With the advent of the pandemic, we have seen many high street brands and retailers report a 60% to 80%* drop in their physical store footfalls, across their locations globally. The Declining footfalls and thereby the sales in retail stores have heavily impacted the retail industry. While the initial decline was set in place by the digital competition, the Covid-19 pandemic has further worsened this in a magnanimous way!
Many retail stores have succumbed to this phenomenon and many others have imposed an indefinite break in their businesses.
*Some famous brands that shut stores globally, in 2020:
1. Zara – 1000 Stores Closed
2. Starbucks – 400 Stores Closed
3. Victoria’s Secret – 250 Stores Closed
4. Microsoft – 77 Stores Closed
5. Brooks Brothers: 51 Stores Closed
6. Forever 21: 207 Stores Closed
7. JCPenney: 175 Stores Closed
8. Bed Bath & Beyond: 200 Stores Closed
9. H&M: 170 Stores in 2020, 250 Stores in 2021
The above names are only the globally notable brands that succumbed to the declining physical store footfall and unavoidable bankruptcy. There are many more local unrecognized and unannounced retail businesses that took the fall to the same problem.
Now that we have established that the pandemic is killing our retail businesses slowly, with lockdowns, time restrictions, etc., a healthy store footfall increasingly seems like a decade old dream. This continuous drop in footfalls in brick-and-mortar businesses, the change in consumer behavior and the emergence of digital competition have created a situation for retailers to innovate to stay alive.
1. Why not offer the struggling retailers an affordable and easy to use digital platform, which would digitize their physical stores, digitize their marketing-sales operations ultimately helping them maintain store sales, despite the declining store footfalls?
2. Why not challenge our ability to reaching our own customer base before your competitors chew them away? Can there be a way for physical stores to adopt low-cost digital selling and continue selling products to their customers?
3. Can we technically empower the retailers to digitize their inventory in just a few clicks and push their products to customers through channels like WhatsApp, Telegram, Facebook, Instagram, email, etc., thus offering their customers a shopping experience in the comfort of their homes?
Watch this space to learn more – https://youexsolutions.com/clicom