What Does Your 'Store of the Future' Look Like?

Nov 02, 2016 — Channing Kochylema
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When the internet was introduced to the public in August of 1991, it caused a ripple effect across our entire culture. When we look specifically at its effect on the evolution of the customer, it has vastly altered the way customers get their information and make purchases.

Buyers are more informed than ever with the wealth of information at their fingertips. However, this doesn’t mean they’re getting the correct information. Additionally, consumers can now purchase items directly from their phones, without even setting foot in your store. Regardless, consumers everywhere have continued to visit physical locations in order to further enhance their shopping journey.

Spence Diamonds Disruption

Spence Diamonds, a Canadian diamond jewelry retailer, is set to be a market disruptor in their space. They are altering the perception of a diamond jeweler by combining a unique inventory model with its innovative in-store experience. At the heart of this experience are open jewelry cases coupled with prices and quality information for each item. This may not seem life altering, but within this particular market, it’s turning things upside-down.

A few of my friends have gone through the experience of buying an engagement ring and they all seemed to find it pretty clunky. Not having the price or cut information readily available made for some awkward conversations. This led to less desire to reach out to sales staff, even though they longed to do so.

"When it comes to completing a sale, half of all customers will ultimately purchase online.”

Focusing on your customer’s journey from online research to meeting up in-store to physically see products or gather further information from sales staff is paramount to ultimately completing the sale. Furthermore, proving your expertise within the given market will lead to repeat customers and free word-of-mouth advertising from your new brand ambassadors.

When it comes to completing a sale, half of all customers will ultimately purchase online. What’s implied here, is that the other half are going to complete their sale in-store. Don’t be afraid to shake things up rather than sticking with the status-quo. Sometimes, it’s the slightest of changes that can fundamentally change your customer’s experience.

So I’ll ask again, what does your ‘store of the future’ look like?

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Topics: Customer Experience

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