful death. You must be willing to change as your customers change.
Shep Hyken is a customer service/CX expert, award-winning keynote speaker, and New York Times bestselling author. Learn more about Shep’s customer service and customer experience keynote speeches and his customer service training workshops at www.Hyken.com. Connect with Shep on LinkedIn.
(Copyright © MMXVII, Shep Hyken)
Sign up for instant access to Shep’s research report on customer service and customer experience.
"*" indicates required fields
© 2023 Shepard Presentations, LLC. All Rights Reserved.
Legal Information | Sitemap | Site by: digitalONDA
Legal Information | Sitemap Legap
Site by: digitalONDA