With the temporary closure of retail stores throughout the pandemic, the significant change gave many consumers online retail overload and since then there has been a shift in spend towards the experience economy.
Prior to the pandemic, stores were closing like wildfire and consumers were beginning to accept that all purchases could be made online over time – then the pandemic struck and many people who were forced to stay inside, yearned for a day where they could browse in a retail store again. Following both extremes, maybe a balance has now finally been struck between online retail and bricks and mortar stores? And if so, then how can it be sustained?
The experience economy
The answer is in the experience economy! There were very limited options for places to visit throughout the pandemic – yet now that everything is beginning to open, people are eager to get out and make visits to places. Whilst online retail is still thriving, so too is the experience economy. With finally feeling a sense of freedom again, opportunities to visit shopping centres, plan days out which involves sporting activities, meeting for a coffee or lunch and visiting a few shops in the process is something that many people are enjoying. Subsequently, it also means that in the euphoria of being out, that they will spend money.
To devise pleasant customer experiences whilst creating sales leads at the same time, retailers need to adopt the OMNI approach. This means using smartphone devices to their advantage and in doing so can join online retail processes and bricks and mortar visits together. With advanced digital technology, retailers are encouraged to look at the OMNI approach in terms of:
- Order and deliver to store
- QR codes on products to scan, open and save / buy online
- Creating wish lists
- Accessible changing facilities
- In store fast digital payment solutions
- Simple returns procedures
All these options improve customer experience and create a seamless approach for both online and offline, which is perfectly pitched to meet the needs of the experience economy.
Is your company considering aligning your online retail processes with existing bricks and mortar stores, through the OMNI approach? Here at Crendon Insurance we support online retailers with all aspects of retail insurance protection, digi tech insurance, employers’ liability insurance and commercial business insurance for buildings and public liability too. For a streamlined approach with a single commercial insurance provider, please contact our team or see our online retail insurance information for further details.
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