Report: Winning Strategies for Brick-and-Mortar Retailers to Fight BackOctober 2nd, 2017 | Posted by in Retail
Brick-and-mortar retail is far from dead. Undoubtedly, traditional retailers are facing hurdles—a major one being the growing competition from e-commerce disruptors. This industry shift is leading brick-and-mortar retailers to innovate and adapt their strategies to maintain market share. The question is, how exactly are they modifying their approaches? And which changes have proven to be most effective?
In a new report incorporating research and analysis from The Economist Intelligence Unit (EIU), those questions—and many more—are answered. Based on findings from a global survey of 256 retail executives conducted by The EIU, the report reveals which online-only players they see as their biggest threat, and why; the most common strategies retailers are leveraging in their fight against online competition; and how successful they have been in changing their approaches.
For example, in the US, 56% of respondents say they face significant competition from online-only retailers. And as a result of competition from e-commerce players, 64% of respondents said they have closed one or more stores in the past three years. However, the research also shows that they are not taking this threat lying down.
In the report, APT presents a playbook that retailers can use to turn the tables on online-only competitors, looking to their industry peers to see where they have succeeded in evolving their offerings. In the US, top strategies include:
- Making Your Store Associates Core to the In-Store Experience
- Using Customer Insights to Drive Incremental Profits, Not Just Offer Promotions
- Taking a Surgical Approach to Store Closures and Remodels
- Focusing on Measuring Everything Across Channels
Overall, while the report captures many of the key ways that traditional retailers are revamping their strategies, it also digs deeper into another critical question: How can they determine which new ideas and programs will be the winners?
This report, based on original research and written as a survival guide for traditional retailers, takes a closer look at the state of today’s retail industry. Everyone knows that e-commerce is a threat to brick-and-mortar retailers—but this resource goes beyond the surface-level to identify why that is, and what steps the most successful retailers are taking to fight back.
This research is independent and not related to APT clients.
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