Is Brick-and-Mortar Retail Still Relevant?

Times have changed for retail. Especially during the COVID-19 pandemic, which increased ecommerce by staggering amounts with brick and mortar shops having to close their doors. Now that this unprecedented time is over, what does it mean for brick and mortar retail stores? Are they at risk or are they here to stay? Those who made the proper adjustments during the pandemic were able to keep their locations afloat and now they have areas for expansion in their business. Actually, in 2021 store openings topped store closures for the first time in five years, according to Coresight Research via CSNBC. There are a few key reasons why this is happening. First, not all customers buy online. Older generations tend to lean on retail location for their purchases. Second, it provides a better face-to-face customer experience. Millennials turn to spending money on experiences rather than material items and retail locations can offer both. Also, customer service in this setting gives the buyer the option to speak with a real person about the products or services they will purchase. Third, it provides a convenience that may not be available with recent supply chain disruptions. While older generations, such as Boomers and Gen X prefer retail stores to learn about new products, 14% Gen Z still use brick and mortar stores to learn about new products as well, according to HubSpot. The future looks bright for brick and mortar retail but they should adopt an omnichannel strategy in order to fulfill a seamless customer journey as well as offer options for their audiences of all generations.

Statistics & Their Importance for Business Leaders

Statistics. Everyone reading this probably just had a nightmarish flashback of being in their college stats course. It’s a difficult subject.  But why is statistical research important in business in the real world? Well, it’s because it enables brands to analyze past performances, predict future trends and utilize critical thinking with data-driven decision making. Yesterday we talked about the importance of industry trends. Following business statistics is one way to help identify those trends within your industry. Statistics are data driven and are created using methods of mean, mode, median, bar graphs, bell curves, probability, hypothesis tests and regression analysis. There are a few top ways that businesses use statistics such as:

1.     Financial data management. Recording, tracking and analyzing your businesses accounting is one of the most important ways to use statistics for obvious reasons.

2.     Improving business operations. Measure efficiency and performance to make improvements to marketing research, projections and advertising strategies. 

3.     Improving decision making. Statistical analysis can help leaders overcome issues and changes to create a better future for your business.

4.     Measuring organizational performance and efficiency. Your business can look at various areas to see how they are performing.

5.     Identifying trends. Statistics give data on current trends and create solutions to adaptations that may be needed.

6.     Improve forecasting. This can improve sales, expenses, profit margins, production quality and capacities.

Chances are you’re not a statistician. Neither are we. Hiring someone who specialized in this will improve your business strategies as a whole. A statistician can analyze your business stats and is highly recommended in order to improve in the areas mentioned above, efficiently. No need to get bogged down in the numbers and feel like you’re in college all over again. Let a pro take the reins.