Question

1. Do you agree or disagree that retail is dying? Why or why not?
2. What are some strategies retailers to keep their physical locations relevant and adding value to their customers?

Answer 1

Solution:

1. I agree with the fact that retail is slowly declining. This is because of the widespread acceptance of e-commerce which is changing consumer behavior towards shopping and more and more consumers now prefer to buy products online rather than in retail stores. This is because of the fast lifestyle of people where they may not find time to go to retail stores to buy and hence they would prefer to buy from an online store.
   
   Hence, this is how retail is declining because of the widespread use of the internet and acceptance of e-commerce by the consumers leading to a slow decline of the retail companies.
   
2. To ensure that the retailers keep their offline store still attractive the retailers need to have a very strong promotional strategy that will deploy the push strategy making our consumers come more to the offline stores to avail specific discounts that are available only at physical store. These restricted disounts often help in routing the customer through the channel of our choice and hence we can make necessary decisions based on such informationhelping keeping our business attractive to our audience.
   
   HEnce, incentivizing the consumers to come to the store to avail the sales and promotional offers is a great strategy that is definitely going to help in developing a strong presence of your store in the offline market and help attracing more cusotomers to the store. Hence, this is how the ctore can attract more customers to their physical stores.