Brick-and-Mortar retailers and brands have not had their share of fortune in recent times. But, the ones who have continued to persevere in the times of adversity finally have something to cheer about. At least, the latest findings suggest so. A large part of the retailers’ perseverance included the need to continue providing a one of a kind in-store experience and customer service to the customers for the establishment of long term customer loyalty, irrespective of what the eventual results would be. Brands that concentrated on the customer experience factor then, might well have achieved the brand loyalty they were after now.
Brand Loyalty is what they see while shopping
All brick-and-mortar retailers who were after the establishment of long term customer loyalty must be getting their wish now. But remember! Only if they had persevered earlier. This can be assumed based on the latest findings from the 2017 Total Retail Report by PWC. As per the report, as many as 61% of the global respondents said that brand loyalty is what they consider while shopping, as opposed to 39% who would look to try new and unique products.
This basically means that retailers who have persevered for acquiring loyal customers by delivering rich in-store experience, service, etc. over the last few years must be reaping rich rewards now. Retailers and brands that have succeeded in acquiring loyal shoppers are at an advantage now. The report also states that the maximum customers who shop based on brand loyalty hail from Japan (83%), U.S.A (71%), and France (71%). Ideally, retailers should further drive home the advantage by focusing on the reinforcement of this loyalty by providing customers with personalized offers, customized recommendations, etc.
Customers trust in-store for Luxury Products purchase
Customers across the globe may prefer online retail for a variety of reasons. But, when it comes to buying luxury goods, they are more than just a little apprehensive with online. Most customers have trust issues where they feel that the products available online are not completely genuine. Now it’s difficult to tell whether this is the case because of the numerous instances that they have had where they met with an unpleasant experience with an online ordered luxury product, or whether the price and value attached to it is just too much to buy it online without pre-purchase verification.
This is where brick-and-mortar stores come in handy with all the in-store experience, and sales assistant guidance that they provide. Besides, one of the most valuable facets of brick-and-mortar stores has been the fact that customers get to touch and feel the products before purchasing them.
The point is – when it comes to the purchase of luxury goods, brick-and-mortar stores are at an advantage. As per the Total Retail Report, luxury goods were segmented into jewelry & watches, clothing, shoes or leather goods, and cosmetics or fragrances. The report reveals that customers indeed have trust issues regarding the genuineness of the products that are sold online. They are more comfortable resorting to in-store purchases in the presence of sales assistants. Most of the customers feel that the personal verification of products is inevitable before they make the eventual purchase. Thus, we see that all the values that brick-and-mortar stores can provide while shopping (the ones that online can’t) are the factors that play a huge role in the purchase of luxury products.
Brick-and-Mortar retailers indeed have a thing or two to cheer about.