Anyone who has been around for a while knows that the conventional brick and mortar store is being hit by a big disruption wave. To some bystanders, this is beginning to look like an endgame for traditional retailing as we know it.
In fact, the world of buying and selling has not witnessed this extent of transfiguration ever. According to the Fortune, brick and mortar stores have experienced their worst year on record in 2017.
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About 6,985 stores were forced to close being unable to keep up with the competition online stores was bringing into the game. That’s dangerously close to 7,000 closures in one year!
The bad news (or good news, depending on how you look at it) is this trend will continue and intensify even through 2018. Online retailing will continue to chip away at the storefront of brick and mortar stores and maybe not so gradually.
In-Store vs. Online: What The Future Holds
Amazon, as the top dog, is leading the online cavalry. And with no sign whatsoever of letting up, it seems online retailing has only one direction to go – forward.
However, even though e-commerce is growing at a rate that’s three times faster than in-store retail, brick and mortar stores are still holding out for the time being.
For instance, according to the stats, traditional stores sell 10 times more than their counterparts online. Plus 64% of the majority’s shopping cash is spent in stores with only a meager 36% spent online.
But what are the big brands doing about this disruption? The folks at RedBrain prepared an infographic to help you compare the in-store and online footprints of some of the world’s biggest retail kings. We’ve also thrown in a couple of fun facts about these brands we thought you might find interesting.
