As seen on high street, retail businesses are having trouble keeping up with the growing number of online retailers. Each new headline seems to bring news of a major retailer closing its stores in the UK. Now, there are reports that in the last six months 50,000 jobs have been cut by the largest businesses in Britain as high street shops struggle to compete with their online rivals.
CEO of Tryzens, Andy Burton, recently commented that “The high number of job cuts reported in the retail sector is unfortunate and could be considered devastating for the sector. However, retailers must not be deterred by the rise in retail causalities as the brick-and-mortar high street stores will continue to play a critical role in the future of retail.”
While it’s true that online shops are surpassing traditional stores, they actually support each other – despite the often-held belief that there is a battle going on between the two. Customers are turning to online stores for convenience and speed, but physical stores still have their place in the market. Customers still value the in-store experience.
Consumers still enjoy engaging in stores for the physical experience of seeing, trying-on and testing products. Tryzen’srecent research, for example, revealed that 62% of consumers still prefer to try clothes in-store before buying them online. This is just one of the ways in-store experience supports online purchases.
New Opportunities for Brick-and-Mortar
Contrary to what is being said, there are still many opportunities for physical retail stores. The key is for them to embrace new technologies, focus on customer experience and find ways to adapt and shift roles.
“Despite the tough tide, there is an opportunity for retailers to come out on top,” says Burton.
He goes on to explain that “Retailers that marry their online and in-store offerings, including click and collect, loyalty schemes and common promotions across channels, enable the provision of new personalised service and tailored experiences that are contextually aware and consistent across in-store and online engagement.”
Where to Find Merchant Services for Retail
Do you need to find merchant services to improve your customers in-store experience? Would you like to be able to expand the payment processing options you offer? If you are searching for merchant services for your retail business, consider working with a provider like Worldpay. You can find more information like Worldpay customer service number via Best Payment Providers.
Author Bio:Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry has helped thousands of business owners save money and time.