Did you know that over 9,000 retail stores closed their doors in 2019? Unfortunately for retailers, we are in an era known as the retail apocalypse. With the rise of e-commerce and the shift in consumer shopping habits, online seems to be the new, conventional way to shop.

But what about those retailers still open for business? There’s still hope. After watching the past year unfold, we put together a list of tips on how to keep a brick-and-mortar shop alive and thriving in the new year.

A year-in-review

Over 170 Forever 21 stores are in the process of closing, Payless Shoes has filed for bankruptcy twice, and J.C. Penny has nearly $3.6 billion in long-term debt. Brick-and-mortar stores, both big and small, have definitely felt the backlash of e-commerce.

Online purchases are just the tip of the e-commerce iceberg. The retail landscape is changing in many more ways than one. New, emerging trends such as social shopping, mobile commerce, AI, and VR are also responsible for the closure of so many physical stores.

But, what’s interesting is that a 2019 study also confirmed that in-store shopping is still the preferred way to shop. Consumers still want to physically see, touch, and try products before buying them. So, is there a sustainable equilibrium between the convenience of online and the benefits of offline?

A look forward

With 2020 fast approaching, it’s not too late for retail businesses to turn things around. There are still 30 million small businesses operating within the United States today. So, what’s the solution? An omnichannel experience.

For those who have never heard of this term, it means to provide customers with a seamless experience whether they’re shopping in-store, online, or on a smartphone. Below we review three business areas strongly tied to delivering an omnichannel experience.  

1.    Where customers buy
To be an omnichannel retailer, you need to broaden your sales channels. That’s because the whole purpose of this strategy is allowing your customers to checkout anywhere, anytime. So, as a small-scale retail business, the first step is to ensure you have an optimized, transactional website. An online store is no longer a plus, but a must. And this new sales channel could help significantly increase revenue, build-up your brand name, and attract new customers.

The next step is to make your website mobile-friendly. Mobile responsiveness is an important consideration to retail success, considering that almost 80 percent of smartphone users have made a purchase on their devices. Making your website responsive, using larger fonts, compressing images, and creating a simplified checkout process are all tactics that help improve the mobile experience.

And now, with the increase in social shopping, retailers also have to consider social platforms as sales channels. According to eMarketer, “the percentage of retailers in North America using social media as a source of e-commerce nearly doubled in a year’s time—from 17% in 2017 to 33% in 2018.” So, not only do small businesses need to learn how to engage with customers using their social accounts, but they need to learn how to transform them into a shopping experience — with an easy and secure checkout.

2.    How customers buy
We no longer live in a time where “cash-only” is a viable option. When asked their preferred method of payment, approximately 55 percent of Americans chose debit cards, about 26 percent picked credit cards, and just under 15 percent selected cash. With the abundance of payment options out there, retailers should be flexible in terms of accepted payment methods.

And now, it’s not only tangible payment options retailers need to think about, but digital ones as well. Recent projections suggest that approximately 2.1 billion consumers worldwide will use mobile wallets for payments or money transfers by 2020. Businesses need to take a proactive approach and consider implementing the technology required for these apps today, to be able to accept them tomorrow.

Going back to the omnichannel experience, accepting a variety of payment options is crucial both in-store and online. You will notice that websites now accept numerous methods such as credit card, gift card, PayPal, etc. So, it’s important that your business considers which payment options your customers are likely to — and prefer to — use.

3.    When customers buy
The third piece of the omnichannel puzzle is customer service. What degree of support and guidance are your customers receiving throughout their shopping journey? Did you know that over half of Americans have scrapped a planned purchase or transaction because of bad service? This stresses the importance of delivering a top-notch service — both online and off.  

And, this customer care needs to go beyond traditional channels like call centers and smiling store managers. According to a recent study, over 60 percent of customers expect brands to offer support on social media as well. Live chat options and automated chatbots are increasingly expected, as well. You have to make sure that you’re providing assistance wherever and whenever customers may need help.  

Retail hasn’t died; it’s just transformed. And, while brick-and-mortar stores may have decreased in numbers, they will always remain a part of the retail experience. Over 55 percent of consumers visit stores before buying online, emphasizing the continued importance of physical stores. The best advice for retailers is to adapt with the times and embrace e-commerce instead of fighting it, because those brands that continue to evolve and innovate will keep their business up and running for years to come.