It would seem that reports of Brick & Mortar’s death are greatly exaggerated. These insights show that while eCommerce is up and coming, Brick and Mortar is still King… for now.
eCommerce is still just a fraction of overall retail sales
eCommerce $ sales are growing of course, but the annual $ increase sales for Brick & Mortar is still higher than eCommerce, and is projected to be so until at 2039.
Millennials and Gen-Z both still shop In-Store, whether for inspiration/discovery of new products or as a mini-break from the digital world.
THE BOTTOM LINE
eCommerce favors the shopper, not the retailer. Shoppers have become accustomed to free returns when purchasing online, which can be very costly. It’s estimated that retailers lose 1/3 of their revenue to returns!
Costs for customer acquisition is also on the rise in the digital world, due to the big players (Facebook, Google, Amazon) reducing the ability to reach potential customers organically, and therefore increasing the spend needed to reach those shoppers via paid means.
Check out the full Perch article with more stats and insights HERE
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