This past week, Macy’s announced that it will close of 100 stores, or 15% of its brick and mortar footprint, in 2017. Macy’s is not an anomaly, Ralph Lauren recently announced the closure of around 50 of its retail locations and other retailers like Kohl’s, Sears, and Men’s Warehouse have put an unbelievable number of stores on the chopping block this year.
In 2015 Google announced that the number of searches conducted on mobile worldwide exceeded those on desktop for the first time in history. It comes as no surprise that mobile is quickly become the dominant platform for shoppers. The device you carry with you everywhere is poised to become the one that you shop on the most. It’s estimated that by 2020 over $284 billion in sales (45% of total e-commerce sales) will be completed on mobile devices according to Business Insider.
I just returned from the Internet Retailer Conference and Exhibition (IRCE) in Chicago where I had the opportunity to present Radius8 at the Fit For Commerce Innovation Theater. It was great to work with the team at Fit For Commerce and have the opportunity to present our perspective on the challenges facing brick and mortar retail today.
We all know that Facebook dominates as the largest on-line social network and now they are looking to dominate a new space, retail. It makes sense. Why not leverage the place that commands so much of your time and focus into a place where you can easily shop? And to make it even more convenient, shop locally. Facebook recently announced a host of new features aimed at allowing retailers to connect customer behavior on Facebook to purchases in brick and mortar stores. This solution will help retailers shed light on a much sought after but difficult to measure conversion metric.