NEWS ANALYSIS
In the era of Amazon’s dominance after a generation of Wal-Mart’s destruction of department and discount stores, retailers have to connect with their customers on multiple channels.
The challenge is to keep the customer engaged by integrating the in-store experience with the convenience of online shopping. The two complement each other.
Retailers and brands are aiming at delivering a shopping experience, not just selling goods indiscriminately. And it’s not just a question of how to target millennials, as business adviser Mark Satov of Satov Consultants points out.
“Boomers are also moving toward buying experiences because they’ve had enough of goods and they realize that goods only provide them with so much fulfillment,” Satov tells Epoch Times.
While traditional brick-and-mortar retailers play catch-up on e-commerce, traditional e-tailers are seeking to better understand their customers through physical stores.
“There is only so much you can do online to create a differentiating experience,” Satov says.
Frank & Oak began selling clothes online and now has 12 stores in Canada and three in the U.S. “You go into the store and you start to feel the brand in a whole new way,” Satov says.
Well.ca opened a “pop-up” store in late June and plans to use data gathered on its customers online to predict what they will want in the store and to connect with them in person.
“Those that don’t offer a niche that’s different from giants such as Amazon and Wal-Mart will struggle,” said Well.ca CEO Rebecca McKillican in an Aug. 15 Globe and Mail commentary.
Canada Goose, the luxury apparel maker, will open two flagship stores this fall—one in the trendy Soho district of New York and the other in Toronto’s upscale Yorkdale Shopping Centre.
The brand has seen explosive growth over the past few years and the next step is creating a unique in-store experience for its customers.
