Opportunities knocking for brick-and-mortar retail
The demise of brick-and-mortar retail has been greatly embellished, but the forces of change cannot be discounted.
As KPMG International's 2019 Me, my life, my wallet report made clear, customer habits and preferences are evolving, increasing demand for in-store innovations, personalized services, and physical-digital hybrid experiences. And though today online purchases represent just 10% of Canadian transactions, that number is on the rise.
Now is no time for complacency. Staying ahead of the curve requires ongoing asset investments, market savviness, and a focus on re-inventing the customer experience. Shopping malls that continue to draw traffic through their doors will be those that leverage the latest technologies to create unique and connected shopping journeys (through the likes of mall apps, interactive displays, digital promotions, etc.) and become more than just a place to buy goods (e.g. via restaurants, theatres, gaming venues, and Instagram-worthy events). Similarly, retailers that thrive in the years ahead will be those that support customers beyond their purchase, wield customer data to hone their offerings, and use in-store interactions to spark omni-channel customer relationships.
To learn how to design customer experience excellence, download the report.