Business transformation: Physical stores are slowly disappearing
In the past years the retail industry has witnessed a strong decline of physical store, the so called “Retail Apocalypse”. In 2019 approximately 6000 US stores have shut down, which is significantly high compared to the year before. While many factors contribute to this development, the main cause has been the rising popularity of online shopping. Many retailers didn’t see the rapid rise of e-commerce coming and have failed to adapt. However, as the market continues to change, we will witness a transformation of businesses and further attest to the interconnection between the physical and online retail.
A surprisingly large pool of funds for reinvestment can be discovered across the cost bar, promoted by radical thinking, outsourcing and the right digital tools. Transformation should be linked intrinsically to a digital strategy based on customer insights and personalization. Days spent in shopping malls could be numbered unless retailers adapt swiftly.
Read more about this hot-button issue on webhelp’s business blog.