The term brick and mortar is often used to describe retail stores that offer goods and services in a physical space. These types of stores are often located in shopping malls, town centers, and city streets.
While brick and mortar is an established business model, it is no longer the sole solution for many retailers. In fact, some brick and mortar stores have begun to embrace the click-and-mortar model, in which customers can order products online and pick them up in the store. This strategy allows brick and mortar businesses to capitalize on the advantages of e-commerce while leveraging the advantages of physical stores.
When consumers visit a brick and mortar store, they can interact with employees and try on items before they purchase them. Unlike an e-commerce website, they can touch and feel the product, which increases consumer confidence. Plus, they can easily return unwanted merchandise. They can also speak with sales representatives about their needs and preferences.
However, brick and mortar stores have some disadvantages compared to online retail stores. Physical stores tend to have higher costs, as they must cover rent for the building and the utilities. Moreover, they have limited space, so they can only display a certain amount of products. Many physical stores, such as Costco, sell only a few thousand items, whereas e-commerce companies like Amazon can offer thousands of products.
While brick and mortar isn’t for everyone, it does have its advantages. Some businesses, such as restaurants, gas stations, and hair salons, are better suited for these types of stores. Other businesses, such as accounting firms, veterinarians, and auto repair shops, can benefit from a more traditional approach.
While traditional brick and mortar companies are closing stores, they’re also opening more physical locations. Walmart, for example, operates a network of brick and mortar businesses. To continue to thrive, these companies must evolve their business strategies to accommodate the changing needs of their customers.
Brick and mortar retailers are also facing an apocalypse: mall closures and the rise of e-commerce have caused shoppers to shift their spending habits and to trust online retailers over physical stores. Although it’s difficult to predict how the retail industry will evolve in the future, brick and mortar stores can adapt to this pandemic by creating innovative branded experiences that engage customers.
Even as traditional brick and mortar companies begin to embrace the click-and-mortar approach, some retailers remain skeptical of the advantages of e-commerce. According to a survey by Verint Systems, Inc., 61% of shoppers prefer to purchase more from a physical store, and 33% of consumers prefer to touch and feel products before buying them. It’s not hard to see why.
In addition, many brick and mortar stores are offering in-store events and community-building activities. This is particularly important in times of uncertainty. Online retailers have been accused of causing the “retail apocalypse,” but that isn’t necessarily true. There are other factors at play. For instance, consumers may be wary of using their credit card on the Internet.