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Increase in Spending
ICSC
The synergy between physical and digital retail continues to strengthen as consumers demand a seamless experience when making a purchase. In fact, what we are seeing is a retail renaissance as the industry changes to adjust to the new demands of consumers, to include both brick-and-mortar and online shopping. Digitally native brands are moving into physical locations and retailers are implementing omnichannel strategies which are paying off with greater sales, more subsequent transactions and unwavering brand loyalty.
As a follow-up to last year’s “The Halo Effect: How Bricks Impact Clicks” – which found that opening a physical store in a market increased that retailer’s web traffic by 37 percent in that market – ICSC quantified the impact of omnichannel on sales, verifying how bricks and clicks work in tandem to strengthen the relationship with the consumer and drive increased spending. The new study, “The Halo Effect II: Quantifying the Impact of Omnichannel” found that consumers spent, on average, an additional $131 in-store following a $100 online transaction and an additional $167 online following an initial $100 in-store transaction within a 15-day window.
Emerging brands such as UNTUCKit, M.Gemi and Foxtrot understand that a physical store is an opportunity to make an emotional connection with a consumer. Not only does it raise brand awareness, but it also provides for an opportunity to become a meaningful and trusted part of a consumer’s life.
Physical stores are where brands meet their customers and offer them what they cannot get online: human interaction. In turn, the knowledge gained from the in-person interaction allows retailers to create an even more personalized experience for the customer along the next steps in their purchasing journey.
At M.Gemi’s Hudson Yards store, sales associates record their customers preferences on color, size and style. This allows them to then create a personalized web experience for each customer resulting in a more seamless shopping experience whether the sale takes place online or in-store. And the company recognizes that cross-channel customers are more valuable than one channel customers.
In fact, our study found that in the 15-days following an online transaction, customers complete an average of 2.1 in-store transactions. A purchase is no longer a one-and-done event, but the initiation of a broader journey for retailers to capitalize on.
As shoppers enjoy the convenience of new retail concepts and online shopping, the physical space remains steadfast as the most critical part of the retail landscape. There is little doubt that the retail industry is in a state of transformation, but the core tenet of success still remains the same – serving the customer in the best way possible.
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Increase in Spending
ICSC
The synergy between physical and digital retail continues to strengthen as consumers demand a seamless experience when making a purchase. In fact, what we are seeing is a retail renaissance as the industry changes to adjust to the new demands of consumers, to include both brick-and-mortar and online shopping. Digitally native brands are moving into physical locations and retailers are implementing omnichannel strategies which are paying off with greater sales, more subsequent transactions and unwavering brand loyalty.
As a follow-up to last year’s “The Halo Effect: How Bricks Impact Clicks” – which found that opening a physical store in a market increased that retailer’s web traffic by 37 percent in that market – ICSC quantified the impact of omnichannel on sales, verifying how bricks and clicks work in tandem to strengthen the relationship with the consumer and drive increased spending. The new study, “The Halo Effect II: Quantifying the Impact of Omnichannel” found that consumers spent, on average, an additional $131 in-store following a $100 online transaction and an additional $167 online following an initial $100 in-store transaction within a 15-day window.
Emerging brands such as UNTUCKit, M.Gemi and Foxtrot understand that a physical store is an opportunity to make an emotional connection with a consumer. Not only does it raise brand awareness, but it also provides for an opportunity to become a meaningful and trusted part of a consumer’s life.
Physical stores are where brands meet their customers and offer them what they cannot get online: human interaction. In turn, the knowledge gained from the in-person interaction allows retailers to create an even more personalized experience for the customer along the next steps in their purchasing journey.
At M.Gemi’s Hudson Yards store, sales associates record their customers preferences on color, size and style. This allows them to then create a personalized web experience for each customer resulting in a more seamless shopping experience whether the sale takes place online or in-store. And the company recognizes that cross-channel customers are more valuable than one channel customers.
In fact, our study found that in the 15-days following an online transaction, customers complete an average of 2.1 in-store transactions. A purchase is no longer a one-and-done event, but the initiation of a broader journey for retailers to capitalize on.
As shoppers enjoy the convenience of new retail concepts and online shopping, the physical space remains steadfast as the most critical part of the retail landscape. There is little doubt that the retail industry is in a state of transformation, but the core tenet of success still remains the same – serving the customer in the best way possible.