Retail Store Owners: 3 Recommendations on How to Prosper in the Digital Marketplace

With Amazon and the rise of online shopping, retail stores are quickly going out of business. As a Northwestern student studying communication studies and Integrated Marketing Communications, I have found two articles that provides tips on how to prevent retail stores from going out of business.

In the first article “Retail Trends Taking Shape in 2018,” TomMcGee, a writer for Forbes, discusses the changes in retail stores are taking to market themselves and stay in business. He believes “that 2018 is coinciding with what feels like an entire new era of retail and retail real estate, though brick-and-mortar remains a proven formula.” One of the changes McGee mentions is that retail stores are now expanding beyond just traditional shopping; they’re incorporating entertainment and other activities to attract both shoppers and non-shoppers. He also focuses on technology and its impact on the retail world. By 2020, he believes that approximately 45% of retailers will incorporate artificial intelligence into their store to enhance the customer shopping experience.

Source: medium.com

The second article is “Top 14 Retail Trends of 2018 ThatWill Redefine the Industry” written by Michael K. Spencer for Medium. This article, as the title suggests, shares current trends in the retail industry. Spencer and McGee share similar thoughts on the usage of new technology and creating more than just a shopping experience in stores. Spencer goes more in-depth into the different technology functions, such as mobile payments, QR codes, and retail robots, that will ultimately help improve and create a memorable in-store customer service experience.

Based on these two articles and my experience as a Northwestern student and avid shopper, I have developed 3 action items you should consider when revamping your retail store.

Incorporate new technology
Brands are incorporating more advanced technology and should continue to do so to enhance customer service and satisfaction and gain their attention in our digital society. 

Think entertainment
Physical stores need to be more than just a place to buy to prevent closing. They should offer other sources of entertainment to keep customers in-stores.

Stay up-to-date
Brands need to stay up-to-date with the latest trends and technology to update their stores as needed and not lag behind everyone else.

Retail stores must remember the three tips above to gain customers and prevent closure.

Grace Hong is an undergraduate student at Northwestern University majoring in communication studies, minoring in Chinese, and pursing the Integrated Marketing Communications certificate. You can get in touch with Grace via LinkedIn or Twitter.