7 Things That Could Save Physical Retail

The idea that eventually, e-commerce could replace physical retail entirely isn't a new concept ushered in by the pandemic. Known as the retail apocalypse, this concern has been floating around for a couple of decades now. So, how is this threat being fought? Let’s take a look at a few things that could save physical retail.

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Traditional enclosed shopping malls have been struggling for quite a while now, and the pandemic hasn't helped matters. This is true not only because people stayed home more for a while but also because they got sick of being inside all the time.

Open-air shopping centers are seeing much more foot traffic than enclosed malls these days. So, some traditional mall owners are responding by redesigning their properties to eliminate all the interior common space and make all the shops only accessible from the outside.

ALSO READ: Why Open-Air Retail Is a Solid Investment

An increasing number of retailers are incorporating unique experiences into their physical retail stores, such as interactive displays, in-store activity areas, and even classes where customers can have fun using the retailer's products. This can turn a shopping trip into a fun outing that can't be replicated from home.

From frequent-shopper reward programs to coupons, stores offer various discounts and incentives to their customers. And an increasing number have begun incentivizing customers to choose in-store shopping.

This could be anything from a special discount code for posting a photo on social media of yourself shopping in the store to simply a better discount if you use the coupon in the store rather than online.

ALSO READ: Brick and Mortar vs. E-Commerce: Which Retailers Are Thriving Now?

When a customer needs to return an item, that can be a great opportunity for them to visit the physical store to see what all is on offer there. But if they find long return lines, they may just mail the return next time. That's why some stores are beginning to install self-service return kiosks. This makes the process faster and simpler, which is great for foot traffic.

More people than ever started working from home at the beginning of the pandemic, and many of them intend to stay that way. And this increase in remote work is actually great news for physical retail.

At the end of a long workday, a lot of people are sick of being cooped up at home and even sicker of being on the computer. Going outside and taking a trip to the store can sound much more appealing in this scenario than performing yet another computer task.

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From watching the ball drop in Times Square to attending concerts and even working, people are now doing all kinds of things in the virtual world of the metaverse.

An increasing number of major retailers have invested in metaverse property, too. And while that may sound like a threat to physical retail, the fact is that people are still enjoying getting out and shopping. Meanwhile, virtual encounters with the stores and brands they can shop in the real world are fantastic marketing.

ALSO READ: What Is the Metaverse?

The thing that many feared would be the undoing of physical retail, the pandemic has in some ways had the opposite impact. People got tired of being inside all the time, and they now value getting out into the real world more than ever.

Worries that physical retail was ultimately doomed are understandable. It's easier to just order everything from home and have it delivered, and there are times when that's the way to go.

But ultimately, people enjoy getting out into the world and interacting with it. They want to try the clothes on, touch the linens, and let their kids play with the toys. Combine that with these trends, and you can see why the retail apocalypse isn't happening anytime soon.

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