Stay Profitable in the Digital Age: Why ecommerce is Only Part of the Answer
- January 18, 2018
Ecommerce is not killing Brick and Mortar Retail
Retail is changing. So, how do you stay profitable? Some argue that the answer is ecommerce. However, selling online is only part of the answer in this complicated market.
ECommerce is growing and there’s no question that it’s important. But, it is not a one-stop shop for making more money.
According to Forbes, industry analysts predict a 5-10% increase in market share this year, elevating e-commerce to 20% of all retail sales. So, why do most think that selling online is the answer to retail success when most of the sales will happen in-store?
How to Get on the Path to Profitability
2018’s key differentiator lies within customer instigation, or rather, a merging between digital advertising and actual purchasing. The stores closing at a rapid rate have faltered by separating their business plans into online and brick and mortar. Your digital presence must be a combination of product transparency and store-driving.
Reports today suggest that over half of in-store sales involve a digital device. Forbes reports as high as 60-70% of all sales originating online.
This means the sale starts online and ends in-store. Ecommerce is only part of the game. Having the right product, on hand at the right time, is the key to driving sales. You must be able to track customer data to market correctly, but also have a system powerful enough to run a seamless back office.
Integrated Software is the future
At RICS, we believe that the future of retail involves connected technology.
Having the right technology in-store will help you support the new sales structure of combining online and in-store experience. This is the reason I joined RICS. I believe in our mission and our ability to get retailers on the path to profitability.
We’re a company that evolves to support clients, with our finger on the pulse of the industry. We’re a software that can support online sales, and includes robust in-store inventory control functionality. Having both elements is paramount to getting the right products in your customers’ hands.
The world is moving online, but people don’t see shoes and clothes as a transactional service. You need a platform that understands that reality.
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