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WILL YOUR BUSINESS DIE BECAUSE IT’S NOT KEEPING UP WITH THE NEW SHOPPING TRENDS?

WILL YOUR BUSINESS DIE BECAUSE IT’S NOT KEEPING UP WITH THE NEW SHOPPING TRENDS?

Many businesses are asking themselves this very question. But the smart marketers have been thinking about this for a while now. Researching the new marketing trends is not enough these days. You really need to research the physical space you are selling in. New ways to shop are popping up at an alarming rate. This article will cover just a few new trends in shopping.

MINIMIZING SHOP SPACE WITH NO STOCK STORES

Stores like IKEA and Nordstrom are testing out stores that have NO INVENTORY. These are simply display stores where you can see the items available for purchase and then buy them online and have them shipped to you. This works especially well for stores like the Manhattan IKEA where the majority of customers don’t own cars and are not able to take items with them on a subway or in a cab.

Called the Ikea Planning Studio, the three-story, 17,350-square-foot store is about 5% of a normal, 300,000-square-foot Ikea, but the company has optimized it based on New Yorker’s needs and offer expert advice on your home renovation and refresh projects.

The Nordstrom inventory-les store opened last Oct. 3 in West Hollywood, Calif. According to a company statement, customers will enter the store and find personal stylists in a “central meeting space,” where they can chat, get fashion advice and have a glass of beer or wine, cold-pressed juice or espresso. That area is surrounded by eight dressing rooms where they can try on merchandise. The store will have on-site tailoring and alterations and provide for same-day pickup from online orders or same-day delivery.

PHYSICAL STORES ARE GOING AWAY ALTOGETHER!

Businesses like Tesla have already tested out the NO STOCK STORE model and decided that they wanted to go one step further. Elon Musk has always been one step ahead of the market and he is currently testing out ONLINE ONLY Tesla buying. This is a trend that others are jumping on the bandwagon for, within the automotive industry. Companies like Carvana, and Vroom have built their businesses this way!

Understanding the new generation of car buyers wants easy, simple ONLINE ways to shop! This is a complete 180 degree turn from traditional car buying. Some analysts project online car buying IS the future. AutoNation is having early success with this method. It’s now making about 30% of its new-vehicle sales completely over the internet.

A MIX OF ONLINE AND IN STORE

Many companies are taking the best of both worlds approach. Right now, online buying is still in its infancy stage. But companies like AutoNation Inc. are at the heart of its growth. It has implemented its online system into all 260 of its physical locations.

Penske Automotive Group Inc. has done the same thing, adding an online shopping option to its 132 stores. This creates an option for buyers to get through the entire process from the comfort of their own home. After it’s done, an employee will personally deliver the car.

These are two of the biggest auto retail companies in the United States. So you can see that this trend is something that’s expected to be a huge revolution in car buying. It is clear retail companies SHOULD BE considering some form of change from an “all traditional” sales funnel. In automotive for example: a survey by Autotrader revealed that over 99.5% of people would prefer some change to the current process. Soon – companies that do not embrace this change will die. Much like the great and profitable Blockbuster did when Netflix came into the picture! Adapt or perish!


If you would like to discuss more innovation with our team, or be invited to sit in on our monthly INNOVATION MEETING, hit us up! We love to talk about everything marketing!

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