Elizabeth Zachry, Pitney Bowes Business Insight
Shopping malls have been around for hundreds of years and, thus far, have been able to respond to the ever-changing demands of the consumer. What started as simple structures in downtown areas of cities have morphed into grandiose buildings in suburban settings. However, with an increasing number of consumers turning to the internet for bargains, retailers are trying to find new ways to bring shoppers into their stores. According to the U.S. Census Bureau, e-commerce sales have steadily increased over the past decade, from less than 1% of the total quarterly retail sales to more than 3%, with current trends indicating that online shopping will only increase.
Instead of fighting this trend, retailers are embracing the internet and finding new ways to integrate the online shopping experience with the traditional storefront. Some retailers, such as Gap Inc., offer the opportunity to order products online from within the store, making shopping easier for consumers when the desired product is out of stock. In addition, several retailers, such as REI, Sears, and Nordstrom, offer online consumers the option of picking up their items at a retail location, eliminating shipping costs and shortening wait times for packages. Many retailers and shopping centers even have their own Facebook pages and Twitter accounts, where people can become fans and followers and can get regularly updated information on sales and store promotions.
Increasing use of mobile technology has also led to new applications designed to improve the in-store shopping experience. One such application, by NearbyNow – a company in Mountain View, California, allows users to find and hold products in the stores nearby. If, for example, you are looking for a black shirt, the application lists all the stores in your area that sells black shirts, gives you the option to put a shirt on hold – even lets you email pictures of the various shirts to your friends to judge.
Certain aspects of internet shopping will be impossible for shopping malls to replicate, but it seems as though the future of retail encompasses both the storefront and the internet.
