Why is the Retail Structure Changing?
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Havildar in London, Insights
The Changing Retail Landscape
One of my favourite things to do is, is go to oxford street, and check out all the shops, to see all the latest trends. I love seeing what the latest colours and styles are, and touching the clothes, it gives me such a high! I can literally spend hours doing this!
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However this time around, I noticed a major change in how clothes are displayed within the shops. Instead of having their full collections displayed within their brick and mortar stores, there’s a huge shift to encourage consumers to purchase on-line.
This isn’t limited to 1, or 2 stores now, but to the majority of them. With department stores, it’s now become about stocking as many different brands as possible, (with a lot a pop-ups,) to attract potential consumers, as opposed to carrying a couple of brands and their entire collections. This is to ensure the consumers are engaged with the brand and its products, and to compete with on-line portals that have a quick stock turnover.
This trend has been happening within the US for a while now, where the retail climate has been so bad, that lots of big brand stores and department stores have had to close several branches.
The main question is, why is there this sudden shift, to encourage consumers to purchase on-line?
Clearly e-commerce is a platform that is not disappearing any time soon, with its merits of accessibility from anywhere and anytime, being completely intoxicating and extremely practical! Initially they weren’t much competition for the brick and mortar stores, but worked in tandem with them. But with our ever changing, fast paced lives, they are taking their place.
A friend of mine in the UK, whose 33 and a jeweler, has now taking to only purchasing on-line. She has not got the time to go to shopping malls, find a parking spot, and then wonder around all the shops to find the particular item she needs. Then to try it on, get the right size, and then hypothetically wait in a queue to have to pay for it.
This shift in peoples’ lives, speaks volumes and e-commerce platforms have capitalised on it.
Another reason according to BOF (Business Of Fashion,) is that showrooming, is now on-line. Instead of people going to the physical stores, to find seasonal inspiration, they can utilise services such Stitch Fix and Bonobos.
With all these e-services available, as well as more and more retailers jumping on the band wagon, the future of shopping, looks like it’s all going to be a click away!