Omni-channel retailers are ramping up their physical-store experiences to compete with lower-overhead online rivals.
The Economist Intelligence Unit surveyed 256 retail executives in the U.S., the U.K., France, Germany and Japan to discover their strategies against online-only competitors, as well as the tactics they plan to adopt in the near future. Here are the top 10 strategies, based on percentage of responses.
Victoria's Secret launched the VIP Runway Experience at its Fifth Avenue flagship store, in New York City, in November
1. Refresh brand to appear more contemporary and digital
2. Offer space for in-store demonstrations and events
3. Sublet in-store space to other retailers
4. Introduce price-matching by default
5. Merge online and offline channels
6. Redesign display windows/storefront
7. Move to secondary locations
8. Shift focus onto higher-value consumers
9. Augment in-store assortment with online catalog
10. Introduce bespoke/customizable products
By Brannon Boswell
Executive Editor, Commerce + Communities Today
