You don’t have to research too in-depth to grasp the importance of online marketing and e-commerce. The closure of retail giants like Sears, Home Outfitters and Payless ShoeSource are proof that having a strong brick-and-mortar presence is no longer a requirement for retail success. And while the majority of retail business is still performed in physical stores, the real future of retail is online.
Since its inception back in the ‘90s, digital marketing and e-commerce has significantly shifted the retail space. The convenience, reliability and speed of an online sale have set a new bar for consumers. Going to a physical location simply cannot compete with the accessibility an online store offers. This phenomenon has led to what experts have named the “retail apocalypse.” While this might seem a bit melodramatic, the reality is that the statistics paint a pretty bleak picture.
The reality of the retail apocalypse
In four years, 68 department store chains have filed for bankruptcy. Popular retailer Sears went from 3,500 stores in 2006 to 1,430 by the end of 2016. In 2018, the company filed for bankruptcy and announced the closure of another 142 stores of their remaining 687 stores. At the beginning of 2019, some retail apocalypse affected Canadian-based retailers. Jean Machine, Home Outfitters and Payless ShoeSource closed all storefronts. Retail giants like Macy’s and J.C. Penney continue to rack up losses and see stocks fall.
The benefits of bringing your business online
So how did we get here? There are a number of factors that have contributed to the retail apocalypse:
- The decline of the shopping mall.
- It’s generational. One of the main reasons for the shift to online is a generational one.
- The ease of selling via social media and search
In this guide, we explore how an online presence benefits your business by:
- Increasing the visibility of your business
- Giving you control over your brand image
- Keeping your products and/or services on par with the latest trends and the competition.