Day One: Session Four
The Secret Sauce of Modern Retail: It’s Physical WITH Digital
Helaine Suval, President, Suval Consultants; Board of Directors, Lenox; Former EVP/GMM, Macys.com
Did you know that 90% of all retail sales are still transacted in stores, and 95% of all retail sales are captured by retailers with a brick and mortar presence? That’s staggering when you consider all of the online retailers and the Amazon influence! It shows that there is life in spite of Amazon, and it’s important to know that shoppers actually find physical stores appealing. Stores provide customers with a physical presence that allows them to touch and feel products, engage in the brand experience and interact with knowledgeable sales associates. It’s making the stores engaging and appealing that leads to success! It’s not physical or digital; it’s physical with digital. Allowing customers to begin their search on-line or off-line, then encouraging them to shop when and where they want to is smart, and smart retailers know that giving customers what they want will deliver winning results.
Suval drew from her extensive experience in merchandising and management at Macy’s to offer tips for successful retailing in stores and online.
- Exceptional customer service is the #1 factor in building consumer trust; shoppers spend because of positive customer experience. Optimize your showroom for interaction and pleasure.
- The average order value is higher online than in stores; free shipping is a threshold that can make that happen. A shopper in a store is looking for what’s new and for an experience as well as opportunity to make a purchase, but is not committed to building her order. The size of the order basket is higher online.
- Online retailers see value in physical stores—the Web brings shoppers to the stores. Consumers who purchased online spend more when they pick up their orders: they go into a store and add to their online orders, and even during returns shoppers will buy new items in addition to the replacement item.
- Multichannel shoppers are more loyal and spend more than single channel shoppers. Allow customers to begin their search online or offline, then encourage them to shop when and where they want to. Help them discover new products and stories—narrative becomes key. With storytelling, it’s not what but why you are selling.
- Omnichannel marketing allows shoppers to shop where, when and how they want. Have one voice with a single point of view for all the channels and platforms.
Learn more about Helaine Suval here: