Modern Retail—A Hybrid Of Physical, Digital And Social Engagements
The narrative surrounding the retail industry is a complicated mix of highs and lows—from the success of e-commerce and the rising prevalence of omnichannel retail, to the struggles facing department stores and the consolidation of big-box retail.
RealMassive released its Retail CREcosystem report this month, based on conversations between top CRE professionals regarding the unprecedented changes facing retail today.
“It started as a social dialogue and then we produced the white paper,” RealMassive VP Mike Westgate (pictured far right with Foundry Commercial SVP Julie Augustyn, Foundry senior managing director Gregg Ickes and Foundry chief strategy officer Nick McKinney) tells Bisnow. “But it’s intended to be an ongoing conversation inspiring panel topics, tweetups and more.”
Among the hot topics discussed in the white paper is the interconnected sales approach retailers are using to establish a seamless shopping experience for customers. Modern shoppers are looking for a hybrid experience using physical stores, online stores and mobile stores.
Take Amazon.com, for example. The e-commerce giant began opening brick-and-mortar sites and bookstores in late 2014, and last week it announced plans to expand further into the grocery business by opening convenience stores and curbside pickups for groceries. Amazon has been a leader in blending the digital and physical experience for customers, using connected commerce engagements across physical, digital and social platforms.
Engaging with customers via social media is another important aspect of the omnichannel experience, and is paramount for retailer's success, RealMassive's report finds, particularly with America's 80 million Millennials.
20- and 30-somethings would rather engage with a retailer online or via social media than chat with a sales rep in a physical location. Social media can be a powerful tool in a brand's arsenal, even leading to successful marketing campaigns and in-store engagements.
RealMassive’s CREcosystem is an ongoing collaboration between top CRE professionals, providing an open platform for the industry’s most influential voices to discuss the economic, social and cultural transformations facing the industry today.