Physical stores aren’t going anywhere. And Adyen’s latest research found that consumers support this, with 59% still preferring to shop in-store. While sensationalist news headlines might try to convince us otherwise, the truth is that the internet isn’t the brick-and-mortar killer it’s been made out to be. In actual fact, the growth of the online store isn’t so much siphoning customers from high street shops as it is augmenting consumers’ physical shopping experience and bolstering brand loyalty.
Show Notes
Physical stores aren’t going anywhere. And Adyen’s latest research found that consumers support this, with 59% still preferring to shop in-store. While sensationalist news headlines might try to convince us otherwise, the truth is that the internet isn’t the brick-and-mortar killer it’s been made out to be. In actual fact, the growth of the online store isn’t so much siphoning customers from high street shops as it is augmenting consumers’ physical shopping experience and bolstering brand loyalty.
High street stores, and indeed the high streets themselves, can’t rest on their laurels though. Customers still crave the in-person customer journey, but the experience needs to evolve. Stores can no longer be glorified display cases, and high streets can’t simply be centres of commerce.
Consumers want to socialise while they shop again, embrace the experiences that brands create and feel part of a community when they venture out onto the high street
In this episode of Beyond Retail, we find out why we still love getting physical and what the future of in-store shopping looks like. We also look into what retailers need to do to get customers through their doors, and why the high street can’t rely solely on retail. We hear from experts across the industry, including: in-store expert and account manager at Adyen, Milou van der Lans; business and consumer insight expert, Kate Hardcastle; chair of the High Streets Task Force, Mark Robinson; lecturer in digital economy & consumer culture, Dr. Adèle Gruen; and author of Retail Recovery: How Creative Retailers Are Winning in Their Post-Apocalyptic World, Mark Pilkington.
We discover how brands in third spaces, such as pubs and cafes, are playing host to a new kind of patron - the customer-worker - and find out how these businesses are adapting to host this hybrid consumer. And we uncover what it is that motivates shoppers to get offline and on to the high street in an increasingly digital world.
What is Beyond Retail?
It didn’t all change in March 2020. Not really.
The UK high street has been in the throes of a gradual revolution for decades. From the rise of ecommerce, to the birth of mobile, social commerce, and a growing emphasis on experience, change has been underway for a while.
In fact for many, the pandemic has acted as a wake-up call. Digital transformation was no longer a ‘nice to have’ but a matter of survival. Necessity sparked innovation and customers are enjoying more flexibility and convenience than ever before.
But what now? What lessons should we take with us as we move forwards? And how can we ensure we’re ready for whatever’s next?
To find out, host Colin Neil embarked on a journey spanning the past 10 years. Using our latest consumer research as a launch-pad, we spoke to famous brands, industry experts, and consumers on the street.
The result is a five-part podcast series providing a unique insight into the rich, varied world of UK commerce in 2021 and beyond.