There is a bloodbath in the Retail landscape. Chains are going bankrupted. The shops are being closed. This is something that is destructive to many societies. An easy question no one is capable of answering: what will happen with the empty space?
Many blame the rise of the internet. But I don’t agree with this. The internet simply cuts out the middle man. You are capable to search for yourself. To see what is available on the market. The innovative power is simply offering more choices to make money.
So why are shops closing?
Let’s face it. The big problem is that most people simply don’t have the money. If you can make some savings on costs you just take them. Many Retail companies were working with very small margins. So when something goes wrong it brings the complete chain into danger.
But most eCommerce stores are not making that much money. They where capable to reduce costs for the final consumers. But most firms are simply barely making any profits at all. So what will happen when they are going out of business?
The fact is that many companies simply adjusted to slowly. The failure to adopt. It is not the strongest how will survive. But the one that will adapt to change. That is what you need to do.
So for any retail operation, there is something different. In the past, it was location, location, and location. That was all that you need to have your shop working. But this is no longer. What you need in your new shop is digital, digital and digital.
You should engage with your customers on social media. Use it to accelerate customer service. The question is simply if you are adjusting on time or not.