How Retail Gets Rewritten — One Bold Move at a Time
Enhancing In-Store Experiences and Embracing Instant Gratification
As August draws to a close and we prepare for fall, it’s hard not to feel a buzz of excitement for something new to freshen up your wardrobe and embrace the upcoming season.
I recently found myself in a predicament while exploring Soho on a Saturday afternoon. Ready to retire my summer wardrobe and in the mood to shop—especially with every brand having launched fall collections—I expected to find something worth purchasing. After hours of searching for a wardrobe treat, I left empty-handed and incredibly frustrated. I scoffed at the absence of small-sized items and was deeply disappointed by the lack of excitement in each store's assortment—it all felt the same. Nothing truly caught my eye or tempted me to make a purchase. I wondered: How can companies be more strategic in their brick-and-mortar merchandising to ensure that consumers aren’t constantly driven to purchase online?
Solving the Square Footage Conundrum
Understanding that retail stores have limited space and square footage—especially in NYC—it’s even more crucial to curate the assortment with precision and creativity. The challenge for many is featuring a broad selection of styles knowing that they have limited space and all the while avoiding cluttered displays and an overstocked backroom.
The best strategic approach, which I’ve experienced firsthand from my time at Blue Nile, is to adopt a "showroom" concept similar to that used in home decor stores—and one that Bonobos built their entire retail landscape around with their Guideshops.
This approach allows customers to engage with a full assortment of products in a physical space, where they can touch, try on, and experience them up close. By enhancing the shopping experience this way, you significantly increase the likelihood of conversion. Blue Nile’s showroom strategy excels by blending thoughtful customer service with a curated in-store experience, maximizing space, and offering a personal touch not found online. Additionally, this approach allows Blue Nile to maintain minimal inventory and keep overhead low, all while customers remain completely unaware of the underlying efficiencies.
Overcoming the Challenge of Immediate Gratification
However, this approach doesn’t work for everyone. We all love the thrill of carrying that shopping bag out of the store. With the showroom model, customers miss out on this instant gratification and must wait for their purchases to arrive days or even a week later. So, what are three strategies to consider for a happy medium?
Immediate Inventory:
My recommended approach is to stock best-selling items in-store for customers who want instant gratification. To enhance the strategy, add curated collections from new seasons, collaborations, or exclusive store assortments to keep the inventory fresh and engaging, encouraging frequent visits.
In-Store Pickup:
Consider the BOPIS (Buy Online, Pick Up In-Store) model: Allow customers to purchase online and pick up their orders in-store, with same-day or quick turnaround based on distribution capabilities.
Express Shipping Options:
Provide expedited shipping for VIP customers or loyalty members who shop online. This premium service adds significant value and elevates the overall customer experience. Plus, there's a great chance they might browse and purchase additional items once they’re in-store to pick up their orders.
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Adopting these fresh approaches can revolutionize the in-store experience: blending engaging merchandising with instant gratification. This strategy not only draws customers in but also keeps them coming back, making your store the go-to destination season after season.
Now that we’ve shaken up the retail landscape, I’m ready to dive into online shopping. We all know the digital experience can be clunky—who wants to deal with printing labels without a printer? Next week, we’ll explore what it takes to excel in the digital world and keep customers clicking.
I offer expert consulting services in merchandising strategies. If you’re interested in learning more, click here.
While I'm a terrible shopper because I'm a guy, I'm hilariously finding this useful for dealing with my inventory systems at work. New perspectives are fun!