How Retail Stores Can Win in the Age of Online Shopping

Luxury goods sales are growing three times faster online than in physical stores according to a Euromonitor International global trend report. It is no secret that online sales are comprising larger percentages of overall jewelry sales every year. Still, retail remains strong. Even online powerhouse Blue Nile has opened six retail locations, hoping to bring a personalized shopping experience to customers.

As consumer behavior continues to evolve, the retailers who will win are those who can effectively manage an online presence, and offer value that ecommerce giants cannot.  

Capitalize on Speed and Convenience

According to recent Factworks study, when asked why they prefer shopping locally people responded that they like having goods immediately available, having goods close to them, and avoiding shipping costs.

Even with Amazon, the standard for speed, customers typically have to wait a couple of days to get their purchase. When looking for a last-minute gift or something to wear for an upcoming event, a retail store can get goods to that customer immediately.

Capitalizing on being the speedy option for consumers requires carrying inventory to make sure you have what a customer wants in stock. Identify and stock items in your store that are often given as gifts, and those at lower price points to help keep inventory costs down. If you sell online, offer in-store pick up to save time.

And remember, getting merchandise same day is not the only way you can save time for customers. By asking the right questions, a retail store can quickly pull a curated selection of pieces. This can be a much more efficient way to shop than sorting through thousands of search results in an online marketplace.

Create a better Experience

A recent study found that 91% of consumers felt it was more important than ever to support small businesses over the holiday season. There is a huge wave of enthusiasm for buying locally. Consumers love the idea of keeping their spending within the community, and they report appreciating the trust and security of shopping at a local retailer. There is so much that goes in to creating a great experience for your customers in ways that an online marketplace cannot.

Service is perhaps the biggest way brick and mortar stores can stand out amongst the online competition. Your staff serves as salespeople, experts, consultants and stylists all in one. Buying jewelry is highly personal and retail stores are uniquely positioned to bring that individual touch. In fact, businesses that are known for great customer service could even raise prices, as 41% of consumers reported a willingness to pay more for knowledgeable and helpful service in a recent PwC study.

Shoppers feel that they can trust local retailers, especially those that are well plugged into the community. They can touch the product before purchasing, and know help and support are never far away. Maintain this trust by having a fair and hassle-free return policy and if a customer buys something from you online, make sure they can return or exchange in store seamlessly.

Provide Meaningful Online Content

Brick and Mortar stores often ignore their web presence because they don’t think it brings people into the store. The truth is, 4 out of 5 people use search engines to find information on local stores, and 3 out of 4 people who find helpful information are more likely to visit a store. At a minimum you should have consistently updated local business listings, and a website with content that helps customers research their purchase. Good web content will also help you rank higher in search results.

With fast growing local searches, small businesses can show up in search results above major brands without spending any money. Make sure your business is properly listed on Google, Bing, Yahoo!, and Yelp. Also, consumers expect to see online reviews when browsing for a shop near them, and more reviews helps you rank higher so make sure you are actively working on your review score.

It might seem that everything you read today is doom and gloom for retail businesses, but the truth is customers will come to your store if they believe they will have a great experience and can get goods immediately.

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