Many business experts and notable investors have come out various times and said that the traditional mall shopping experience is going away because e-commerce is taking over everything and before long, all you’ll need to do is just go online for what you want. Is that totally true?
Not exactly because until we see virtual reality completely take over mainstream America to where you can completely try on an outfit you like without actually being in the store, everyone even young people still like to see and try things on. But what is happening is a change of experience by the new retailers that is bringing to a halt some of the ways that you may have shopped in the past.
The Bankruptcies And Financial Troubles Of 2017 Were Not Anomalies
If you tuned into CNBC or saw this article by Forbes, you probably heard about various retailers either declaring bankruptcy or downsizing many of their store locations. No, you don’t see the end of the world entirely for these stores say some experts, but what’s happening is they are up against major online merchants like Amazon who not only have an inventory full of just about everything, but also have those experiences like quick one-click shopping.
To keep going, the brick and mortar stores are going to have to make some changes to how they run. Otherwise, the store closings that have happened in 2017 are a sign of more to come in 2018.
Investing In More Mobile Technology
One thing that cannot be ignored in both e-commerce and brick and mortar stores is that customers are loving what mobile app shopping can do for them. From dress shopping to getting title loans online, mobile apps have started taking over how people shop. For example, if you’ve seen some of Walmart’s commercials lately you’ll notice how customers are looking at items they love on their mobile devices and having them ordered for pickup.
When they go into Walmart, they head straight for the pickup center and are practically in and out before they even know it. Perhaps you do the same when you order from Starbucks or even Subway or McDonalds now as many of them now have mobile ordering. The truth is it saves customers the trouble of waiting in line or having to look around trying to find things.
Bringing In Social Media And Changing The Overall Culture
An article on Business2Business Community was explaining that customers these days are looking for experiences that go away from the bland shopping and involve interactions and a little adventure. They mentioned how one Los Angeles boutique store was now becoming a hub for social media photos such as Instagram and Facebook selfies and just an overall avenue of social media culture.
Millennial consumers are all about making their shopping outings things they can share with friends, and retailers should be looking to take advantage of this.
How To Finance Your Business To Take On These Changes
For brick and mortar stores who don’t look at their e-commerce and mobile technology counterparts, their end is going to be coming sooner than later. But you could be one of those who changes with the times and invests in a more technology-based business platform.
If you need some funding for your business, you might consider applying for a alternative lending because you can get access to easy cash this way without even needing to go through the banks. If you need to pay off the loan, selling a car with an title loan can be done though you may need to contact a third party if you have questions. But there are also payday loans and peer-to-peer lending if you need extra cash.