Friday, August 23rd, 2019 August23rd2019

Sell for More Trivia: What is harmonized retail?

Published on August 23rd, 2019

Sell for More Trivia is a weekly blog series that playfully presents a trivia question about commercial real estate.

 

Harmonized retail is the integration between physical stores and technology.  And it’s the future of the retail business.

We’re already seeing the trends in today’s market. E-commerce firms are moving rapidly into brick-and-mortar such as Amazon launching the Amazon Go concept.  Walmart is also increasing its omnichannel presence. The integration of physical stores and technology will be critical for success and future growth.

Harmonized retail seeks to provide customers with a seamless shopping experience whether that experience is online, on mobile, on desktop, or at the brick-and-mortar stores.

The internet provides access to products and research at a time and place convenient for the consumer. It’s an effective and efficient way of shopping. Brick-and-mortar is more intentional. It provides an experiential environment and atmosphere.

Many people believed that the rise of the internet would result in the extinction of brick-and-mortar based on the rationale that retail stores would not be able to compete. In my view, this is not accurate.

Retail has always been changing and dynamic. We anticipate the stores’ footprint to be smaller and spaces more intimidate and experiential. The way the consumer navigates between online and brick-and-mortar is becoming more fluid.

Brick-and-mortar brings intimacy, daily needs, and social interaction that online shopping is missing. The market has demonstrated the importance of the correlation between these two worlds. Many customers buy online but return in store because they find customer service, the personal experience or direct interactions that they cannot be provided online. The physical experience builds brand loyalty. Whereas e-commerce provides access and effective transactions.

The future for retail is exciting. Brick-and-mortar compliments online success and needs to embrace technology to provide the customer with a complete shopping experience to build and create stronger brand loyalty.

 


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About Beau Beach, CCIM

Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.

Beau leads Beachwood which is a commercial real estate broker for sellers in the Nashville, Milwaukee, South Florida and Chicago markets.

He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.

Beau can be reached at 800-721-3287, click to schedule a call or Beau@ProwessIRES.com