Retail in Despair: Omnichannel does not seem to be the answer. So what is?
This past week, Macy’s announced that it will close of 100 stores, or 15% of its brick and mortar footprint, in 2017. Macy’s is not an anomaly, Ralph Lauren recently announced the closure of around 50 of its retail locations and other retailers like Kohl’s, Sears, and Men’s Warehouse have put an unbelievable number of stores on the chopping block this year.
Quite frankly they’re the lucky ones in a year that has seen the likes of Sports Authority, Vestis Retail Group (Parent Company of EMS, Sport Chalet, and Bob’s), and Aeropostale go bankrupt. Overall there has been a 24% increase in the rate of retail bankruptcies year over year.
Sure the economy has been up and down, but guess what? Amazon is thriving. That’s why Walmart just acquired Jet.com for $3.3 billion to go head to head with the online giant.
Fear not retailers, Omnichannel is the solution!?
I don’t know about you, but at Radius8 we are tired of the continued cycle of retail solution buzzwords. Buzzwords don’t keep stores open. Buzzwords don’t maintain market share against Amazon.
All-channel, Omnichannel, Beacons, RFID, *insert buzzword here* aren’t solving the problem.
At Radius8, we believe your stores need to be able to tap into the same toolsets that e-commerce has had for years to drive store traffic and local engagement.
Given the right tools, your brick and mortar stores have the real potential to change the way you retail. Radius8 can make a meaningful difference in your stores for this holiday season. You need a win because Amazon just threw it’s own “Black Friday” on a random day in July and they cleaned up.
If you’re ready to turn your physical stores into a strategic advantage this holiday contact us now for a demo or set up a one on one meeting at Shop.org — Retail’s Digital Summit in Dallas, TX where we’ll be in booth LP4 ready to help get you started.
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Originally published at www.linkedin.com.