GIFT AND HOME RETAILER NEWS
A Service of GiftsWholesale.Com and OmegaNet Inc.

How Is Technology Changing the Brick-and-Mortar Store?

Several studies have recently found that, while online shopping has grown exponentially year-to-year, in store shopping still accounts for the vast majority of retail purchases; some say as much as 90%. However, there may be ways retailers can use technology to their advantage to enhance the shopping experience, besides using social media.

A recent white paper from iQmetrics titled "Five Steps Toward Reimagining the Physical Store" outlines key areas that retailers are exploring to give the in-store experience many of the advantages of online shopping, such as variety and availability of products, without crowding their shelves with expensive inventory.

Briefly, the Five Steps are:

1. Blending the physical and digital worlds
2. Digitally extending the store's shelf space
3. Saving the sale with endless aisle solutions
4. Maintaining brand consistency across channels
5. Optimizing product merchandising using shopper

According to the iQmetrics white paper, your customers already use the web, sometimes on their smart phones right in your store, to compare prices. While they may still buy in your store, they feel better about their purchase if they do some research. Motorola conducted a survey and found that about half of customers use their smart phones to check for sales, specials or coupons. Forty percent are comparison shopping.

The second and third Steps refer creating an "endless aisle", where the store is not limited to selling what is on its limited shelfspace. This may be accomplished by using vendors who will dropship or using electronic kiosks in store that have products not necessarily in inventory which can be ordered and either picked up at the store or dropshipped to the customer directly. Finding ways to "save the sale" when the customer's specific color or size is not sitting on the store's shelves will be key in meeting the demands of the future for physical stores.

Foot Locker CEO Ken C. Hicks says, “A customer may come into one of our Foot Locker stores looking for a particular Jordan basketball shoe in a size 12. If we don’t have that size or color in the store, an associate can look on the register or their mobile device to find a Foot Locker store nearby where the customer can go and pick up the shoe right away." Foot Locker also has a dropship option.

Even as retailers rethink and revamp the store environment," the iQmetrics whitepaper continues under Step Four, "it is important to consider brick-and-mortar as just one of the multiple touch points consumers are using during the shopping journey. But managing multiple channels makes maintaining brand consistency a challenge." Technology has multiplied the possible paths for the customer to interact with retailers, but the retailer needs to have consistent branding.

Finally, utilizing shopper data is becoming more and more important as shoppers expect social media and mobile apps to know what they want and make suggestions. Knowing your customers is all the more important with high-end products and high-dollar purchases. The whitepaper emphasizes the need to give sales associates instant access to in stock and orderable products, using a kiosk or handheld device.

All of this bodes well for retailers who can adapt to changing realities.

NEW WHOLESALE WEBSITES

Terra Mia Jewelry is one of the newest members of the CAMEO EZ family with a new B2B website. Terra Mia Jewelry is a wholesale jewelry and accessories provider to retailers with a "Fair Trade" mission. The beautiful and stylish items are all handmade from various areas around the world. The beading techniques are specific to each culture. Much of the jewelry is made within cultures where the women are not allowed to work jobs or own property. They have formed co-ops or cottage industries to hand make each item. We support these crafters by paying them a fair wage so they may comfortably earn a living.

All For Giving has a brand new look for its wholesale website. The company offers a wide array of accessories including: wine stoppers, wine glass charms, wine boxes and faux fur wine bags. Along with coordinating picture frames, magnetic note pads, votive candles and coasters, you will be sure to find that impeccable gift.

Featured Vendors