{"id":209276,"date":"2019-08-12T13:07:59","date_gmt":"2019-08-12T07:37:59","guid":{"rendered":"http:\/\/www.abhaygupta.in\/?p=209276"},"modified":"2019-08-12T13:07:59","modified_gmt":"2019-08-12T07:37:59","slug":"changing-boutique-trends-decoding-strategies-that-increase-in-store-footfall","status":"publish","type":"post","link":"https:\/\/abhaygupta.in\/writing\/changing-boutique-trends-decoding-strategies-that-increase-in-store-footfall\/","title":{"rendered":"Changing Boutique Trends &#8211; Decoding strategies that increase in-store footfall"},"content":{"rendered":"<p><span style=\"font-weight: 500;\">Storefronts across the globe are going through a radical shift. With dwindling footfall, rising rental and operational costs, retailers and brands are continuously looking for newer ways to entice consumers to the physical stores. In an extremely dynamic environment where the market is shifting constantly, several challenges exist for retailers, creating an extreme amount of pressure for innovation. It\u2019s no wonder that as consumers increasingly experience the convenience and ease of e-commerce, traditional brick-and-mortar retail has struggled. And not just struggled, it has sharply changed:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 500;\"><span style=\"font-weight: 500;\">Retail stores are closing at alarming rates <\/span><a href=\"https:\/\/www.cbinsights.com\/research\/retail-apocalypse-timeline-infographic\/\"><span style=\"font-weight: 500;\">with 68 bankruptcies since 2015<\/span><\/a><\/li>\n<li style=\"font-weight: 500;\"><a href=\"https:\/\/www.washingtonpost.com\/business\/2019\/04\/10\/retail-apocalypse-now-analysts-say-more-us-stores-could-be-doomed\/?noredirect=on&amp;utm_term=.c0a0415adb84\"><span style=\"font-weight: 500;\">75,000 more U.S. stores could be doomed<\/span><\/a><\/li>\n<\/ul>\n<p><span style=\"font-weight: 500;\">In such a situation, what must merchants do to win? Will the retail industry prosper and thrive? To help answer these questions, let\u2019s take a look at the handful of trends retailers would need to take a closer look at for their business growth.<\/span><\/p>\n<ol>\n<li><b> Limited Period Pop-ups<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 500;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-209278\" src=\"http:\/\/www.abhaygupta.in\/wp-content\/uploads\/images-lc-2.jpg\" alt=\"\" width=\"2268\" height=\"1513\" \/><br \/>\n(Image source &#8211; Louis Vuitton)<\/span><\/p>\n<p><span style=\"font-weight: 500;\">Pop up stores are the perfect sales opportunities for brands to sell their products and enhance the customer experience. Pop-ups are a win-win strategy for brands and retailers to create experiences that answer the needs and wants of today\u2019s millennial consumers. Several brands are embracing pop-up culture: e-commerce retailers trying to establish a physical store presence, niche brands trying to build a fan following, and traditional retailers aiming to generate hype and drive conversions. <\/span><a href=\"https:\/\/www.independent.co.uk\/life-style\/adidas-arizona-iced-tea-collaboration-nyc-nypd-shutdown-popup-bowery-a9011441.html\"><span style=\"font-weight: 500;\">Adidas\u2019s pop store<\/span><\/a><span style=\"font-weight: 500;\"> which was to sell limited-edition trainers from an Adidas and AriZona iced tea collaboration recently was in the news when Police had to shut down the store after an unprecedented turnout.\u00a0<\/span><\/p>\n<ol start=\"2\">\n<li><b> Coworking:Co-Retail Combo<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 500;\">Rising land, operations, and rental costs are adding pressure for developers and large scale leasers to search for newer models of real estate rental incomes. Just as co-working is the latest model disrupting how people work, co-retail is a combination spreading its wings across the globe as we speak. WeWork, the world\u2019s most prominent co-working space\u2019s latest venture &#8211;<\/span><a href=\"https:\/\/www.wework.com\/promos\/we-mrkt\"><span style=\"font-weight: 500;\">WeMRKT<\/span><\/a><span style=\"font-weight: 500;\"> is evidence of the new model. Office space to thousands of startups, WeWork\u2019s new venture WeMRKT allows its customers to buy products created by startups involved with WeWork. Led by a strong community that believes in the WeWork brand, such a space combines product promotion within the community which would lead to exponential sales due to the existing common ground of belief in entrepreneurship. Such a value-driven marketing has always proven to be a strong marketing strategy.