From York BID:
A big thank you to everyone who came to our keynote Business Week event, ‘The Future of Bricks and Clicks’ at Malmaison. Retail trends expert Jack Stratten gave us a fascinating insight into the evolution of retail – both online and in stores. We hope you enjoyed it as much as we did!
Jack’s presentation slides can be found here: https://drive.google.com/file/d/17wF4eRHFgaNewNtZ7lDSMQJS4-4kJZ5N/view
A summary of some of his key points.
‘Clicks’
- Ecommerce peaked during covid but the explosion is over
- Online has adapted to develop experiences wherever possible
- People are getting bored with ‘perfect’ algorithmic online shopping
- It’s getting harder to convert ad spend to visitors to your site
- Successful online brands are opening physical stores
‘Bricks’
- Developing community and loyalty
- Live streaming from stores
- Using retail space for community purposes
- Using online data in physical stores
- Increase dwell time through creating experiences / play spaces
- Offer a custom service in store to generate repeat sales online
- Stores as adverts
In summary, Jack talked about the need for retail to be either fast (convenient, quick) or slow (traditional, personalised), and urged retailers to consider the big question:
What can your store do that online can’t?