This graph is a sign of the times. Big brands are closing their brick and mortar stores and focusing their sales on online platforms. A few years ago, there were warning signs. Analysts were reporting how online sales were growing and would continue to grow. The developing trend is now a fully-grown bull wreaking havoc in the retail industry. Those companies that developed a digital sales strategy early on, benefited enormously from the exposure and those deciding now are having to minimize the effects of the crisis and consider the inevitable, when to close and exclusively sell online.
The landscape looks different online.
1. Stores worried about customers leaving the store without purchasing anything are now focused on bounce rates.
2. Advertising campaigns in the latest magazine get repackaged for a digital strategy.
3. Sales results are replaced with a powerful analytics suite.
4. Engagement online provides a level of targeted communication that hasn’t been available until now.
What I have seen is that stores are struggling to understand how best to manage and own these new challenges. The tools are there, everyone needs to choose the tools that work for them.
I’ll be monitoring this story as it develops and reporting more to see what we can learn.