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Tersebox | Millennial's Magazine | STAND. START. WIN.

Tersebox | Millennial's Magazine | STAND. START. WIN.

Why Brick And Mortar Stores Are Coming Back?

brick and mortar stores
[Photo: Pixabay]

Insight

Why Brick And Mortar Stores Are Coming Back?

According to some experts, the businesses of brick and mortar have been deteriorating or dying since the past few years. In fact, many of us have accepted the reality that online shopping has taken over and will be dominating our future. However, this is not exactly the case. As per some latest studies, the demand for brick and mortar stores among the Gen Z customers and millennials has actually been increasing. And you wouldn’t even believe that the demands have been mostly arising in the beauty sector!

So, how is this happening? Now, it seems like most of the brick and mortar businesses are starting to provide a more personalized experience to their customers and have also adapted the latest technology. There was a prediction which was made long before that the year 2017 will mark the occurrence of a retail apocalypse. So, the founders of various brands started thinking of ways in which they could save their businesses. Most of them began making an effort to strengthen their brick and mortar presence.  The best example that can be given here is of Starbucks. Starbucks has recently closed all its online stores and have begun redirecting its customers to the nearest stores.

Similarly, many other well – known companies have started to focus on new approaches related to brick and mortar businesses. So why is this actually happening? Why are the brick and mortar stores coming back? The reason here is definitely more shocking. The Gen Z customers are currently considered to be amongst the most important customers of the future. Now, most of the individuals belonging to this group actually like the brick and mortar business approach. Let us now try to understand the reasons behind this inclination:

  • Shopping and technology: Despite spending lots of time online, the Gen Z customers are more inclined towards connecting to other people and brands. They would prefer to ask for help from a nearby store rather than making a call to customer care online. According to some studies, these customers also expect the store owners or assistants to be knowledgeable and well – informed about everything. In fact, as per some studies, the Gen Z customers do not see much of a difference between physical stores and online stores and this is the reason why they need an integrated experience on the same.
  • Augmented reality and digital engagements: Today’s generation mostly searches for some kind of active digital engagements so that they can rely on the products and services provided by the stores. Basically, they demand an augmented reality on the part of the brands. So, nowadays, most of the brands have started adopting the strategy of providing personalization and engagement to their customers. This helps them in gaining the loyalty of customers and to secure the sales too!
  • Discounts: It is a known fact that online stores always provide discounts to their customers. So, the brands belonging to the traditional models of business have also started realizing this fact. That is why, they have also started looking beyond their original business traditions and have started adopting new strategies related to promotions and sales which are also help them to compete with the online stores.

So, now we know how the brick and mortar businesses are coming back and getting hold of their positions in the market by adopting some new and modified strategies of sales and promotion. Thus, it can be said that these businesses do have a position to occupy in future shopping. What they need to do is to engage the customers and provide them a more personalized experience through proper utilization of technology and business strategies.

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