Necessity, convenience, and experience.
I was in Boston with some of my best friends from college over the weekend. It was a fun trip. It also led to three experiences involving shopping:
Experience #1: Friday morning.
I went to the mall ahead of the trip. I needed a shirt, and wanted to try Untuckit. Observations:
Experience #2: Saturday afternoon.
I landed at Logan. The most important thing I had to do on this trip was to make sure I got a little present for my preschool-aged daughter.
So I made sure I took care of that before I even left the airport. (I got her a children's book and a little stuffed duck, in case you're wondering. We've only read Make Way for Ducklings about 50 times.)
Experience #3: Sunday afternoon.
The headline sort of says it all. Among the stunts that it chronicles malls doing recently to counteract declining foot traffic:
I've written a lot lately about the convergence of digital retail and brick and mortar recently. I'm intrigued by some of the things that Walmart, Target, Ikea and other big companies have achieved, for example.
But that's mostly about individual brands. What about the malls? A report last year suggested between 20 and 25 percent of them will close by 2023. Assuming it's worth trying to save them, what's the best strategy?
It seems to me, based on my own experience and observations, that there are likely three reasons why people still go shopping in person, instead of simply ordering things on their phones, reviewing what arrives, and returning whatever doesn't work for them:
I'd never want to run a shopping mall, but if I were in that position I'd triple down on those three incentives: necessity, convenience, and experience.
Anything that differentiates you from your competition, and that customers actually want (at least sometimes), sounds like a smart strategy to grow.
Like this column? Sign up to subscribe to email alerts and you'll never miss a post.
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.
Sponsored Business Content