The future of retail: in-store vs online experiences

TRSM - Like Nobody's Business

Online shopping, as a habit, has carried over into the present day, leaving in-store shopping to catch up and close that gap. Extravagant in-store experiences are what some businesses are turning to as incentive to bring in consumers. Examples like the Canada Goose freezer change rooms to test out winter jackets and the Apple Store, where customers have access to the newest technology as soon as they walk through the door, as well as individual user-training sessions. These engaging customer experiences encourage people to make the trip to their local mall, and potentially even make the jump with a purchase.

So how should businesses be approaching this landscape? Is it more important to invest resources into online experiences, or in-store ones? Where should businesses be meeting their consumers– in an online space, while they’re in the comfort of their own homes, or in a store, where they can have a face-to-face conversation? Is it possible to invest in both of these areas of retail and have it be successful for brands and businesses?

Joe Aversa, an Assistant Professor in Retail Management, has experience in retail planning and big data analytics. He explains where the retail landscape currently sits, and what businesses are going to have to do in order to keep pace with the demands of online and in-store retail spaces. Dr. Joanne McNeish from Marketing Management shares her thoughts on what the customers may be thinking and what this type of marketing accomplishes for companies.