If you follow the retail industry, there is a good chance that in the last year you have read an article talking about the death of physical stores. The growth of online shopping and mobile commerce have made brick-and-mortars a thing of the past and the shift is getting worse, as the younger generations mature into regular consumers.
While that certainly makes sense, a recent study by A.T. Kearney found that the opposite may actually be true. In its Omnichannel Shopping Preferences Study, the management consulting firm surveyed 2,500 individuals from all different demographics, ranging from teens to senior citizens.
Mike Moriarty, a partner in the retail practice at the company, said the "most eye-opening finding" is that 90 percent of shoppers surveyed would prefer to buy in a physical store and that was a consistent belief across all demographics. The study also found that 55 percent of those who shop online would prefer to purchase in a physical store.
He added that while everyone believes teens spend all their time online, when it comes to shopping they have a very similar process to senior citizens. The internet is used more as a discovery tool and both age groups would rather head to a brick-and-mortar location to test and try an item before finally making a purchase.
Physical stores still play a major role in retail, and this increases the importance of having the right systems in place to capture every sale. From credit processing software to a cloud-based solution, every process should be optimized to ensure the most revenue is generated.