Due to the pandemic, country-wide lockdowns were imposed in various countries in order to keep the spread under control. It is no secret that the retail and shopping industry was badly hit by these circumstances; a report from Yelp showed that 60% of listed businesses have shut their businesses for good, including 48% of retail stores.
To this end, many retail businesses are putting their hopes on the booming e-commerce business and focusing on their digital presence. Professor Ruth Bolton argues, however, simply relying on one’s digital presence is insufficient to satisfy most customers. Through her research, she has found that many customers still have a desire to “physically experience” products and indulge in shopping as a social activity.
In this article, Professor Ruth Bolton explains how retailers like Best Buy have managed to maintain approximately 80% of its sales despite the pandemic, by successfully integrating the digital, physical, and social aspects of shopping for their customers.
Read the full article for a deeper analysis of how having an integrated strategy is the key to remain competitive in the retail industry!
Source: Can E-Commerce Save Retail?