The retail transformation: Cultivating choice, experience, and trust. In this post, we will be talking about the 10 most crucial brick-and-mortar retail statistics. And for two obvious reasons: quarantine and social distancing. Compare that to 2018 which saw about 5,500 store closures for the whole year! Adams Street Partners and Sapphire Ventures Lead $40M Investment in Punchh to Power Digital Transformation of Brick-and-Mortar Retail. Brick-and-mortar stores need a boost. This shift to online shopping – especially among older cohorts – presents a unique opportunity for brands and retailers to engage new online customers. These are just a few examples of how digital transformation can turn a brick-and-mortar retail store into a digitally fluent, highly efficient sales machine. Automotive retail is changing with unprecedented speed and magnitude, driven by shifting customer expectations, new mobility offerings, and technological disruptions, such as digitization, vehicle connectivity, and electrification. What are some examples or good ways that retailers are creating a seamless mobile and retail experience? However, … 2020 has been a tough year for local stores. It's driving retention, and they're able to take that data and start to market to them both online and offline when they're in the brick and mortar. It’s only April and over 4,800 brick and mortar store closures have been announced by retailers in 2019. Shop. ... Everything you need to know about Digital Transformation. The best articles, news and events direct to your inbox. Last year, Fung Global Retail & Technology tracked 6,985 store closures. The investment will accelerate the development of Punchh’s customer AI technologies while optimizing its solutions for new retail verticals . In addition to e-commerce, digital interactions influence more than half of every dollar spent in brick-and-mortar stores and drive expectations of price transparency, convenience, and relevance. The Digitization of Bricks-and-Mortar: Retail and Technology. They have an app called Snap. That 35 year old male consumer may very well continue to shop in Walmart’s brick and mortar stores after getting used to Walmart’s low prices. Ecommerce continues to grow as a dominant force affecting nearly every player. Last year, Fung Global Retail & Technology tracked 6,985 store closures. Inventory Management Key in Digital Transformation of Brick and Mortar Retail “In order to remain competitive with e-commerce retailers and other brick and mortar rivals, physical stores will soon be adopting IoT and AI-enabled inventory tools as the standard, rather than the exception.” Today the average person hardly needs to be reminded that the world is changing rapidly, and that adaptability is a necessity. If brands can make everything from the log-on, shopping cart, check-out, and e-receipt process seamless, they’ll be in good position to win repeat business. The retail store of the future is heavily geared toward advances in technology. With 2020 behind us, brands have gathered facts, analyzed clues, and identified key suspects. and service formats such as city showrooms or pop-up stores. Subscribe to our newsletter for the most up-to-date e-commerce insights. No industry has undergone more change as a result of today’s ongoing digital transformation than the retail marketplace. While digital transformation has propelled experiential stores to the front of the brick-and-mortar experience, customers continue to have ever-changing needs that only a blended human-digital approach can satiate. How do we take that data, and how do we enable that experience through the offline and online world? This number is expected to shoot past 6,000 in the coming quarters! The retail store of the future is heavily geared toward advances in technology. Even before the pandemic, brick-and-mortar stores were struggling as more consumers shopped online, and looked or socially-minded alternatives to longstanding brands. Thanks to digital-first strategies, consumer expectations are rising even higher. In many ways, the current state of the retail industry resembles the pinnacle scene of a good mystery, with folks trying to solve what will happen to brick and mortar after COVID-19. Stephanie Dismore, vice president and general manager, Americas Channels at HP Inc., explains how mobile devices and big data are shaping how retailers understand their customers. We're finding now that shoppers are shopping where they want to be no matter what time of day, whether that's on their mobile phone, whether that's on their desktop or notebook, or whether that's walking and going into a brick and mortar store. 3 min 8 sec. Automotive retail is changing with unprecedented speed and magnitude, driven by shifting customer expectations, new mobility offerings, and technological disruptions, such as digitization, vehicle connectivity, and electrification. Still, the key question remained: Could the increases in online sales make up for the loss of foot traffic? 10 technologies leading digital transformation in retail. Transformation has given UPS the ability to smoothly manage operations and serve retail customers — whether “brick and mortar” or “click and order” — during this abrupt shift to e-commerce … even at a moment when the world faces unprecedented healthcare challenges.