We need to better understand shoppers. Why? Because retail is in crisis.
Investment in bricks and mortar stores has declined 30% in the US and a staggering 50% in Europe. In the UK 50,000 of the 500,000 high street stores are empty, that’s a whopping 10%. But that level can even be higher, double or triple that in some parts of the country. The government in the UK just upped its rescue fund to a billion pounds and slashed its rates in the hope of lowering rents. So what is going on?
Well shoppers, that’s you and me, are changing. We have an insatiable appetite for instant gratification and novelty. More clothes stores are shut down than any other category because sales have gone online. And eating at home is now the norm, other than cheap, fast food stores, so restaurants and bars are suffering too.
So if bricks and mortar stores are in difficulty, are we helping our customers to buy online? I don’t even think so. In fact, it seems as if we are trying to benefit from their desire to do so. Something rather sinister has been happening. Let me show you.