Indeed internet shopping is very popular due to its ease, yet physical stores still have huge demand. Craving to visit a mall or a commercial outlet will always be going to be there. Even today, internet portals impact 54% of all sales, whereas brick-and-mortar stores hold 80% of all retail sales in India. So, let’s admit- Be it any commodity we are brought up with or a sense of examining a product & then buy, Retail spaces in India still have a striking impact.
Today, ecommerce has gained popularity in the COVID-19 pandemic, physical stores have evolved into centres for curb side pickup and buy-online, pick-up-in-store alternatives- anticipated to grow by 15% in popularity by 2021.
So, if you are into business, you must know everything about a retail space as despite how much the ecommerce sector booms, Retail spaces in India can never lose their value.
The sole reason for brick and motor stores flourish future is- Many people want products in their hands when they buy, as to try on themselves while buying outfits, shoes, cosmetics or pantries. People only buy those things which they find perfect in their hands. As the saying goes “We believe, what we see” which is an apt prolong for retail spaces.
Hence, retail spaces have great value. Considering this, let’s dive into more about retail spaces.
What is a Retail Space?
A physical place where retailers offer items and services to customers is a retail space. Almost everywhere there are consumers to service may be found, including shopping malls, bustling urban regions, suburbs, and even pop-up stores.
Retail spaces vary from other commercial areas as they get designed to maximize customer movement. They are built with an idea that customers can wander around freely and look at items. In addition, most retail locations include a back of the house, a storage room where merchants maintain and organize goods that aren’t on the sales floor.
Retail locations can also get reached by automobile or public transportation. Some merchants want to locate their stores near “anchor stores,” which are well-known stores that draw a lot of foot traffic to the region. The Apple Store is an example of an anchor store; people go to a specific location only to visit it; it’s a destination. Retailers want to be near it so that they can take advantage of the increased foot traffic.
Benefits of a Retail Space
Despite the rise in popularity of internet shopping, there are several advantages to having a physical retail store. Rather than stifling its expansion, ecommerce has propelled retail to new heights and provided merchants with new opportunities to interact with, sell to, and service customers.
Independent merchants may now compete with big-box shops because of the improvements and increased accessibility of sophisticated retail technologies. Independent merchants have the potential to establish themselves as community hubs and prosper by providing hyper-personalized service, ecologically friendly operations, and better relationships with their customers.
Customers who interact with sales representatives spend more than those who do not. While there are many ways to raise a customer’s basket size online, such as free delivery thresholds and suggested add-on products, you can’t build an interpersonal connection. Ecommerce is a transactional business, not an experienced one.
Build a Brand
A shop location may be an effective marketing tool. Opening a retail space is a chance for digital-first businesses to design an on-brand, customer-centric experience from the moment they walk in.
Retail shops are essential because they portray an actual image of the brand and what the experience should be like. People come to the stores to observe the immersive experience the items provide, and local customers come to pick their purchases faster than they would if they purchased online.
Physical retail stores have a significant advantage over internet businesses in that they allow brands to define and manage their ideal customer experience from beginning to end. Physical retail stores may help you stand out from the competition by providing an experiential touch point with your target consumer.
Furthermore, when you sell directly to customers through your retail shop, you have access to a wealth of consumer data and feedback that you can use to enhance your products, services, procedures, and customer care.
Customers are significantly more likely to make repeat purchases, join up for your customer rewards program, suggest your products and services to friends and family, and become your most incredible fans on social media if they believe you respect their feedback and utilize it to improve actively.
If you have gone through the article, you must have got what role retail stores play in commerce. Even though pandemic has made us inclined over ecommerce for searching any product, in the long run, retail spaces are always going to be flourishing. Hence, we advise you to quit hesitating over your retail investment and grab the best next retail space option available to you!
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