42% of retail leaders worldwide believe that the most essential role of physical retail as omnichannel buying advances is to give an in-person component to the customer experience, according to Bain and Aptos statistics for April 2023.
According to Insider Intelligence/eMarketer researchers, to compete with e-commerce behemoths such as Amazon, merchants with physical locations must think more creatively about attracting customers in-store.
Insider Intelligence expects brick-and-mortar shops to continue spending on events, influencer collaborations, and other experiences that build brand loyalty and advocacy.
Physical stores will account for 83.4% of total US retail sales in 2024, down from 84.4% in 2023, according to Insider Intelligence/eMarketer’s November 2023 prediction.
Ariel Ben Solomon is the Growth and Strategy manager at Ecomhunt. He is the host of the Ecomhunt Podcast. Can be followed on Twitter at @ArielBenSolomon
