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I don’t need to write about how much our lives have changed since eCommerce became the preferred method of shopping in our lives. But we all need to learn from the continuing impacts its rise has created. One of the biggest effects we’ve seen is the continued demise of brick and mortar retail operations.
Studies have shown that with each 1% increase in online penetration, 8-8,500 stores will need to close. And there are no signs that online shopping will slow. In fact, the average household spent $5,200 online last year, which is up 50% from just five years earlier.
With trends like this, it’s no surprise that 9,200 stores closed last year, and that experts predict upwards of 75,000 more stores will close by 2026.
This mass exodus away from retail is a transformational shift in our economy that will have to be addressed by companies of all categories. The question that remains is who will be amongst the group that embraces change and begins to offer new, digitally based, visual product experiences and survives this shift.
Because the truth is, many won’t. As evidenced by the continued growth in store closings, what started with eCommerce will continue. But there is a new hope for those still seeking a way to thrive in this new digital world:
eCommerce simply reflects the capability to sell products online. vCommerce, or Visual Commerce, references a visually based commerce strategy that applies to the digital world our consumers exist in.
Brands that embrace vCommerce practices and platforms will thrive. The transformation and shift that began with eCommerce will end as companies embrace visual selling strategies. Marking a significant milestone in consumer behavior, we are embarking on a new era, a Visual Era in consumerism.
If you want to embrace change and survive the transformational shift, let’s chat.