\u00a0<\/span><\/p>\n<ol start=\"3\">\n<li><b> Disappearing Checkout Lanes<\/b><\/li>\n<\/ol>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-209280\" src=\"http:\/\/www.abhaygupta.in\/wp-content\/uploads\/images-lc-5.jpg\" alt=\"\" width=\"1880\" height=\"1253\" \/><\/p>\n<p><span style=\"font-weight: 500;\">With automation, AI and other technological innovations will ultimately make checkout lanes a thing of the past. One of the core reasons for customer dissatisfaction is the long waiting next to the checkout lane. Advancements in cart tech, fintech, and others will lead to checkout lanes becoming redundant in less than a decade\u2019s time. Retailers like <\/span><a href=\"https:\/\/standardmarket.com\/\"><span style=\"font-weight: 500;\">Standard Market<\/span><\/a><span style=\"font-weight: 500;\"> and <\/span><a href=\"https:\/\/www.getzippin.com\/\"><span style=\"font-weight: 500;\">Zippin <\/span><\/a><span style=\"font-weight: 500;\">in San Francisco are already using the technology and track purchases using overhead cameras that follow customers throughout the store. Smart self-sensors track when products are selected or put back on the shelf.<\/span><\/p>\n<ol start=\"4\">\n<li><b> Concept Stores &amp; Shop Shares<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 500;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-209279\" src=\"http:\/\/www.abhaygupta.in\/wp-content\/uploads\/images-lc-3.jpg\" alt=\"\" width=\"1920\" height=\"1085\" \/><br \/>\n(Image source &#8211; Breitling)<\/span><\/p>\n<p><span style=\"font-weight: 500;\">Why take on the entire financial risk when you can share it with someone else. Again a trend created due to rising real estate costs, small and niche brands will collaboratively create spaces in premium locations that can be shared with other brands. As a result, small brands will then be able to compete with name brands in the same premium space which so far would have been out of their reach due to the premium rentals. It could be a window or a shelf space or an entire concept store with a unique theme that ensures a great shopping experience leading to increasing in-store footfall. Breitling\u2019s bistro bar boutique concept in Zurich is the perfect example.\u00a0<\/span><\/p>\n<ol start=\"5\">\n<li><b> From product sales to customer experience<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 500;\">With millennials driving the change in the retail industry, the focus has shifted to providing a novel shopping experience. Brands that are able to offer such experiences will witness a significant increase in their footfall helping the brands engage with their customers \u2013 and vice versa. The brand experience and the associated brand promise should be the focus of the customer experience because promises must be kept. One of the most important rules in customer experience management.<\/span><\/p>\n<p><span style=\"font-weight: 500;\">The retail landscape is evolving rapidly and which brands will survive depends on how well they adapt to the changing demands of consumers. Retail is certainly moving to a direction that caters to the consumers looking for more alternative spaces. Values-based brand marketing that offers unique experiences to customers is what will be a key trend in the years to come. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Storefronts across the globe are going through a radical shift. With dwindling footfall, rising rental and operational costs, retailers and brands are continuously looking for newer ways to entice consumers to the physical stores. In an extremely dynamic environment where the market is shifting constantly, several challenges exist for retailers, creating an extreme amount of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":211822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[105],"tags":[],"class_list":["post-209276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-luxury-retail-experience"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Changing Boutique Trends - Decoding strategies that increase in-store footfall - Abhay Gupta Writing<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/abhaygupta.in\/writing\/changing-boutique-trends-decoding-strategies-that-increase-in-store-footfall\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Changing Boutique Trends - Decoding strategies that increase in-store footfall - Abhay Gupta Writing\" \/>\n<meta property=\"og:description\" content=\"Storefronts across the globe are going through a radical shift. With dwindling footfall, rising rental and operational costs, retailers and brands are continuously looking for newer ways to entice consumers to the physical stores. 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