The risks facing local shopping precincts and ways to avert themRead More
14 September 2020
Is your business already established online? Do you wonder if there’s any value in having a physical presence?
Most retail experts seem to agree that, while the future of retail is evolving and likely to undergo some major changes, it’s likely that retailers are going to have to offer a range of channels to stay relevant and attractive to South African shoppers.
“The physical store still offers consumers a tangible experience, which cannot be replaced,” says John Wilkinson, Retail & Consumer Industry Leader at PwC.
If you just want to dip your toe into concrete retail, consider opening a pop-up. It allows you to test the market at a fraction of the cost of a long-term lease and you can test what your customers really want.
The most important factor to consider when deciding to open a pop-up is location. Do your research and work out where your customers are likely to want to be, what shops complement your offering and what areas are home to your clients.
It could be a traditional shop in a mall, but it also doesn’t have to be, because there are so many options available. Think about an area within a larger shop, event space, market stalls, street space or even a kiosk within a mall. Think about your brand, what it stands for, and what sort of space will show it off best.
South African customers are getting more and more discerning about where they spend their money and their expectations are rising. Retailers are going to need to transform and offer them cutting edge experiences if they want to stay relevant.
According to a survey of more than 15000 shoppers 15 countries, including SA, customers expect the following:
Retailers would do well to consider these factors and make sure that they’re developing in the right direction and offering shoppers what they want. There’s so much competition to secure a slice of the pie that retailers will need to think out of the box if they want an advantage at the till.