Successful e-tailers extend their presence into the physical world
Implications - Referred to as a 'clicks to bricks' business model, e-commerce brands are increasingly expanding their presence to include physical flagship locations in addition to prominent web marketplaces. This adapted model is an example of the evolving nature of the retail experience and the steadfast desire of consumers for a customized, face-to-face encounter.
Workshop Question - Describe what your brand would to if it had to relocate to a brick and mortar location (or from retail to the online space).
Trend Themes
1. Clicks-to-bricks Business Model - The trend of e-commerce brands extending their presence to include physical flagship locations, enables customers to experience a personalized, face-to-face encounter.
2. Online-to-offline Retail Strategy - The trend of online companies opening physical stores to expand their reach, curating their selection, and enticing customers by giving them a chance to try out the products before making a purchase.
3. Convergent Retailing - The trend of brands featuring complementary products from other businesses in-store rather than marketing individually, enables brands to showcase other businesses with similar values or co-branded collaborations.
Industry Implications
1. Retail Industry - The retail industry can reference these trends to reinvent their business models and expand their reach by bridging the gap between online and offline shopping experiences.
2. E-commerce Industry - The E-commerce industry can reference these trends to improve customer experience by breaking the monotony of online shopping and attracting customers with physical store locations.
3. Marketing Industry - The Marketing Industry can reference convergent retailing to develop collaboration marketing strategies for brands that share similar values and work towards mutual growth marketing goals.
