VMSD: State of the Industry

As e-commerce gains market share, it should be seen as an opportunity, not a threat.

An influx of store closing announcements this year might suggest that retail as we know it is doomed – and that’s partially true. While the industry has grown weary of the term “omnichannel,” the necessity to create seamless brand experiences between physical and online stores hasn’t (and isn’t) going away. And for legacy retailers that have resisted change, holding out hope that they could weather the inevitable storm, it might just be their last chance to adapt and survive.

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FOCUS ON FUNDAMENTALS

Tommy Bahama combines a traditional store format with an open-air beverage service and dining concept. / Courtesy of MG2; Photography: Magda Biernat, New York

Although the retail industry faces a lot of uncertainty with regards to which formats will prove sustainable and successful over time, the fact remains that brick-and-mortar is still customers’ preferred method to purchase goods. Where retailers need to focus, Soffe says, is on experience and engagement, whether online or in physical stores. “If a brand can engage the consumer, their chances of selling to them are much higher.” Loyal customers shop with the brands they know and trust enough to give them the best experience, leading them to return time and time again.

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