3 ways retail stores can survive — and maybe even grow - MIT Sloan

A recent, pre-pandemic studyshowed that 56% of millennials shop in a brick-and-mortar store once a week, more than baby boomers or Gen Xers. Reasons included instant gratification from taking something home, enjoyment from browsing, seeing and trying on products, and asking sales staff for advice. These are all sensory elements, Chatterjee noted — ...

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3 Ways Retail Stores Can Survive — And Maybe Even Grow - MIT Sloan

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Why Some Retailers Are Thriving Amid Disruption - LinkedIn

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Jul 6, 2020 · Retailers optimistic about strong recovery in 2021 May 17, 2021 "Mastercard: April retail sales up 23.3%; trends indicate recovering economy"

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FAQs about 3 ways retail stores can survive — and maybe even grow - MIT Sloan Coupon?

How are retailers responding to digital disruption?

The following three principles, curated from recent research and insights published in MIT SMR, demonstrate how successful retailers are responding to digital disruption and using insights to improve customer experience. 1. Leading with a small footprint and high experience. ...

How will inflation affect retail?

Retailers are navigating the effects of inflation as retail’s most important quarter looms. Retail innovations including live commerce, subscription services, and the merging of online and in-store experiences can provide retailers new avenues for growth, profitability, and loyalty. ...

How can companies avoid displacement in the new digital economy?

Companies such as Nordstrom, Best Buy, and Bonobos have strategically prioritized key digital capabilities — from analytics and e-commerce tools to mobile and emerging technologies such as AI and machine learning — in order to avoid displacement in the new digital economy and find new opportunities with customers. ...

Should retailers use data & technology to create a shopper journey?

Retailers should proactively use data and technology to create “shopper journeys” and programs that are beneficial to both the consumer and the company, according to Michael Schrage, a visiting scholar at the MIT Initiative on the Digital Economy. ...

How has social media changed retail?

The rise of social media has enabled brands to scale up at an unprecedented rate. Retailers are now experimenting with live commerce in more creative ways, driving excitement among shoppers and opening new purchasing opportunities as part of a wider omnichannel strategy. ...

How do companies prepare for supply chain irregularities?

The pandemic showed the value of preparing for supply chain irregularities. To stay prepared, companies are investing in relationships and reconsidering just-in-time strategies. Few industries have been immune to supply chain disruptions over the last two years. ...