If traditional store-owners don’t catch up with the ever-changing world of retail, they could lose out – not just on profits, but on recurring customers too. Author: Deborah Bates
If traditional store-owners don’t catch up with the ever-changing world of retail, they could lose out – not just on profits, but on recurring customers too.
That was the opinion of panellists discussing the UK high street on Tuesday, at an event Management Today hosted. They agreed that increasingly, consumers are ditching traditional stores in favour of their online counterparts.
“Many won’t go to their local store because of the price of parking, or the inconvenience of yellow lines,” said Dan Wagner, an internet entrepreneur; giving one insight into why traditional brick-and-mortar stores are suffering. What’s more, the managing director for growth and emerging markets at Visa Europe, Mark Anitpof, gave his opinion on the situation.
“In a multi-platform world, firms need to be tightly integrated. If prices in the store don’t match its price online, then customers aren’t going to be happy,” he implied, cited by Managementtoday.co.uk.
Their comments may encourage traditional retailers to re-assess both the effectiveness of their website, including its internet payment gateway and their on-site stores. If the pair don’t marry up, they could see their business suffer or damage their reputation – especially given the ease with which consumers can find information these days.
“Smartphones are giving consumers the most informed shopping experience they’ve ever had,” confirmed Alan Giles, who used to be the CEO for HMV. “They offer complete price transparency.”
In fact, digital avenues – such as the internet access provided by smartphones – are key to “assisting” customers, Link2portal.com suggested.