Brick-and-mortar should focus on value, not price
Even as the ecommerce market expands, some retailers are considering how to draw customers back to their brick-and-mortar locations and what they can do to compete against online merchants. Trying to match online prices is one option some industry professionals take, but the minimal overhead of Internet-based sales leaves this an uncertain strategy. Furthermore, it might not be the right one.
According to Internet Retailer, many shoppers seek something more than low costs when purchasing items online. Categories like books and clothing are often bought based on their price, but consumers prefer 24/7 convenience in the routine commodities category, while variety was the most important factor when buying groceries.
"We're a big fan of value, and not a big fan of using price, price, price to go after consumers," Susan Lee, a partner at consulting firm Simon-Kucher & Partners, told the source.
Lee suggested that when shoppers enter brick-and-mortar locations, retailers should consider why the customers are there. Internet Retailer noted that someone who is painting his or her home might also buy brushes and other related items when employees take the opportunity to speak with the individual. This level of attention can be hard to replicate online, and just as price is not always the motive for ecommerce, retail industry professionals should not assume the same about in-store purchases.