Updated: Oct 17, 2021
Summary: Times have changed dramatically in the past year, causing negative effects on how society functions today. For us, we are interested to see how the pandemic has challenged fashion retail. This particular industry has been forced to implement different ways to reach its ideal target audience. In this blog, we are going to explore the changes in fashion retail while providing strategies for future success.
Harvard Business Review:
... while e-commerce will continue to be an essential element of retail strategy, the future success of retailers will ultimately depend on creating a cohesive customer experience, both online and in stores.
What Are The Changes?
Our traditional shopping at brick-and-mortar is coming to an end quicker than we can anticipate. To narrow down the direct effects of the pandemic, all of the answers we seek are in the behavior of our consumers' attitudes and habits. According to NSS Magazine,
Over the last year, Bershka, Zara, Gap, Pull & Bear and Stradivarius have experienced a drop in sales in physical stores around 50%. Due to stores closed during the pandemic, most consumers have discovered fluidity and ease of purchase on digital platforms, preferring a "comfy shopping" in slippers and pyjamas, away from the chaos of the shopping streets of the big city.
Along with this, we found a survey conducted by EY Future Consumer Index (Index), which worked to learn about the perceptions of consumers since the early days of the pandemic. The results show:
80% of U.S. consumers are still changing the way they shop.
60% are currently visiting brick-and-mortar stores less than before the pandemic
43% shop more often online for products they would have previously bought in stores.
26% of respondents plan to live in less densely populated areas, up from 22% in April of 2020.
Fashion retails have been increasingly challenged in the past year to implement efforts to innovate their business. However, for many others, this is the perfect time to reset their business strategy to meet the needs of their customers while meeting the demands of the future of digital commerce.
Successful Strategies To Implement Change:
BOPIS (Buy Online Pick-Up in Store):
According to BigCommerce.com, BOPIS allows retailers to blend the online and in-store experience to engage with customers while offering a more convenient way to shop. This includes:
Curbside pickup or BOPAC: A subset of BOPIS in which customers receive their items outside the store, often without leaving their car.
ROPIS: Reserve-online-pickup-in-store. This method allows customers to order an item for in-store pick, but not actually pay for it until they receive it.
According to InsiderTrends.com, concept shops are created to carefully curate and provide unique selections of products that connect to an overarching theme. Concept stores are about discovery and experience. So products and designs tend to change regularly to keep telling a story in new and interesting ways.
Phygital Hybrid Distribution
According to Accenture Financial Service Blogs,
“Phygital” is a portmanteau of “physical” and “digital.” Phygital distribution refers to the blend of online services and brick-and-mortar branch offices that customers increasingly expect from their banks.
The goal here is to create immersive engagements that customers find easy to connect to.
Examples of Phygital Experiences Today
Mobile apps, curbside pick up and delivery, and BOPIS
Websites and customer portal
Let us know your thoughts on digital shopping! Are you here for it?
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