One of the most incredible features of the Aliexpress 11.11 buying frenzy, which we wrote about last week, was not the $14.34 billion in sales the company made in the space of just 24 hours – although there is no doubting this is a mindboggling total. It was the fact that 68.67 percent of those sales were conducted via mobile phone, proof, some might say, that physical shopping is well and truly dead.

 

While it might seem that the retail store is passing into history, rumors of its demise would seem to be greatly exaggerated – at least as long as it can successfully move into the next phase of its existence.

 

A recent white paper from Boston Retail Partners, an independent retail management consulting firm, called “The Future Store Manifesto” posits that the store is still the foundation of retail. “It is where the tactile and sensory experience comes together for the consumer.” However, the consumer is increasingly demanding that the offline shopping experience be more akin to the online, digital shopping experience, which is increasingly becoming the norm.

 

“Online shoppers have become accustomed to features such as product reviews, extensive choices, one-click transaction processing, and personalized recommendations. Unfortunately, these expectations don’t dissipate when they walk into a physical store. Consumers’ expectations are likely magnified given that one third of consumers shop more than one channel as part of their shopping journey. Retailers must therefore infuse digital features into the store environment to exceed customer expectations, compete more effectively with online pure-play retailers and offer a better, more complete, shopping experience,” states the Manifesto.

 

To meet customers’ expectations, BRP suggest that the stores of the future (and of the present) must be mobile, relevant, personal, ubiquitous and secure.

 

What exactly does this mean?

 

Mobile – “The proliferation of mobile technology offers retailers new ways of enhancing customer engagement by utilizing the mobile device already in customers’ and associates’ hands.”

 

Relevant – “Identify the customer when they enter the store and understand their browsing history and past purchases, in addition to current environmental factors to offer relevant, contextual messages to the customer.”

 

Personal – “Enable personalized customer service that is not available in other channels by arming associates with product and customer knowledge and insights.”

 

Ubiquitous – “Identify shoppers and gather, analyze, and disseminate customer, product, pricing, and inventory data instantly to deliver a seamless personalized experience to the shopper whenever, wherever and however they choose to shop.”

 

Secure – “Ensure a secure environment to safeguard customers’ payment and personal data.”

 

To support these aims, the consulting firm says retailers must shift their focus from channel integration to what it calls a holistic customer experience. “It is imperative to evolve both multi-channel and omni-channel retailing to provide a seamless shopping experience in the store, on the web and on mobile devices.”

 

In addition, the firm identifies a number of micro trends that are affecting the role of the store. Among them are online pure-plays opening stores and stores as showrooms. While some online jewelers – Blue Nile obviously comes to mind – are harnessing these trends, there is still a big divide between the online players and the mainly bricks and mortar stores.

 

This division, BRP believes, is a mistake. “Stores must now encompass both worlds – the sensory experience of the physical store and the personalization and convenience of online shopping. The most successful retailers will seamlessly blend the physical with the digital in the future store.”

 

This is certainly something that we need to see more of in the jewelry industry, and not just from the Blue Niles of the world. As BRP concludes, “While the store isn’t going away, it’s about to get a whole lot more connected, mobile and smarter.” If this is the case, we all need to be as well.

 

Have a fabulous weekend.